The smartglass market size is expected to grow from USD 3.8 billion in 2020 to USD6.8 billion by 2025, at a CAGR of 12.1% during the forecast period. The growthof the smart glass industry is driven by factors, such as the growing adoptionof smart glass in automotive application and, declining prices foreletrochromic material.Other major driving factors for smart glass adoption include supportive government mandates and legislation on energy efficiency. Governing bodies of various countries are increasingly encouraging the use of these energy-efficient products. Smart glass has inherent energy-saving and auto-dimming properties, which reduce its maintenance cost. As a result, the perceived benefits of these glass products are more than the incurred investments.
[186 Pages Report] The smart glass market size is expectedto grow from USD 3.8 billion in 2020 to USD 6.8 billion by 2025, at a CAGR of12.1% during the forecast period.
The growth of the smart glass industry is driven by factors,such as the growing adoption of smart glass in automotive application and,declining prices for eletrochromic material.Other major driving factors forsmart glass adoption include supportive government mandates andlegislation on energy efficiency. Governing bodies of various countries are increasingly encouraging the use of these energy-efficient products. Smart glass has inherent energy-saving and auto-dimming properties, which reduce its maintenance cost. As a result, the perceived benefits of these glass products are more than the incurred investments.
COVID-19 impact on the smart glass market
COVID-19 has severely impacted the growth of the globalsmart glass industry. Global sales of smart glass for major applications suchas architecture and automotive are expected to decline by 10–15% in this fiscalyear, depending upon the progression of the virus in different parts of theworld. The decline in the number of new construction projects and the temporary shutdown of manufacturing facilities are some of the factors hampering the growth of the smart glass market. However, the short-term supply chain disruptions are expected to affect market growth in key regions. COVID-19 has severely impacted the global automotive industry, wherein a number of automobile production facilities across the world have been shut down. Global automotive sales are expected to decline by 8–10% in this fiscal year, depending upon the progression of the virus.
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