Novel coronavirus cases continue to rise and is negatively impacting the global smart glass Market due to significant slowdown in spending during first half of 2024. A detailed outlook of smart glass Market with and COVID-19 impact on market is presented in the report. This report aims to assist our clients with valuable insights which are required to make important business decisions during and post COVID-19 period.
Market Overview
According to a new report published by Fast.MR titled, “Smart Glass Market by Technology and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global smart glass market was estimated at around USD 3.73 billion in 2019 and is expected to grow with the CAGR of 14.1% during forecast period 2024-2027. Rising awareness towards energy efficiency augmenting market growth.
The global movement to reduce carbon footprint and enhance energy efficiency is widely gaining popularity across the globe. This has prompted many regulators to promote the use of energy efficient building material such as smart glass. In addition, the growing prominence of high-rise buildings in Middle East and Asia Pacific region is projected to fuel the market demand for smart glass products.
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The product offers numerous advantages in terms of energy saving, enhanced light texture, and so on. The product is widely employed across the architectural application especially as exterior facades. The increasing challenge to keep architectural superiority while maintaining energy efficiency is pushing the demand for smart glass products.
In European region, product has widely gained prominence as the regulatory bodies pushes for energy efficient building materials. In addition, renovation and remodeling of residential buildings across Europe is projected to further push the market growth for smart glass products in the region.
Key vendors of the industry are Control Systems, Smartglass International, AGC Inc., Corning Inc., Saint Gobain, Polytronix, Asahi Glass Co., Research Frontier, SAGE Electrochromics, Gentex, and Hitachi Chemicals. Industry participants are focusing on mergers and acquisitions to enhance their market presence.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on global smart glass market in the upcoming years.
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