Global Smart Glass and Window Market Insights
Rising concerns pertaining to energy efficiency among construction companies, building managers, and owners have been fuelling demand for smart glass and window. With leading players exploring applications beyond conventional sectors, Transparency Market Research (TMR) forecasts, the global smart glass and window market to surge at a 14.7% CAGR from 2015 to 2024.
Besides their rising installation across green buildings, demand for smart glass and windows is also expected increase in the automotive, marine, power generation, and construction sectors. Currently, the market has a stronger footprint in developed regions. However, during the course of the forecast period and as a consequence of robust infrastructural development, deployment of smart glass and windows is likely to be widespread across emerging economies.
The global smart glass and window market stood at US$2.25 bn in 2014, says TMR. The market is expected to reach US$6.07 bn by the end of 2024.
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The region witnesses rapid technological advancements, high demand for energy-efficient products, and supportive government regulations. Spurred by these factors, the installation of smart glass and windows has significantly increased across the automotive, construction, marine, and other sectors in the region. The U.S. emerged as the largest market for smart glass and window in the region, followed by Canada.
Rising Popularity of Green Buildings to Bring Profitable Growth Opportunities for the Smart Glass and Window Market
The world has seen extensive technological developments over the years that have helped in improving the quality of life. These technologies will continue to attract extensive demand. Smart glass and windows are one of them. The growing popularity of these materials will bring immense growth opportunities for the smart glass and window market across the assessment period of 2015-2021.
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Construction in the same year emerged as the second-largest application segment in the global smart glass and window market. It held over 43.6% of the market in 2014. The rising need of efficient energy consumption in commercial, corporate, as well as residential buildings will boost installation of smart glasses and windows across the construction sector.
Technological Advancements in North America Boost Installation of Smart Glass and Window across Various Sectors
The global smart glass and window market comprises North America, Asia Pacific, Europe, and Rest of the World. Among these regions, North America emerged dominant in the market in 2014, with a share of 31.8%. The North America smart glass and window market is projected to rise at a CAGR of 14.7% between 2015 and 2024.
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