The global market for smart glass-based products is expected to reach $3.3 billion by 2020
Wellesley, Mass. (PRWEB) June 24, 2015
The level of research and development activity in the smart glass industry has increased significantly in the past 20 years. But, as BCC Research reveals in its new report, interest in this technology has soared since 2010, as evidenced by a five-year compound annual growth rate CAGR of 23.9% for the number of global patent applications and patents issued (PAI).
The global market for smart glass-based products, which totaled $1.9 billion in 2014, is estimated to reach nearly $2.1 billion in 2015 and $3.3 billion by 2020, with a five-year compound annual growth rate (CAGR) of 9.4%. Transportation and aerospace, the largest and fastest growing sector of the market, should reach $1.9 billion and $3 billion in 2015 and 2020, respectively, with a CAGR of 9.6%.
Smart glass, which is characterized by its ability to change opacity and/or color when a voltage is applied, is exploited in numerous applications, ranging from residential and commercial construction and architectural projects to interior design, as well as museum artwork expositions, high-end appliances, advanced displays, automotive mirrors and privacy glass. Since 2012, global economic conditions have improved, smart glass fabrication processes have evolved and several new applications have been developed, all inspiring vigorous patent activity within the industry.
“Companies and research organizations are very active in developing innovative chromogenic materials, researching improved fabrication processes for smart glass devices, devising equipment and control systems for their production and correct utilization, and developing new applications,” says BCC research analyst Margareth Gagliardi. “During the past 40 years, the number of applications and issued patents increased significantly, reaching a peak in 2013, with 781 patents applied for or issued. In fact, the number of patents per month has increased at a CAGR of 12.9% from 2012 through 2014, indicating that interest in smart glass technology is expanding at a very robust rate.
Global Markets and Technologies for Smart Glass (AVM065C) provides new insights into current smart glass technology, as well as outlines technological trends and offers an updated market analysis for these materials.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
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