Market Size of APAC Smart Glass Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 14.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Smart Glass Market Analysis
Asia Pacific smart glass market is estimated to grow at a CAGR of 14% in the forecasted period (2021-2026). The market has been gaining significant traction due to the surging demand for energy cost savings in high-end commercial offices and residential spaces in the Asia Pacific. However, the COVID-19 pandemic has significantly affected the construction activities of the residential and commercial buildings in 2020, resulting in delayed building construction projects or halted for the short term.
With a growing focus on sustainable development, an increasing number of people have been opting for user-controlled windows in buildings. Smart glass manufacturers have been actively investing in research and development to cut production costs by implementing newer technologies and low-cost raw materials.
There has been a great amount of research and development going on in the region on smart glasses. For instance, in recent years, researchers at Shanghai University have designed the first smart window, which can produce electricity. The window acts like a solar panel and uses Vanadium dioxide film to produce electricity. Such developments are expected to provide further growth opportunities to the market, especially in offices, residential homes, and hotels.
Also, Scientists at the Nanyang Technological University, one of Singapore's engineering research institutes, have developed a unique liquid window panel that can block sunlight to regulate solar transmission into a room. Besides this, the panel can simultaneously trap thermal heat received from sunlight, gradually release it later, and help regulate indoor temperature.
The majority of the smart glass growth in the region is expected to be observed in the building sector, taking advantage of the significant cost savings and energy efficiency. Employees and residents are looking forward to benefiting from the increased natural light and access to views of the outdoors, which can improve both their health and productivity.
However, due to the pandemic, construction projects' demand has fallen due to poor business sentiments, lower operating surpluses and incomes, diversion of funds for COVID-19 management, and liquidity problems. There has been a decrease in construction activities and supply chain disruptions that have resulted in projects being delayed or halted for the short term, restraining the market's growth.
