Residential and Commercial Smart Glass Sales Surge

Window + Door
August 12, 2019
Markets

Residential and commercial smart glass worth approximately $15 billion will be sold by the end of 2028, according to a new report from Future Market Insights. Up from the market value attained in 2018, the global sales of residential and commercial smart glass are estimated to observe a compound annual growth rate of over 15 percent from 2018 to 2028.

Although much of the current demand is from the commercial sector, the study indicates it is more likely the demand for smart glass will gather momentum in the residential sector in the near future. The report attributes this demand growth to increasing initial interest of buyers in residential and commercial smart glass, particularly for bungalows and luxury apartments.

Various initiatives for the clean technology, mostly related to energy conservation and sustainable use of energy, is driving customers to use different products that would serve the purpose. Also, these initiatives are compelling manufacturers of residential and commercial smart glass to invest heavily in the development of versatile products compatible for efficient energy consumption besides basic functionalities of smart glass.

On the other side, residential and commercial smart glass solutions incur heavy initial expenditure that includes procurement and installation expenses. High procurement and maintenance expenses will remain longstanding challenges associated with the revenue growth of residential and commercial smart glass market. Moreover, though most residential and commercial smart glass solutions are dirt-proof and demand occasional cleaning, regular maintenance is required to keep these integrated technologies bug-proof, which further demands expensive regular maintenance. This is projected to have a restraining impact on the overall adoption rate of residential and commercial smart glass solutions.