In order to achieve revenue benefits and capture more business space, most of the players in Coated Glass Market are focusing on increasing productivity by minimizing manufacturing time and improving product quality. In this regard, they are increasingly deploying automated systems for enhancing the glass fabrication process. Research and development activities are also rampant across this business space to bring forth a range of highly innovative products.
For instance, recently, the researchers of VanadiumCorp Resource Inc., have developed an innovative, energy saving smart glass comprising vanadium as a coating material that saves more energy by restricting IR radiations from the sun to enter into building and preventing loss of heat during the winter season. This vanadium coated glass offers numerous benefits such as anti-glare, energy saving, and self-cleaning capability.
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In the current scenario, well-known automakers have also been planning to deploy new technologies in vehicles in order to attract more customers. Recently, the Israeli start-up technology company, Gauzy has developed smart glass for displaying videos on car windows. It can play targeted localized information and will be used for smart messaging. Furthermore, the leading German automaker, Daimler AG has also collaborated with Gauzy for installing transparent displays on car windows.
This newly developed advanced smart glass will help automakers serve futuristic technology to their customers. The ongoing revolution brewing in the automotive sector with the growing acceptance of smart glasses is slated to stimulate coated glass industry share. As of now, in order to combat the challenges posed by global warming, many regional governments, mainly across the Asia-Pacific have been undertaking numerous initiatives to adopt sustainable technologies.
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For instance, the Singapore government has decided to increase energy efficiency with the deployment of smart-tinting windows across residential as well as commercial sectors. Currently, it is planning to install smart glass on nearly 12 buildings by 2021, as smart tinting windows can reduce at least 20% of the energy consumption of every building. The increasing popularity of tinting windows for minimizing the load on HVAC systems of buildings is poised to propel coated glass industry share over the years ahead.
The massive tech-based developments in industry are likely to have a significant impact on the overall industry trends. The increasing acceptance of energy efficient smart technologies and the unwavering commitment of regional governments toward carbon reduction, energy savings, and sustainability are also slated to commendably boost the product demand. If estimates are to be believed, coated glass market size, by the end of 2024, will surpass a valuation of USD 24.5 billion.
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