Smart materials are adaptive or intelligent material that pose intrinsic and extrinsic capabilities that can be altered by external stimuli such as moisture, temperature, electromagnetic field, and pressure to obtain the desired functional effects. In addition, these materials are dynamic in nature and respond to their immediate interaction environments by adapting their characteristics.
A new report by MarketIntelReports, titled, “Smart Material Market – Global Opportunity Analysis and Industry Forecast, 2014 – 2022”, projects that the smart material market is expected to generate revenue of $72.63 billion by 2022, with an estimated CAGR of 14.9% from 2016 to 2022.
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In the year 2015, Asia-Pacific was the highest revenue-generating region, owing to high adoption of products developed by using smart materials in various end-user industries such automotive, manufacturing, construction, and defense along with large number of small players offering smart materials. Furthermore, the region is projected to continue its dominance throughout the forecast period, due to increasing adoption of Internet of things (IoT) applications. North America was the second largest market, in terms of revenue generation, followed by Europe. Major factors that boost the smart material market in Asia-Pacific region include growing geriatric population, declining prices of smart materials, and improving standards of living in countries such as India, China, and Japan. In addition, evolution in IoT and increasing demand for connected devices are projected to drive the market growth worldwide.
Growing Aging Population
Smart materials have increase in gaining traction in older population-centric products. In addition, these products help reduce daily routine complexities and make life easier for old people. In near future, population share of this age-group is projected to increase at significant rate which in-turn is anticipated to increase demand for smart materials products. According to an International Population Reports, 2015 published by United States Census Bureau, the population increase of older population is projected outpace that of younger population over the next 35 years. Thus, the overall impact of this factor is projected to be high by 2022.
Continuous development in manufacturing processes and adoption of enhanced materials has increased the applications of smart materials across various end-user industries. By 2022, smart materials are projected to further expand their applications and is anticipated to play pivotal role in the market growth. Hence, the impact is projected to be high throughout the forecast period.
Government Initiatives and Incentive Programs
Currently, some specific group of industries such as small and medium enterprises (SMEs) lack in terms of adoption of smart materials due to high cost. Introduction of several initiatives and programs to encourage industries to invest into and utilize smart materials is projected to impact throughout the forecast period.
Substantial Investment in R&D
Increase in demand for enhanced smart materials and products from various industries such as construction, manufacturing, and automotive are anticipated to encourage key players operating in the smart materials market to invest considerable amount on research and development to introduce efficient products and stay ahead in the competition.
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In the year 2015, the actuator & motor segment dominated the market with around 44% share, owing to high performance, innovation, and continuous improvements in variety of industrial applications. In terms of growth, the sensor segment is projected to expand at the highest CAGR of around 18% during the forecast period. This is attributed to widening applications of connected devices equipped with smart sensors by end users.
Among key end users, industrial segment led the market followed by defense & aerospace, both collectively accounted for around 62% of the market revenue in 2015.
The global smart material market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific generated the largest revenue in 2015, followed by North America. Asia-Pacific is projected to expand at the highest CAGR of around 16% during forecast period.
Key Findings of Smart Material Market:
- Major driving forces for the growth of smart material market are increasing penetration of consumer electronics, rising uptake of connected devices among various end-user industries, and continuous technological advancements.
- Transducer segment dominated the smart material market in 2015; however, the sensor segment is expected to grow at a fastest CAGR.
- Asia-Pacific dominated the market in 2015, and is expected to register the fastest growth over the forecast period.
SMART MATERIAL MARKET SEGMENTATION:
The segmentation of the smart material market based on application, end-user industry, and geography is as below.
Smart Material Market – By Application
- Actuators & motors
- Structural materials
Smart Material Market – By End-User Industry
- Defense and Aerospace
- Consumer Electronic
- Other (Civil Engineering and Retail)
Smart Material Market – By Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- LAMEA (Latin America, the Middle East, and Africa)
- Latin America
- Middle East
The report features a competitive scenario of the global smart material market. It provides a comprehensive analysis of key growth strategies adopted by major players. Key players adopt product launches, digital expansion, and mergers & acquisitions as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include KYOCERA Corporation, Noliac A/S, APC International, Ltd., TDK Corporation, CTS Corporation, Channel Technologies Group, LLC, LORD Corporation, Advanced Cerametrics, Inc., Metglas Inc., and CeramTech GmbH.
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