Smart Materials Market Overview
The key drivers impacting the smart materials market is the growing demand for enhanced smart materials and products from various rapidly expanding industries, such as construction, manufacturing, Consumer goods, and automotive. For instance, According to the Indian Brand Equity fund consumer electronics market is expected Indian appliance and consumer electronics (ACE) market was valued at US$ 10.93 billion in 2019 and is anticipated to record US$ 21.18 billion by 2025.
The global smart materials market size was valued at USD 50.3 billion in 2019 and is estimated to show a CAGR of 10% during the forecast period of 2020-2026.
In addition to this, the growing usage of smart actuators & motors, sensors, and structural materials in the aerospace & defense industry across the globe is anticipated to increase the smart materials market demand under the forecast period. The increasing military and defense expenditure globally is expected to create more demand for smart materials in the coming years. For Instance, According to the Stockholm International Peace Research Institute, the global military expenditure is estimated to have been $1917 billion in 2019, the highest level since 1988. It is estimated to be 3.6 percent higher than in 2018 and 7.2 percent higher than in 2010.
The high adoption of piezo-electric devices in various industrial applications such as medical devices, robotics, information, automotive, information technology is also estimated to be a key determinant adding growth to the market. However, the high cost and lack of awareness regarding smart materials may hamper the global smart materials industry in the long run. Also, the dearth of expertise in designing systems based on smart materials is likely to restrict the market growth. The current industry trends, such as the introduction of several research programs and initiatives to promote industries to invest in and make use of smart materials in the coming decade, are creating new market opportunities for the key players.
The smart materials market is vast, with a large number of local and global players. The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world. For instance, in April 2017, the European Union-funded Noilac A/S to initiate a research study to develop new piezoceramic materials for high-power industrial applications. The report studies a few key players of the global smart materials market in detail, covering the company profile, product list, and financial information. The dominating key players included in the report are APC International, Ltd., Harris Corporation, CeramTec, Kyocera Corporation, NOLIAC A/S., CTS Corporation, Channel Technologies Group, LLC, Advanced Cerametrics, LORD Corporation, CeramTec GmbH, TDK Corporation, and Wright Medical Group, Inc. always been the initial targets of smart materials companies and many others.
In this market research report, the market is segmented by materials, applications, and region.
By Materials Analysis
By materials, the report is categorized into piezoelectric materials, magnetostrictive materials, electrostrictive materials, phase change materials, shape-memory materials, electrochromic materials, and others. A Piezoelectric dominates the materials segment in 2019 with maximum market share. It is expected to maintain its dominancy over the forecast period because of its wide industrial acceptance. Moreover, the growing demands in applications such as hydrophones, sonar, speakers, buzzers, gas igniters, and sporting equipment driving the piezoelectric material segment.
By Applications Analysis
By applications, the report is categorized into actuators & motors, transducers, sensors, structural materials, and others. Actuators & Motors dominate the applications segment in 2019 with a maximum market share of 59%. It is due to the high need for competent vibration & noise control systems, fuel injection systems, ultrasonic motors, and standard industrial actuators. Moreover, growing demand from the robotic industry as actuators have become an indivisible part of robotics where manipulator joint motors, pedal motors, deployment motors, sampling tool motors, drive/steering motors are used.
By Region Analysis
In the regional outlook of the global smart materials market, North America dominates with 37.4% of shares in 2019. North American region is the significant region globally driving the market share over a forecast period. The significant demand for smart actuators & motors in key industries such as automotive, consumer goods, and aerospace are the primary growth factors contributing at a regional level. The APAC market is anticipated to record considerable growth during the forecast period, significant research activities supported by the region's government.
Market Segmentation covered in the Report:
- Piezoelectric Materials
- Shape Memory Materials
- Electrostrictive Materials
- Magnetostrictive Materials
- Phase Change Materials
- Electrochromic Materials
- Actuators & Motors
- Structural Materials
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
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