17th September 2019 – Globally, the smart
materials industry is predicted to grow at CAGR of 13.5% in forecast
period, providing numerous opportunities for market players to invest for
research and development in the market.
The global Smart Materials Market size
is expected to value at USD 98.2 billion by 2025. The market is subject to
witness a substantial growth due to the growing demand of electronic devices
such as sensors and actuators in various end-user industries, and aerospace
& defense sector.
Rising adoption of automatic, and
high-tech machines have led to the increased demand for piezoelectric
materials, in the last few years. Numerous initiatives by local government and
private bodies in order to promote the adoption of non-conventional energy
resources rather than fossil fuels have propelled the demand for smart
materials such as piezoelectric devices in the market, in recent years.
Numerous benefits offered by smart materials such as reliability, and
cost-effectiveness, are vital for sustained growth of the smart materials
market during the forecast period. Rising popularity of the piezoelectric
material among end-user industries is one of the critical factor for the growth
of smart materials industry, in recent years.
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High-end demand from aerospace
engineering industry to achieve high performance level and fuel efficiency, has
led to growth of the smart materials market over the last few years. Smart
systems have gained popularity in both - aeronautical and astronautical
engineering & sciences. Development of latest technology involving the use
of the smart materials has fueled demand for smart materials. For instance,
advent of Extreme Accuracy Tasked Ordinance (EXACTO) bullet by The Defense
Advanced Research Projects Agency (DARPA) that uses smart actuators, is
expected to revolutionizes future of weapons manufacturing in coming years.
Subsequently, rise in the global warfare are motivating the war-torn countries
to largely invest in enhancing their defense capabilities, involving land, air,
and naval forces.
A substantial increase in the defense
budget by number countries are predicated to boost demand of advanced
intelligent materials. Smart materials are largely used in defense sectors
during manufacturing of high-end weapons and warfare systems. Development of
numerous warfare strategies to strengthen war technologies, which includes
cyber warfare, intelligence tactics, and precision strike capabilities, are
anticipated to fuel the demand of smart materials in coming years. Though,
absence of high-end expertise during designing and manufacturing of such
systems are negatively impacting growth of the market. Additionally, limited
commercial viability of the devices coupled with lack of awareness among end
users are restring growth of the market, in recent years.
Smart materials, also termed as
intelligent or responsive materials, that specifically designed to include
multiple properties, which makes them to respond during external stimuli in
controlled way. The external stimulus includes the changes in atmospheric
pressure, temperature, humidity content, pH level, electric field, magnetic
field, light intensity, and bio-chemical reactions. Smart materials are used in
various application such as sensors, transducers, artificial muscles, and
electrically activated polymers (EAP's). Smart materials are widely popular in
electrically activated polymers (EAP's) application. Smart materials offer
numerous advantages such as self-adaptability, in-built mechanism, inbuilt
healing properties, and memory driven capability in wide range of applications.
The smart materials industry is divided
into regional market segment such as North America, Europe, Asia-Pacific, Latin
America and Africa. North America and European region has shown major growth in
recent years owing to substantial funding by local governments in research
& development of innovative products, rise in the implementation of latest
technologies and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold
major market share in the smart materials market with massive growth in
forecast period. Countries such as India, China and Singapore are leading the
Asia-Pacific’s market with favorable governmental policies, rise in the
adoption in aerospace & defense, healthcare, automotive, and building &
construction sectors and significant investment by leading industry players
considering potential opportunities in the region. The key players in the smart
materials industry are APC International Limited, Harris Co., CeramTec Group,
Kyocera Co., TDK Co., and CTS Co.
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