The global Smart Materials Market size is expected to value at USD 98.2 billion by 2025. The market is subject to witness substantial growth due to the growing demand for electronic devices such as sensors and actuators in various end-user industries, and the aerospace & defense sectors. Globally, the smart materials industry is predicted to grow at a CAGR of 13.5% in the forecast period, providing numerous opportunities for market players to invest in research and development in the market.
The 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 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. The rising popularity of the piezoelectric material among end-user industries is one of the critical factors for the growth of the smart materials industry, in recent years.
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High-end demand from the aerospace engineering industry to achieve high-performance levels and fuel efficiency has led to the growth of the smart materials market over the last few years. Smart systems have gained popularity in both – aeronautical and astronautical engineering & sciences. The development of the latest technology involving the use of smart materials has fueled the demand for smart materials. For instance, the advent of the Extreme Accuracy Tasked Ordinance (EXACTO) bullet by The Defense Advanced Research Projects Agency (DARPA) that uses smart actuators, is expected to revolutionize the future of weapons manufacturing in coming years. Subsequently, rise in the global warfare is 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 the number of countries is predicated to boost the demand for advanced intelligent materials. Smart materials are largely used in defense sectors during the manufacturing of high-end weapons and warfare systems. The 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 for smart materials in coming years. Though, the absence of high-end expertise during designing and manufacturing such systems is negatively impacting the growth of the market. Additionally, the limited commercial viability of the devices coupled with a lack of awareness among end-users has restrung the growth of the market, in recent years.
Smart materials, also termed intelligent or responsive materials, that specifically designed to include multiple properties, which makes them to respond external stimuli in a controlled way. The external stimulus includes the changes in atmospheric pressure, temperature, humidity content, pH level, electric field, magnetic field, light intensity, and biochemical reactions. Smart materials are used in various applications such as sensors, transducers, artificial muscles, and electrically activated polymers (EAP’s). Smart materials are widely popular in electrically activated polymers (EAP’s) applications. Smart materials offer numerous advantages such as self-adaptability, in-built mechanisms, inbuilt healing properties, and memory-driven capability in a wide range of applications.
The smart materials industry is divided into regional market segments such as North America, Europe, Asia-Pacific, Latin America, and Africa. North America and the European region have shown major growth in recent years owing to substantial funding by local governments in the research & development of innovative products, a rise in the implementation of the latest technologies, and the existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold a major market share in the smart materials market with massive growth in the 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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