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Smart Materials Market Size Expected to Generate $72.63 Billion, Globally, by 2022

06-11-2019 08:31 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Smart Materials Market is expected to garner $72.63 billion by 2022, registering a CAGR of 14.9% during the forecast period 2016-2022. Smart materials are used in applications, such as transducers, actuators & motors, and structural materials. The market for smart materials is driven by the rise in adoption of smart materials products among various end-user industries, such as defense & aerospace, automotive, and consumer electronics; supportive government initiatives & plans; and increase in R&D investment by prominent players to optimize the cost and quality of smart materials. There is a high demand for smart materials on account of potential growth in emerging economies as well as evolution in Internet of Things (IoTs).

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.

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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.

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.

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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.

Table Of Content

Chapter: : 1 INTRODUCTION
1.1 Report Description
1.2 Key Benefits
1.3 Key Market Segments
1.4 Research Methodology
1.4.1 Secondary Research
1.4.2 Primary Research
1.4.3 Analyst Tools and Models

Chapter: : 2 EXECUTIVE SUMMARY
2.1 CXO Perspective

Chapter: : 3 MARKET OVERVIEW
3.1 Market Definition and Scope
3.2 Key Findings
3.2.1 Top Impacting Factor
3.2.2 Top Winning Strategies
3.2.3 Top Investment Pockets
3.3 Value Chain Analysis
3.4 Porters Five Forces Analysis
3.4.1 Low Bargaining Power of Suppliers
3.4.2 Moderate Bargaining Power of Buyers
3.4.3 Low Threat from Substitutes
3.4.4 Low Threat from New Entrants in the Market
3.4.5 Moderate Rivalry among Market Players
3.5 Drivers
3.5.1 Growing Aging Population
3.5.2 Widening Applications
3.5.3 Government Initiatives and Incentive Programs
3.5.4 Substantial Investment in R&D
3.6 Restraints
3.6.1 Lack of Awareness
3.6.2 High Cost
3.7 Opportunities
3.7.1 Construction and Automotive

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About US:
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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