A new report by Allied Market Research, titled, “Smart Material Market – Global Opportunity Analysis and Industry Forecast, 2015 – 2022,” projects that the global 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.
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.
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Key Findings of the Smart Material Market Study:
- 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.
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
- LORD Corporation
- Advanced Cerametrics, Inc.
- Metglas Inc.
- CeramTech GmbH.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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