FELTON, California, March 6, 2019
FELTON, California, March 6, 2019 /PRNewswire/ -- 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. 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.
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.
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.
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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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