Smart Materials Market is anticipated to grow at a CAGR of 13% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled Smart Material Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global smart material market accounted for over US $50 billion in 2019. The market is anticipated to grow at a CAGRof 13% from 2020 to 2030.
The global smart materials market is driven by growing requirements for products that can react to changing environmental conditions and surge in user demands to achieve high-level performances. Furthermore, the rising demand for connected devices with the introduction of the Internet of Things (IoT) has augmented market growth.
The increasing focus on R&D activitiesby researchers to develop smart materials is expected to fuel the growth of the target market over the forecast period. In August 2018, researchers at Texas A&M University and their colleagues discovered a group of new smart materials. These materials have a property to improve the efficiency of fuel burn in jet engines and can reduce airplane noise,amongothers.
Rapid technological advancements along with consumers’ preference for automated and high-end machines & gadgets have pushed the demand for smart materials in the market.These materials are equipped with new technologies,such as fiber-lasers, artificial intelligence, and 3D printing, along with sophisticated software.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smart Materials Market By Product(Smart Hydrogels, Smart Fluids, Shape Memory Polymers, Magnetostrictive Materials, Electrostrictive Materials, and Piezoelectric Materials), Application (Sensors, Structural Materials, Transducers, Actuators,andMotors), End User Industry (Pharmaceutical & Healthcare, Defense& Aerospace, Automotive, and Consumer Electronics)-Analysis & Forecast 2020 - 2030. in detail along with the table of contents:https://www.marketindustryreports.com/smart-materials-market/316
However, the high costs associated with research & development activities as well as manufacturing are among factors that will hinder market growth during the forecast period.
North America holds the largest market share of the global smart materials market due to the presence of many big players in the market and significant demand for smart actuators & motors in various industries including automotive, consumer goods, and aerospace. Asia Pacific is expected to grow at the highest CAGR during the forecast periodowing to the expanding electronics industry and improving economies across countries such as China and India.
Some of the prominent players in the smart materialmarket include AMETEK, Inc., SMART MATERIAL CORP.,TDK Corporation, BC Partners, APC International, Ltd., CTS Corporation, Piezo Kinetics, Inc., KYOCERA Corporation, PARKER HANNIFIN CORP, and others.
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