09-Mar-2023 | Zion Market Research
The global smart materials market size was worth around USD 62.31 Billion in 2022 and is estimated to grow to about USD 158.21 Billion by 2030, with a compound annual growth rate (CAGR) of approximately 14.42 percent over the forecast period.
Smart materials are an object that is capable of altering the effect of external stimuli such as temperature, electromagnetic field, moisture, or pressure to attain required functional efforts in a controlled fashion. These materials have intrinsic and extrinsic properties that tend to essentially react to alteration with the slightest of environmental changes. They are also dynamic in nature, making them willing to react to neighboring communication conditions by adapting to their specific qualities.
Some examples of smart materials include shape memory alloy, photovoltaic, pH-sensitive polymer, magnetic shape memory, and piezoelectric. These materials are extensively utilized in various applications such as actuators and engines, transducers, structural materials, and others.
The global smart materials market is expected to surge exponentially due to rapid changes in the lifestyle of people as more and more people are increasingly inclining toward electric vehicles rather than conventional vehicles. Thus, this growing shift in the automobile industry is favored by the increased adoption of smart materials over conventional materials in vehicles. There has been a remarkable demand for enhanced smart materials in various industries, including construction, industrial, manufacturing, healthcare, aerospace, and others.
An increase in investment in research and development activities among both private companies and governments to develop effective and functional products further drive the growth of the market. Not only large enterprises but also small and medium enterprises (SMEs) are readily investing in and adopting smart vehicles due to the presence and initiation of various programs and initiatives from the government which bolster the growth of the market. Persistent technological advancements in smart materials and the growth of the consumer electronics industry create ample opportunities for the growth of the market. However, the lack of experience among people in making system-based materials restricts the growth of the market to an extent.
The global smart materials market is segmented based on application, end-user industry, and region.
Based on application, the market is bifurcated into transducers, actuators & motors, sensors, structural materials, and coatings. The actuators & motors segment held the dominating market share in 2022 and is expected to cite a significant CAGR during the forecast period. The major reason for the growth of the segment is that actuators are notably capable of revamping and upgrading fuel economy (mileage) and vehicle execution to ensure comfort and convenience. These days, actuators have become an inseparable chunk of robotics where deployment motors, sampling tool motors, pedal motors, manipulator joint motors, and steering/drive motors are essentially utilized.
Based on end-user industry, the market is segmented into industrial, defense & aerospace, automotive, consumer electronics, healthcare, and others. The defense & aerospace industry held the largest market share in 2022 and is further projected to occupy a dominant status and simultaneously grow at a rapid CAGR during the forecast period. The growth of this segment is mainly due to an increase in investment and budget for the defense & aerospace sector among various countries across the globe as there has been an exponential rise in terrorist activities and war situations around the world. Thus, various countries are rapidly increasing their military capabilities to expansively portray their defensive prowess and also to protect their own countries. Therefore, the extensive utilization of smart materials in the aviation and defense industry in numerous countries drives the growth of the segment during the forecast period.
Based on region, the North American region held the largest market share in 2022 and is further expected to grow exponentially at a dominant CAGR during the forecast period. The major reason for the growth of the market in this region is the prevalence of advanced technologies, a huge number of skilled professionals, an increase in the adoption of advanced consumer electronics among people, a rise in healthcare expenditures, and an increased adoption of electric vehicles and rapidly growing automotive industry, and rise in aerospace and defense budgets among countries such as the U.S. in this region bolster the growth of the market during the forecast period.
This review is based on a report by Zion Market Research, titled “Smart Material Market By Application (Transducers, Actuators & Motors, Sensors, Structural Materials, and Coatings), End-User Industry (Industrial, Defense & Aerospace, Automotive, Consumer Electronics, Healthcare, and Others), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/smart-material-market
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