Smart Materials Market to See Strong Growth through 2022
The world smart materials market is expected to generate revenue of $72.63 billion by 2022.
A recent report by Allied Market Research projects that the world smart materials market is expected to generate revenue of $72.63 billion by 2022, with an estimated compound annual growth rate (CAGR) of 14.9% from 2016 to 2022. Major driving forces for the growth of the smart materials market include the increasing penetration of consumer electronics, the rising uptake of connected devices among various end-user industries, and continuous technological advancements.
In 2015, Asia-Pacific was the highest revenue-generating region due to a high adoption of products that were developed using smart materials in various end-user industries, including automotive, manufacturing, construction, and defense, along with large number of small players offering smart materials. In addition, the region is projected to continue its dominance throughout the forecast period as Internet of things (IoT) applications are increasingly adopted. 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 2015, the actuator and 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, the industrial segment led the market, followed by defense and aerospace, which both collectively accounted for around 62% of the market revenue in 2015. 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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