USD 47.56 billion
Report ID: SQMIG45I2138 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 98 | Figures: 77
Global Smart Materials Market size was valued at USD 47.56 billion in 2021 and is poised to grow from USD 52.6 billion in 2022 to USD 130.25 billion by 2030, growing at a CAGR of 10.6% in the forecast period (2023-2030).
Smart materials possess both inherent and extrinsic characteristics and are adaptive or intelligent materials. To achieve the required functional effects, these can be modified by outside factors as moisture, temperature, electromagnetic field, and pressure. Additionally, these materials are dynamic in nature and change their features in response to the surroundings in which they interact right away. Materials for specific purposes have been developed as a result of advancements in the field of materials science, which was previously not conceivable with the usage of traditional materials such polymers/plastics, metals, glass, and ceramics. Smart materials may function at a very fundamental level, like temperature, and by combining additional functionalities and qualities, they can be used in very complicated technical systems. Smart materials, for instance, can be applied to energy. For instance, energy supply systems for microelectronic components can use smart materials.
Applications for smart materials include structural materials, actuators & motors, and transducers. The growth in the use of smart materials products across a range of end-user industries, including defence & aerospace, automotive, and consumer electronics, as well as favourable government initiatives & plans, as well as an increase in R&D spending by major players to optimise the cost and quality of smart materials, are driving the market for smart materials. Due to the potential for growth in emerging economies as well as the development of the Internet of Things, there is a significant demand for smart materials.
US Smart Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 47.56 billion
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Global Smart Materials Market is segmented on the basis of product type, application, end user, and Region. Based on product type, the Smart Materials Market is segmented as piezoelectric materials, electro-rheostatic, magneto-rheostatic, shape memory materials, smart fluids, smart hydrogels, electrochromic materials and others. On the basis of the application the Smart Materials Market is segmented as actuators & motors, sensors, transducers, structural materials, and others. The Smart Materials Market on the basis of the end user is classified as industrial, defense, aerospace, automotive, consumer electronic and healthcare. Based on the region, the Smart Materials Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, South America.
Smart Materials Market Analysis by Product
Due to the increasing demand for piezoelectric materials in a variety of applications, the Piezoelectric materials category had the greatest revenue share in 2021. Speakers, sonar, hydrophones, buzzers, gas igniters, and many other devices use piezoelectric materials. Optoelectronic devices also use it. Piezoelectric materials enhance the performance of optoelectronic devices, according to research from the Georgia Institute of Technology, a US.-based research centre. Piezoelectric materials can also transform vibrational and mechanical energy into electrical energy. Through power harvesting and self-sustaining smart sensing, this trait facilitates the utilisation of renewable and sustainable energy in buildings.
Due to the increasing use of these materials in medical-related applications such as medical textiles, dental braces, stents, prosthetics, and surgical fixation devices, the shape memory materials market is expected to experience a significantly fast rate of revenue growth over the forecast period. After undergoing diverse and apparent plastic deformations, shape memory materials can revert to their original shape. This phenomenon is known as the form memory effect. The form memory effect is applicable to a number of fields, from aircraft engineering to medical equipment. These elements are expected to support the segment's revenue growth.
Smart Materials Market Analysis by Application
Due to the increasing use of intelligent materials in piezoelectric sensors, the sensors category is expected to account for a disproportionately big market share throughout the projected period. Applications like healthcare, defence, automotive, and aerospace use piezoelectric sensors extensively. A piezoelectric sensor is a smart device that converts variations in pressure, strain, temperature, acceleration, or force into an electric charge via the piezoelectric effect. These sensors have a number of advantages, including being readily available in the proper shape, having good frequency response, minimum phase shift, and being compact. It is also utilised in industrial settings to construct pressure sensors and sonar apparatus.
Due to the increased demand for smart materials in actuators & motors, the actuators & motors segment is expected to have a considerably rapid revenue growth rate over the forecast period. Actuators are now often employed in the aerospace and defence industries. Additionally, it is applied in automobile settings. Actuators can improve a vehicle's performance and fuel economy, resulting in comfort and convenience. Additionally, smart material-based motors are being employed more and more in robotics nowadays. Examples include manipulator joint motors, sample tool motors, pedal motors, steering motors, and deployment motors.
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North America had 39.54% of the market, and it is expected that it would continue to dominate during the projected period. The aerospace and defence industries' expanding use of smart materials has increased regional product demand. Due to increased demand for the product in defence and military applications, rising US defence spending is expected to open up appealing market potential. Following North America are Europe and APAC. An increase in demand for smart materials in developed nations like the UK, Germany, France, and Switzerland, giving Europe the second-largest market share of all smart materials worldwide.
Due to the rising demand from end-use industries in nations like Japan, India, and China, the Asia Pacific market is expected to grow at an exceptional rate over the forecast period.
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Smart Materials Market Driver
Smart Materials Market Restraint
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The market for smart materials is fairly consolidated, with a small number of large and medium-sized businesses accounting for most of the sector's revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing newer and more efficient smart materials solutions. Major businesses profiled in the report on the global market for smart materials include:
Smart Materials Market Top Player’s Company Profiles
Smart Materials Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the cloud Deployment segment dominated the global Player Tracking System Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Player Tracking System Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 47.56 billion|
|Market size value in 2030||USD 130.25 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Smart Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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