Global Smart Material Market Is Estimated to Generate
$72.63 Billion by 2022
It projects that the Global smart material market is expected to generate revenue of
$72.63 billion by 2022, with an estimated CAGR of 14.9% from 2016 to 2022.
In the year 2015, Asia-Pacific was the highest revenue-generating region, owing to high
adoption of products developed by using smart materials in various end-user industries
such automotive, manufacturing, construction, and defense along with large number of
small players offering smart materials. Furthermore, the region is projected to continue its
dominance throughout the forecast period, due to increasing adoption of Internet of things
(IoT) applications. 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 Globalwide.
In the year 2015, the actuator & 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, industrial segment led the market followed by defense & aerospace,
both collectively accounted for around 62% of the market revenue in 2015.
The Global smart material market is classified based on geography into North America,
Europe, Asia-Pacific, and LAMEA. Asia-Pacific generated the largest revenue in 2015,
followed by North America. Asia-Pacific...