Smart materials can be described as man-made materials that react in a controlled manner when exposed to certain external stimuli. Smart materials and structures have a special connection to properties like stress, magnetic fields, temperature, moisture, etc. For example, thermochromics material vary their color depending on the temperate they are exposed to. The smart materials research undertaken by various scientific organizations and enterprises has allowed the production of smart material products which can be manipulated to serve particular useful functions. The advantage of using smart material technology over conventional products is that the former can function at a very basic level and be integrated into complex technical systems. For example, smart modern materials are widely used as critical electronic components in energy supply. Thus, the Smart Material Market is in an excellent position to post a healthy growth rate during the forecast period of 2015-2022.
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Scope & Regional Forecast of the Smart Material Market
The Smart Material Market is expected register a CAGR of 14.9% during the forecast period while the market revenue is primed to reach $72.63 billion in 2022. This kind of demand for smart material products is expected due to the following factors: rising adoption of smart building materials in the rapidly growing construction industry; ample support from governments in the form of initiatives and subsidies; and rising R&D investment on smart materials research with an aim of lowering cost and improving quality of finished material.
The Smart Material Market also expects integration with the popular Internet of Things (IoT) segment to gather pace in emerging economies. While government initiatives have done a lot of good, small and medium enterprises are still averse to the latest smart materials. This is expected to change gradually once the cost of production falls. Integration with IoT has been viewed as a major positive, but further new applications are expected to arise as research continues.
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Segmentations & Key Players Involved in the Smart Material Market
The Smart Material Market can be broken down into various segments as follows:
Application: Transducer, Sensors, Actuators & Motors, Structural Materials and Coatings.
End-User: Industrial, Defence & Aerospace, Automotive, Consumer Electronics, Healthcare and Others (Civil Engineering and Retail Sector).
Geographical Location: North America, Europe, Asia-Pacific and LAMEA.
Some of the key players involved in the Smart Material Market are as follows:
- KYOCERA Corporation
- CeramTech GmbH
- Advanced Cerametrics, Inc.
- Channel Technologies Group, LLC
- APC International, Ltd.
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