PORTLAND, OR - A new report by Allied Market Research, titled World Smart Material Market, projects that the global smart materials market is expected to generate revenue of $72.63 billion by 2022, with an estimated CAGR of 14.9% from 2016 to 2022.
In 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 as automotive, manufacturing, construction and defense, along with a large number of small players offering smart materials. 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 materials market in the Asia-Pacific region include a growing geriatric population, declining prices of smart materials, and improving standards of living in countries such as India, China and Japan. In addition, the evolution in IoT and increasing demand for connected devices are projected to drive 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 a variety of industrial applications. In terms of growth, the sensor segment is projected to expand at the highest CAGR (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. Both collectively accounted for around 62% of the market revenue in 2015.
The world smart materials 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 is projected to expand at the highest CAGR (around 16%) during the forecast period.
The study reports that the driving forces for growth in the smart materials market are increasing penetration of consumer electronics, rising uptake of connected devices among various end-user industries and continuous technological advancements.
According to the report, the transducer segment dominated the smart material market in 2015; however, the sensor segment is expected to grow at the fastest CAGR.
In regional terms, Asia-Pacific dominated the market in 2015 and is expected to register the fastest growth over the forecast period.
The report features a competitive scenario of the global smart materials market. It provides a comprehensive analysis of key growth strategies adopted by major players.
For more information about the report, visit https://www.alliedmarketresearch.com/smart-material-market.