Smart Materials Market Estimated to Generate $72.63 Billion by 2022
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.