Post Covid19: Rising Demand of Piezo-Electric Devices Is Expected to Boost the Growth of the Global Smart Materials Market During the Forecast Period
Global Smart Materials Market: Key Highlights
- The Global Smart Materials Market is estimated to reach USD 121.29 Billion by 2027 at a CAGR of 13.5% during the review period
- The smart materials market is majorly segments into product, application and end-user
- On the basis of product, the market is sub segmented into piezoelectric materials, shape memory materials, phase change materials, electrochromic materials, electrostrictive materials, magnetostrictive materials and others. The piezoelectric materials is excepted to accounted for the largest share in the forecast period. The rising demand for piezoelectric devices in various end-user lead to fuel the smart materials market demand
- On the basis of region, the market is segmented into Americas, Europe, Asia-Pacific, and Middle East & Africa
- Americas accounted for the major market share, as the rising the application scope of the products in the aerospace & defense industry has boost the product growth in the region
- Top players that account for the major share include CeramTec, Channel Technologies Group, CTS Corporation. KYOCERA Corporation, L3Harris Technologies, Inc., Parker Hannifin Corp, QorTek, Inc., TDK Corporation, Wright Medical Group N.V, and among others
Global Smart Materials Market: Key Market Dynamics
- There has been growing demand for sensors and actuators in consumer electronics is play a significant role for the smart materials market. The smart materials are applied in manufacturing of actuators & sensors with its advantages, which includes fast response, high energy density, compact size as well as fewer moving parts
- The rising demand of piezo-electric devices is also lead to enhance the demand of the Smart Materials Market growth
- Further, the rising in the defense budget a significant opportunity for the market growth
- However, lack of awareness among end-users are hindering the growth of the market.
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Global Smart Materials Market: Regional Overview
- America region is further divided in to North America and Latin America. Globally, Americas accounted for the major market share
- There has a significant increase the demand for piezoelectric materials in countries such as Canada for the usage in end-user industries such as construction, and healthcare. Hence, these may also lead to fuel the market growth in the region
- Moreover, there has been a significant increase in the demand for piezoelectric materials in the county such as Canada for the usage in end-user industries like construction, and healthcare
- With the rising demand for the smart actuators and motors in the automotive as well as consumer goods industries is fuel the market growth. According to the American Ceramic Society in 2017, the North America have sold smart phone of value more than USD 80 billion. Hence these will lead to create a major growing opportunities of the market growth in the region.
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia-Pacific is projected grow at the fastest growth rate, with the rising demand from end-use industries in countries such as China and Japan
- In 2015, the China has entered into a collaboration with the UK to persuade industrial production of smart materials, suitable for use in automotive, building & construction industries, aerospace & defense, and healthcare.
Global Smart Materials Market: Key Players
Some of the key players operating in the CeramTec, Channel Technologies Group, CTS Corporation. KYOCERA Corporation, L3Harris Technologies, Inc., Parker Hannifin Corp, QorTek, Inc., TDK Corporation, Wright Medical Group N.V and among others.
Global Smart Materials Market: Key Developments
- On May 2017, the CTS Corporation has announced the acquisition of Noliac A/S, a designer and manufacturer of tape cast and bulk piezoelectric components, sensors and transducers.
- On October 2018, the KYOCERA has Unveils World’s First Smart, Portable Carbohydrate Monitoring System was named the Grand Prix Runner-Up in the Smart X category.
- On October 2019, Parker Hannifin Corporation has announced the completed acquisition of LORD Corporation, which is a leading manufacturer of advanced adhesives and coatings, as well as vibration and motion control technologies.
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