Global Smart materials Market to reach USD 104.1 billion by 2025 | CAGR: 13.70%
Global Smart materials Market is valued USD 32.77 billion in 2016 is anticipated to grow USD 104.1 billion with the compounded annual growth of 13.70% over the forecast period 2017-2025.
New York 8 June 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Smart materials industry is poised to raise USD 104.1 billion by 2025. They exhibit responsiveness in a controlled manner to changing environments. They have a molecular structure, which allows them to respond to a wide array of external stimuli, such as electric fields, magnetic fields, pressure, temperature, moisture, and chemicals and rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the demFand.
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Global Smart materials Market Size study, By Product (Piezoelectric, Shape Memory Alloys, Electrostrictive, Magnetostrictive, Electrochromic), By Application (Actuators & motors, transducers, sensors, structural materials) and by Regional Forecasts 2017-2025
The industry is seems to be fairly competitive. Some of the leading market players include Ceram tech, Kyocera corporation, LORD corporation, fine tubes Ltd., TDK corporation, smart material corporation and so on. Other market players discussed in the report include Noliac A/S, APC international Ltd., Piezo kinetics Inc., Harris corporation. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Rising demand for sensors and actuators in consumer electronics, aerospace & defense, and consumer goods have propelled the demand.
- Rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric devices.
- Lack of expertise in designing systems based on smart materials has created growth barriers in the market.
Bizwit Research & Consulting LLP has considered following segments for the study:
- Shape memory alloys
- Actuators & motors
- Structural materials
- North America
- Asia Pacific
- Latin America
- Rest of the World