Smart Materials Market is expected to garner $72.63 billion by 2022, registering a CAGR of 14.9% during the forecast period 2016-2022. Smart materials are adaptive or intelligent materials which pose intrinsic and extrinsic capabilities.
Smart materials are used in applications, such as transducers, actuators & motors, and structural materials. The market for smart materials is driven by the rise in adoption of smart materials products among various end-user industries, such as defense & aerospace, automotive, and consumer electronics; supportive government initiatives & plans; and increase in R&D investment by prominent players to optimize the cost and quality of smart materials.
There is a high demand for smart materials on account of potential growth in emerging economies as well as evolution in Internet of Things (IoTs).
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The value chain of smart materials observes the presence of large number of stakeholders from the raw material providers to final end users.
Each of these stakeholders share a specific value at their point of operation, and in turn, contribute to the competitive value of the product. R&D activities, innovations, and marketing strategies further enhance the value associated with end-deliverables by each player, who operate in the global smart materials industry.
Increase in demand for enhanced smart materials and products from various industries, such as construction, manufacturing, and automotive are anticipated to encourage key players operating in the smart materials market to invest considerable amount on research and development to introduce efficient products and stay ahead in the competition.
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Actuators have the potential to enhance vehicle performance and fuel economy to ensure convenience and comfort. In actuation technologies, shape memory alloys are used for tight-integration and small-scale applications, such as in small-displacement tensile motors.
Nowadays, actuators have become an inseparable part of robotics where pedal motors, manipulator joint motors, deployment motors, drive/steering motors, and sampling tool motors are used. Key players are inclined to enhance, design, and develop process of actuators to make actuator compatible with wide range of applications.
Continuous development in manufacturing processes and adoption of enhanced materials has increased the applications of smart materials across various end-user industries. By 2022, smart materials are projected to further expand their applications and is anticipated to play pivotal role in the smart materials market growth.
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