In the interminable arc of technological progression achieved by humans since the dawn of time, a dramatic innovation has now emerged that is close to
shutting the gap between physical objects and technology: smart materials.
Browse the full Global Smart Materials Market Report
The capabilities of smart materials are exceptional. Smart materials are making it easier than ever before to connect, communicate, and automate our lives.
Imagine being able to choose walls that change their color depending on the temperature, windows that turn opaque, and pianos that can be rolled back into
the wall, on their own. Some of the applications of smart materials may have been the realm of science fiction till not that long ago, but are now
slowly but steadily entering the mainstream global technological scenario.
Smart materials, simply put, are materials that exhibit smart behavior. A smart material can perceive a stimulus in its surroundings and produce a reaction
in a useful, dependable, duplicable, and usually reversible fashion.
The external stimulus bringing about a change in the property of the materials may be a change in temperature, stress such as pressing or bending, light
intensity alteration, contact with moisture, electric potential difference, pH of a chemical solution, or strong magnetic field. The induced change in the
physical or chemical properties of smart materials could be in the form of shape, luminescence, color, conductivity, and mechanical displacement.
A Transparency Market Research study finds that the global smart materials market is set to be worth US$63.28 billion by 2020, increasing from US$27.74
billion in 2013 at a CAGR of 12.5% between 2014 and 2020.
Browse the full Press Release of Smart Materials Market
The market study touches upon the factors that hold significant promise for the growth of the global smart materials market:
· Extensive end-use applications such as structural materials, sensors, transducers, and actuators and motors, and upcoming applications like smart
packaging, sports and leisure, and energy harvesting devices is helping the strong growth rate of the smart materials market.
· The actuators and motors segment dominated the smart materials market and will continue to do so in the near future.
· Thriving bionic and artificial organ sector in the healthcare industry is expected to boost demand for smart materials.
· Beneficial features of piezo-electric devices, such as energy efficiency, high accuracy, high torque, and high responsiveness will enhance the
application of the same in medical devices, information technology and robotics, automotive, information and communication, and consumer goods.
· Due to the dynamism of the smart materials market and its close interrelations with the material science industry, top players operating in the smart
materials market usually also have a presence in other markets, adding to the value and potential of the smart materials market.
· Economic development and overall technological advancement in North America is set to account for major demand for smart materials.
Further R&D is required for the smart materials to truly gain mainstream status, like any other groundbreaking technological innovation. However,
growth prospects for the market are promising and the market is set to develop along a steady growth trajectory in the coming years.