The global market for smart materials is expected to reach $42.2 billion in 2019
Wellesley, Mass. (PRWEB) March 16, 2015
BCC Research (http://www.bccresearch.com) reveals in its new report on smart materials, the global market was valued at $23.6 billion in 2013 and almost $26 billion in 2014. This is anticipated to reach over $42.2 billion in 2019 at a compound annual growth rate (CAGR) of 10.2% between 2014 and 2019. Motors and actuators make up the largest application segment of the market, with sales of nearly $16.8 billion (70.8% of the market) in 2013, increasing to $30.2 billion (nearly 71.6% of the market) by 2019.
Smart materials are a class of materials that respond dynamically to electrical, thermal, chemical, magnetic or other stimuli from the environment. These materials are incorporated in a growing range of products, enabling these products to alter their characteristics or otherwise respond to external stimuli.
The Asia-Pacific region accounted for the largest production of smart materials in 2013, followed by the U.S. and Europe. However, European production is projected to grow somewhat more slowly than the global average (i.e., at a CAGR of 9.9%). The U.S. share of global smart materials production is projected to increase from 28.2% in 2013 to 29% in 2019.
Phase-change materials (PCMs) have an important potential role to play in energy storage, particularly storage of heat produced by parabolic trough solar collectors. Various smart materials (e.g., piezoelectrics and electrostrictive polymers) can be used to “harvest” energy from the vibrations produced by ordinary activities such as walking. Shape memory alloy actuators have also been adapted to opening and closing greenhouse windows.
“Monitoring the structural integrity of bridges, dams, offshore oil-drilling towers and other structures is another application that is attracting attention," says BCC Research analyst Andrew McWilliams. “Embedding sensors made from smart materials within structures to monitor stress and damage can reduce maintenance costs and increase lifespan. They are already used in more than 40 bridges worldwide.”
Smart Materials and Their Applications: Technologies and Global Markets analyzes the principal end-user segment for each type of smart material (including commercial, industrial, medical, research and military) and estimates the current and projected worldwide market for each type of smart material and application through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com.