Albany, NY, June 19, 2015 --(PR.com
)-- The unprecedented growth in the adoption of piezo-electric devices will help the global smart materials to chart a 12.5% CAGR from 2014 through 2020. These are the findings of a new study which is now available on Market Research Reports Search Engine (MRRSE). The report has been published by MRRSE, and is titled, "Smart Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."
The report finds that the global smart materials market approximated US$ 27.74 billion in 2013, and will expand substantially to touch US$ 63.28 billion by the end of 2020.
Besides the burgeoning uptake of piezo-electric devices, there are other market drivers at play, according to the findings of the report. For instance, the stellar growth of the artificial organ industry and the increasing interest in bionics will augur well for the smart materials market.
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But the market still faces a major impediment to growth: Companies still haven’t been entirely successful in taking R&D success from the laboratory to the commercial arena. This will prove to be a major drawback for the global smart materials market. Despite this, there will be no dearth of remunerative opportunities for growth within the market. The increasing variety of end-use applications of smart materials, for one, will be the greatest opportunity.
The most dominant product type within the global smart materials market was piezo-electric materials (2013). Moving forward to 2020, this segment will also register the fastest pace of growth, market analysts forecast. The second highest revenue share within the smart materials market came from biomimetic materials in 2013. Moderate growth will likely be registered by the product segment of thermally responsive materials to 2020. The report also studies the market for other smart materials such as smart fluids and hydrogels.
An analysis of the applications of smart materials shows that at 54%, actuators and motors contributed to the highest share of revenues in 2013. This segment is also projected to grow at the fastest pace over forecast period of this report. The transducers application segment ranked second in terms of market share in 2013, but its future prospects don’t seem particularly exciting, the report notes.
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Geographically, it was North America that generated the highest revenues for the smart materials market in 2013, with a 38% share. Europe and Asia Pacific trailed behind North America in the same year, but the Asia Pacific market will soon gather momentum and surpass the growth rate of the market leader.
The global smart materials market is composed of a number of smaller, emerging markets. This appreciably influences the competitive dynamics too. Some companies that have gained a firm footing in the global smart materials market are: Advanced Cerametrics, Inc., LORD Corporation, APC International, Ltd., CeramTec GmbH, Kyocera Corporation, Wright Medical Group, Inc., Noliac A/S, and TDK Corporation.
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