The global piezoelectric smart materials market is expected to grow with a CAGR greater than 3% during the forecast period. One of the major factors driving the market is the increasing demand from the military and aerospace Sector. However, the high cost of smart materials is hindering the growth of the market studied.
- Growing Demand from Construction is another major driver for the market studied
- North America is expected to account for the highest market share rate during the forecast period.
- Among the end-user industries, transportation is likely to account for the highest market share during the forecast period.
Key Market Trends
Aerospace and Defense Industry to Witness the Highest Growth Rate
- In the aerospace sector, piezoelectric smart materials help in guiding the airflow across the wings of an aircraft and maintaining it during take-off and landing.
- Additionally, these materials are also known to resolve common complications with the aircraft, such as engine vibration, high cabin noise levels, ice formation on wings, flow separation due to turbulence, and control surfaces in cold conditions.
- Also, they are also used as smart sensors, smart nano-robotics, smart combat suits, and smart skins in the military and defense sector extensively.
- Hence, owing to the above-mentioned reasons, the aerospace & defense industry is likely to witness the highest growth rate during the forecast period.
North America to Dominate the Market
- North America is has been the leading market for the piezoelectric smart materials market, in terms of revenue, in recent years.
- Piezoelectric materials are a class of smart materials that produce a voltage when subjected to external stimuli is applied. These properties lead to an increase in demand from the construction and aerospace industry.
- Furthermore, rising demand from the office space in the United States is the primary driving factor augmenting the use of piezoelectric smart materials market in the region.
- Additionally, there has been significant growth in the demand for piezoelectric materials in Canada for usage in several end-user industries like construction, healthcare, etc.
- Hence, owing to the above-mentioned reasons, North America is likely to dominate the market during the forecast period.
The global piezoelectric smart materials market is moderately consolidated as the majority of the market share is divided among few players. Some of the key players in the market include Arkema Group, APC International, Ltd., CeramTec GmbH, CTS Corporation, and KYOCERA Corporation, among others.
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