DUBLIN–(BUSINESS WIRE)–The “Piezoelectric Smart Materials Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Piezoelectric Smart Material Market is projected to register a CAGR of more than 3% during the forecast period (2021-2026).
- APC International, Ltd.
- Arkema Group
- CeramTec GmbH
- CTS Corporation
- KYOCERA Corporation
- TDK Corporation
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.
- According to the Boeing Commercial Market Outlook 2020-2039, more than 43,110 new airplane deliveries are required globally. Single-aisle airplanes are likely to command the largest share of new deliveries (with more than 70% share), with the need for more than 32,270 airplanes, arising through the next 20 years. The demand for widebody airplanes is expected to be 7,480, while the demand for freighter is expected to 930 over the next 20 years.
- The airline operators are expected to replace older jets with more fuel-efficient models and expand their fleets to accommodate the steady rise in air travel across emerging and established markets.
- Over the last decade, growth in passenger air travel averaged 6.5% per year, well above the long-term average of 5%. In this business environment, many of the world’s airlines grew their fleets through deliveries of new airplanes and often delayed airplane retirements to accommodate passenger demand. The increasing number of aircraft deliverables is expected to increase the manufacturing activities in the sector, which in-turn will enhance the demand of advanced materials in order to reduce the vibrations and noises, thus stimulating the consumption piezoelectric smart materials globally.
- In addition, these materials are also used as smart sensors, smart nanorobotics, smart combat suits, and smart skins in the military and defense sector extensively.
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.
- The commercial construction sector was expected to increase by 0.9% in 2020 and 1.5% in 2021, according to a survey conducted by the American Institute of Architects. Construction activities in the healthcare sector are expected to register a growth rate of 3.5% in 2020 and 3.4% in 2021. The report also indicates the growth of office spaces by 0.5% in 2020 and further by 3% in 2021. Even though the US construction sector took a plunge in 2020, the industry is expected to recover and grow by late 2021. Furthermore, the rising demand for 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.
- The construction industry in Canada was undergoing a high growth over the past decade, with about 50 skyscrapers being built in major cities, including Toronto, Vancouver, and Calgary. However, it has seen a decline in the recent past, with a total value of residential permits decreasing by about 13.1% to reach a total of CAD 4.6 billion (~USD 3.27 billion) revenue in March 2020.
- Similarly, the total value of non-residential permits decreased for the third consecutive month in March 2020, with seven provinces reporting declines in the value of commercial permits issued, resulting in the national total witnessing about 19.7% decline to reach a total of CAD 1.6 billion (~USD 1.14 billion). This is expected to negatively affect the market studied.
- In the healthcare industry, the medical device sector is a highly diversified and export-oriented industry that manufactures equipment and supplies. The country had an estimated ~USD 4.9 billion medical device market in 2019. The sector is driven by product innovation. The industry can draw on world-class innovative research being conducted in Canadian universities, research institutes, and hospitals, some of which have been spun-off into Canadian medical device companies.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increase in Demand from Military and Aerospace Sector
4.1.2 Growing Demand from Construction
4.2.1 High Cost of Smart Materials
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-chain Analysis
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.3 End-user Industry
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growth of Nanotechnology in Smart Materials
7.2 Other Opportunities
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Laura Wood, Senior Press Manager
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