The global piezoelectric smart materials market to grow at a CAGR of 13.17% during the period 2017-2021.
Global Piezoelectric Smart Materials Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The latest trend gaining momentum in the market is Increasing introduction of nanotechnology in smart materials The advances in nanotechnology toward piezoelectric materials will bring a new segment for the piezoelectric materials in the global piezoelectric smart materials market. Nanotechnology deals with materials that are tiny or little in size. It generally involves the development of nano-sized materials and systems. There has been a trend in the use of nanotechnology in the organic light-emitting transistor. Smart nanofibers are increasingly being used in light-emitting transistors as well as in advanced organic solar cells.
According to the report, one of the major drivers for this market is Increasing demand from military and aerospace sectors. The spacecraft industry has been a major factor in the growth of the global piezoelectric smart materials market. Materials with advanced functional properties, such as shape memory, electrochromic, and piezoelectricity, are experiencing high demand from the aerospace sector. These materials are used to control the airflow across the wings of aircraft, maintain take-off, flying, and landing in an efficient way with less noise. There are many applications of piezoelectric smart materials in aircraft such as wing morphing and flapping wing technologies. These materials are used to solve problems 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 climatic conditions.
Further, the report states that one of the major factors hindering the growth of this market is Lack of awareness about piezoelectric smart materials. The piezoelectric smart materials are high-performance materials that have many benefits in various applications including automotive, healthcare, construction, and consumer goods. However, the market growth depends on how well their use or applications are known to the population. Some end-users are unaware of these high-performance materials, and some manufacturers do not have a proper strategy to sell the products, resulting in less demand in the market.