Market Trends of Piezoelectric Smart Materials Industry
This section covers the major market trends shaping the Piezoelectric Smart Materials Market according to our research experts:
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 2022-2041, more than 41,170 new airplane deliveries are required globally. Single-aisle airplanes are likely to command the largest share of new deliveries (with more than 72% share), with the need for more than 30,880 airplanes, arising through the next 20 years. The demand for widebody airplanes is expected to be 7,230 while the demand for freighters is expected to be 940 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.
- 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.
- Hence, with such robust growth of the aerospace industry across the world, the demand in the piezoelectric smart materials market is also expected to increase during the forecast period.
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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.
- According to the American Institute of Architects, overall nonresidential building construction in the United States is expected to grow to 3.1% in 2022. The construction of hotels is expected to rise by 8.8% in 2022 and of office spaces by 0.1%. The subsequent increase is expected to enhance the growth of the crude steel market during the forecast period.
- Moreover, in the United States, according to the Federal Aviation Administration (FAA), the number of aircraft in the country's commercial fleet accounted for 5,882 in 2020, witnessing a decline rate of 22.9% compared to the previous year. Moreover, the commercial fleet is forecast to increase to 8,756 in 2041, with an average annual growth rate of 2% per year. This is expected to increase the market demand from multiple applications in the aerospace industry.
- 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.
- In the healthcare industry, the medical device sector is a highly diversified and export-oriented industry that manufactures equipment and supplies. 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.
- According to the US Department of Agriculture, Mexico represents one of the largest consumer markets in the world for US agricultural products. The country's agricultural imports in 2020 were valued at around USD 28.1 billion. The United States is Mexico's most prominent agricultural trading partner, purchasing 82% of Mexican exports and supplying 69% of the country's imports.
- Hence, owing to the above-mentioned reasons, North America is likely to dominate the market during the forecast period.
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