A new report by Allied Market Research projects that the world smart material market is expected to generate revenue of $72.63 billion by 2022, with an estimated CAGR of 14.9 per cent from 2016 to 2022.

In 2015, Asia-Pacific was the highest revenue-generating region, owing to high adoption of products developed by using smart materials in various end-user industries such automotive, manufacturing, construction, and defence along with large number of small players offering smart materials. Furthermore, the region is projected to continue its dominance throughout the forecast period, due to increasing adoption of Internet of things (IoT) applications. North America was the second largest market, in terms of revenue generation, followed by Europe. In 2015, the actuator and motor segment dominated the market with around 44 per cent share, owing to high performance, innovation, and continuous improvements in variety of industrial applications. In terms of growth, the sensor segment is projected to expand at the highest CAGR of around 18 per cent during the forecast period. This is attributed to widening applications of connected devices equipped with smart sensors by end users.