The "United Kingdom Smart Materials Industry Databook 2023" report has been added to ResearchAndMarkets.com's offering.
This comprehensive databook offers detailed insights into the smart materials industry in the United Kingdom, providing data-centric analysis with charts and tables.
Market Growth and Opportunities
Smart materials in the United Kingdom are projected to experience significant growth, with an anticipated annual increase of 7.9% to reach US$1.26 billion in 2023. The medium to long-term growth story remains strong, with smart materials adoption expected to grow steadily over the forecast period, recording a CAGR of 8.3% during 2023-2027, reaching US$1.74 billion by 2027. The smart materials industry is poised for strong growth in the next five years, driven by the need for sustainable and energy-efficient construction. The innovative startup ecosystem in the construction smart materials space is expected to further aid market growth.
Government Funding and Strategic Alliances
To achieve decarbonization targets set by the government, the smart materials space is expected to receive increasing amounts of funding over the next few years. Government-funded programs, such as the collaboration between the University of Birmingham and Aquaspira, are expected to open up new avenues for future products and support the growth of the smart materials industry in the United Kingdom. The private sector is also expected to increase investment in the construction smart materials space, leading to further innovation in the sector.
Innovative Startup Landscape
Amid the growing shift towards sustainable construction practices, many startups have entered the United Kingdom's construction smart materials space, introducing innovative products such as self-healing concrete. Government and private sector funding are expected to support these startups, driving research and development plans and speeding up commercialization efforts.
Market Intelligence Report Highlights
- Market Size and Forecast by Smart Materials Types, End-Use, and Application Areas
- In-Depth Analysis of Smart Material Application Areas across Various End-Use Sectors
- Demand Analysis of Market by Nine Key Smart Materials Types: Shape Memory Alloy, Piezoelectric Materials, Thermo-Responsive Materials, Magnetostrictive Materials, Chromic Materials, pH Sensitive Materials, Magnetorheological Materials, Phase Change Material, and Self-Healing Material
- Comprehensive Data-Centric View of Market Size and Structure, Industry Dynamics, and Smart Materials Opportunities in Various End-Use Sectors
For more information about this report visit https://www.researchandmarkets.com/r/28d19s
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230802565468/en/
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