The global smart surfaces market features a landscape characterized by the constant flux of new entrants over the past several years, finds Transparency Market Research (TMR). This makes the market to witness increasing degree of competition over the years. Fast-paced commercialization of smart surfaces technologies renders the market increasingly promising. Several players in the smart surfaces market are looking to gain a strong foothold in various regions or at the worldwide level by capitalizing on these opportunities.
TMR observes that numerous players in recent years have committed sizeable funds in research and development activities to accelerate the commercialization of smart surfaces technology at large scale. Despite the vast potential of smart surfaces technology, there still remains substantial unmet need in numerous end-use industries.
The global smart surfaces market is projected to rise at a whopping CAGR of 66.4% during 2015–2021. By the end of this forecast period, the global market is anticipated to touch a worth of US$20.65 billion.
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On the regional front, North America presently holds substantial share in the global smart surfaces market. However, by the end of 2021, the region is likely to be superseded by Asia Pacific. This regional market is expected to contribute a share of 35.3% in revenues by 2021 end. The growth is fueled by burgeoning demand in numerous end-use sectors across the region.
Among the various applications, the transportation sector is expected to contribute the major revenue share of 35.3% in the global smart surfaces market by 2021 end. However, over the years, the segment is likely to lose some share to the healthcare industry, increasingly on the account of vast prospects of smart surface technology in the latter.
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The growth in the smart surfaces industry increasingly hinges on the enormous, promising prospects of the application of the technologies in the end-use industries. The popularity of technologies is on account of the wide variety of interaction properties smart surfaces possess. The incorporation of smart surfaces technology in various consumer markets has created a new paradigm of human interaction and communication with the devices. The trend is recently noticeable in the automotive industry and healthcare industry.
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Lack of Standardization may be Key Hurdle
For the sake of pragmatics and stable return on investments, smart surfaces technology developers focus on only few number of application areas. As a result, there is a lack of standardization, which hampers the revenue generating potential in the smart surfaces market.
Nevertheless, burgeoning demand for smart surfaces technology for a wide range of use in the automotive and construction industries. In particular, incorporating smart surfaces technology has enabled manufacturers to develop smart and stylish vehicle technology, creating new, exciting avenues in the smart surfaces market. Furthermore, emerging demand in diverse application areas in regions such as Asia Pacific will also offer new, substantial streams of revenue to manufacturers of smart surfaces.