Shape memory alloys market to grow 75% over 5 years due to defense industry: reportNews
July 06, 2022
LONDON, United Kingdom. Boosted by the aerospace and defense industry, the shape memory alloys market is expected to grow from $10.35 billion in 2021 to $18.16 billion by 2026 — an increase of 75% overall and a compound annual growth rate (CAGR) of 11.9%, according to a new report.
The shape memory alloys market consists of materials used in various fields due to their elasticity, allowing them to "remember" their original shape after encountering a deforming force. The aerospace and defense industry has been heavily involved in developing shape memory alloy technology for space systems, aircraft, and defense capabilities, and will be a major driving force in the expected growth in this market in the next few years, states the report from the Business Research Company.
Shape memory alloys are used in systems such as temperature sensors, electronics systems, actuators, and clamping fixtures.