Shape Memory Alloys Market Size

Shape Memory Alloys Market size was over USD 16.92 Billion in 2023 and is expected to reach USD 80.99 Billion by the end of 2036, witnessing around 12.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of shape memory alloys is assessed at USD 18.87 Billion. The major element influencing the market growth is a rise in the number of data centers. Currently, about 7,999 data centers are present all across the world. Hence, with this, there has been growing research for deployment of shape memory alloys in data centers. Data centers consume a huge amount of energy and also tends to heat up. Hence, with the deployment of these alloys, the energy efficiency is set to improve data centers, further optimizing airflow.

Additionally, the expanding range of applications for SMAs has worked as an opportunity for improvements in SMA technology. The performance and dependability of SMAs are improved through the development of new alloys and production processes. The fact that these materials are vital for numerous industries also means that this market tends to get more attention and assistance from various governing bodies in the form of advantageous incentives and regulations.