The Smart Materials market size is to reach US$110.7 billion by 2027 after growing at a CAGR of 12.8% during 2022-2027. Smart materials have inherent and extrinsic qualities that are adaptable and clever in operation. Technological advancements in material science have enabled the growth of this market for the production of smart materials like photovoltaic-integrated electro chromic devices for smart applications, having specific required purposes that were earlier hard to manufacture using conventional materials like polymers, plastics, metals, glass, and ceramics. Smart materials are more often being utilized as dielectric elastomers in microelectronic component energy supply systems. Smart materials hold some special properties that allow them to get back to their original state after removal of the external stimuli, like electric and magnetic fields, temperature, pressure, mechanical stress, hydrostatic pressure, and others. Piezoelectric materials (PZT), shape memory alloy materials (SMA), electrostrictive materials (PMN), magnetostrictive materials, and phase change materials have gained wide industrial acceptance in recent times. Moreover, ferromagnetic shape memory alloys, conductive polymers, nanotube actuators, and electroactive polymers are a couple of emerging smart materials used within the market, with strong application potential. Increasing use of smart transducers, actuators, sensors, and structural materials, is expected to drive the demand of the smart materials market during the forecast period.