The Piezoelectric Devices market is expected to grow from US$ 30.35 billion in 2022 to US$ 57.03 billion by 2030; it is estimated to grow at a CAGR of 7.2% from 2022 to 2030.
Analyst Perspective:
Increasing consumption of piezoelectric devices in consumer electronics is driving the global piezoelectric devices market. The rise in Automation, technological developments, and the need for energy-efficient & compact solutions in various industries are propelling demand for piezoelectric devices. New applications, such as blood pressure monitoring, robotic operating tools, and energy harvesting, are fueling demand for piezoelectric devices. Furthermore, the unique properties of piezoelectric devices, such as fast response, high sensitivity, low power consumption, and compact size, make them valuable in several industries ranging from healthcare to consumer electronics. Technological advancements in piezoelectric devices offer lucrative opportunities to piezoelectric devices market players. Manufacturers are focusing on advancing material science, nanotechnology, and manufacturing techniques to develop more efficient, compact, and cost-effective piezoelectric devices.
Furthermore, technical advancements such as the development of smaller nanogenerators are expected to lead the industry even further. Piezoelectric nanogenerators are developed in portable consumer electronics such as smartwatches, smartphones, tablets, and laptops to meet the device's energy and gather vibration energy needs. Similarly, piezoelectric actuators are engaged in the healthcare industry for stability and accuracy in microscopes for diagnostic purposes, propelling the piezoelectric devices market growth.
Additionally, piezoelectric devices are pieces of equipment that use the piezoelectric effect to monitor pressure, temperature, acceleration, and force by transforming the mechanical energy into an electrical pulse in the environment. Generators, actuators, sensors, and transducers are some of the most typical devices. When mechanical vibrations or stress are applied to them, piezoceramics such as quartz are manipulated to convert physical force into alternating current. These gadgets, nothing like their conventional equivalents, are not concerned by electromagnetic fields and radiations and may be utilized in harsh environments. As a result, these devices are widely used in a variety of industries, including aerospace and military, automotive, consumer products, healthcare, information technology (IT), telecommunications, and manufacturing.
Piezoelectric Devices Market Overview:
The growth of the piezoelectric devices market is driven by an increase in demand for a wide range of consumer goods, wherein piezoelectric materials are widely used in sensors, powering flame igniters, electric toothbrushes, buzzers, humidifiers, and others. Also, these devices are used by medical professionals to monitor and perform surgical procedures. Also, these are used in ultrasound, stethoscopes, monitoring sleep studies, pulse measurement, and other medical-related applications. These factors are driving the growth of the piezoelectric Devices market.
The governments of both developed and developing economies such as China, the US, India, and others are constantly engaged in increasing their spending to develop high-technology aircraft and fighter jets with modern armor facilities where piezoelectric materials are used as piezoelectric energy harvests used for generating power level from nanowatts to microwatts.
Moreover, piezoelectric are used in motors, transducers, generators, actuators, and other major electrical components of fighter jets and aircraft for monitoring and energy conversion purposes. According to a report by the India Brand Equity Foundation in January 2021, the aerospace sector in India is growing day by day and is anticipated to reach US$ 70 billion by 2030. This trend is anticipated to increase the demand for piezoelectric devices in the growing aerospace sector, thus creating remunerative opportunities for the piezoelectric devices market growth.
Strategic Insights
Piezoelectric Devices Market Driver:
Increasing Automation in end-use industries is driving the piezoelectric devices market.
End-use industries, including automotive, have pushed for Automation in their manufacturing lines. This ambition has increased the demand for devices such as transducers, sensors, motors and actuators to run the production line efficiently. As these devices use properties endowed by piezoelectric materials to measure various quantities such as pressure, acceleration, acoustic intensity, and strain, the demand for such materials is anticipated to expand considerably with the increasing dependence of industries on Automation. Piezoelectric devices are a type of technology that harnesses the piezoelectric effect exhibited by certain materials. This effect refers to the ability of certain materials, such as ceramics and crystals, to create an electric charge when exposed to mechanical stress or pressure. Conversely, when an electric field is applied to these materials, they undergo deformation or mechanical movement. This unique property allows piezoelectric devices to convert mechanical energy into electrical energy or vice versa.
Piezoelectric devices find a wide range of applications across various industries. One of the prominent applications is in sensors and actuators. Piezoelectric sensors are utilized for measuring physical parameters such as pressure, acceleration, force, and strain. They are commonly used in industrial Automation, automotive systems, aerospace, and healthcare. Piezoelectric actuators, on the other hand, are employed for precise positioning, movement, and vibration control. They are utilized in robotics, micro positioning systems, inkjet printers, and optical devices.
The piezoelectric devices market has been experiencing significant growth and is expected to continue its upward path in the coming years. Several factors are contributing to this growth. Firstly, the increasing demand for miniaturized electronic devices, such as smartphones, wearables, and IoT devices, is driving the adoption of piezoelectric components. These devices require compact and efficient components for sensing, actuation, and energy harvesting, which piezoelectric devices can provide. Moreover, the automotive industry is a major driver of the market. The integration of piezoelectric sensors and actuators in automotive systems, such as fuel injection, engine management, and tire pressure monitoring, improves efficiency, performance, and safety. With the ongoing trend towards electric and hybrid vehicles, the demand for piezoelectric devices is expected to increase further.
Segmental Analysis:
Based on Product, the market is segmented into Piezoelectric Actuators, Piezoelectric Sensors, Piezoelectric Generators, Piezoelectric Motors, Piezoelectric Transducers, and Others. The “Piezoelectric Generators” segment dominates the market globally in terms of product segment. Devices called piezoelectric generators use mechanical vibrations or movements to produce electrical energy. When put under pressure or mechanical stress, they use the piezoelectric phenomenon to produce electrical charges. These generators are frequently utilized in energy harvesting applications since they can transform background vibrations or motion into useful electrical power. Due to its potential to power low-power electronic devices and sensors in numerous industries, piezoelectric generators have attracted a lot of attention recently. They have uses in IoT gadgets, wearable tech, wireless sensor networks, and remote monitoring systems.
Based on Application, the piezoelectric devices market is segmented into Aerospace and Defense, Industrial and manufacturing, Automotive, Healthcare, Information and Communication, Consumer Electronics, and Others. The “Aerospace & Defense” segment accounts for the biggest share of the worldwide Market. Due to their capacity to offer precise control, sensing, and actuation capabilities, piezoelectric devices are widely used in aerospace and defense applications. They are used in aerospace applications such as structural health monitoring, vibration management, energy harvesting, and aerospace sensors. Sonar systems, acoustic sensors, and precise positioning systems all use in the defense industry. Piezoelectric devices are in high demand in the aerospace and defense sector because innovative technologies are needed in mission-critical applications that require high performance, dependability, and miniaturization.
Regional Analysis:
The Asia Pacific is anticipated to hold the largest size of the market in the forecast period because the Asia Pacific is the main creator of piezo crystals. The market in APAC contains developing economies such as China and India, which have vast potential for piezoelectric device applications. The key factors that Increase the market growth are the adoption of portable electronic equipment and the evolution in the digitalization and information and communication markets.
The market in Europe is set to grow at a substantial rate. Automotive and industrial manufacturing companies in Instrumente (PI) GmbH & Co. KG., CeramTec GmbH; products for numerous applications ascribed to the presence of a large number of medical devices; the region. Additionally, a number of firms, such as Jena GmbH and Physik piezosystem, offer piezoelectric-effect-based. The piezoelectric devices market growth is also inclined by the rising need for high-precision micro-positioning equipment, the technical improvements in piezoelectric composites and polymers, and the surge in the count of innovations in the high-speed communications sector. PZT ceramics are used in acoustic sensors for military & marine applications, such as hydrophones, sonobuoys, variable-depth and hull-mounted sonars, and towed arrays.
Key Player Analysis:
The prominent market players in the industry are Aerotech Inc., CeramTec GmbH (B Partners), L3harris Technologies Inc., APC International Ltd, CTS Corporation (Kistler Holding AG), Kistler Instruments India Pvt. Ltd. Piezomechanik Piezosystem Jena GmbH, Mad City Labs Inc., Physik Instrumente (PI) GmbH & Co. and Dr. Lutz Pickelmann GmbH. This research looks at the market revenue, market shares, business strategies, current trends, and growth rates of the top companies when establishing these firms' player position in the piezoelectric devices market, recent events such as research activities, geographical expansions, acquisitions, new solution/product releases, and technic breakthroughs are taken into account.
Recent Developments:
Inorganic and organic strategies such as acquisitions and mergers are highly adopted by companies in the Market. A few recent key Piezoelectric device market developments are listed below:
- In 2019, ULVAC, Inc. announced the successful launch of PZT piezoelectric thin-film sputtering technology and a high-volume manufacturing (HVM) solution to resolve technical issues that have stalled the development of MEMS devices, which are critical in applications from autonomous driving to next-generation wearable terminals. The company sold production systems incorporating the new technology.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The List of Companies
1. APC International, Ltd.
2. CTS Corporation
3. Harris Corporation
4. Kistler Group
5. Mide Technology Corp
6. Murata Manufacturing Co., Ltd
7. Omega Piezo Technologies
8. Physik Instrumente (PI) GmbH and Co. KG.
9. Piezo Technologies
10. piezosystem jena GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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