[Research Report] 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.

REGIONAL FRAMEWORK

Piezoelectric Device Market Report Analysis

MARKET PLAYERS

Piezoelectric Device Market Report Scope

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