The market for Piezoelectric Devices Market is expected to reach USD$ 36.3 Bn in 2027.
The global piezoelectric devices market accounted for US$ 27.5 Bn in 2018 and is anticipated to grow to US$ 36.3 Bn, growing at a CAGR of 3.5% throughout the forecast period from 2019 to 2027.
Increasing investments in research and development of piezo solutions by companies and research universities coupled with increasing application of piezoelectric devices in various end-use industry verticals such as healthcare, automotive, and aerospace & defense, among others, are the major factors driving the growth of piezoelectric devices market. According to a recent report, expenditure on piezoelectric energy harvesting technology is expected to grow to US$ 145 Bn in 2018. The improvement in output and reliability, coupled with the convergence of associated technology developments, is expected to spur market growth. Piezoelectric sensing devices are in huge demand due to their use at ultrahigh temperatures (>600° C), specifically in the aerospace, automotive, and energy industries. These devices offer benefits such as ensuring structural integrity, maintaining safety, and low costs.
Additionally, increasing adoption of piezoelectric devices such as motors and actuators in the healthcare sector for transdermal drug delivery, endoscope & gastroscope devices, biomedical microtools including scissors, tweezers, and drills, among others, to a microbot base using piezo motors are positively influencing the market growth. Furthermore, Piezo motors are also increasingly used in noninvasive surgery tools and microsurgery. Apart from this, governments of various nations are taking initiatives to develop roads generating electricity by using piezoelectricity. For instance, in 2016, California invested approximately US$ 2 Bn to study the effect of embedding piezoelectric crystals on road surfaces.
Based on product, the piezoelectric devices market is classified into sensors (pin type and lead type), actuators (stack actuators, tube actuators, stripe actuators, and shear actuators), motors (stick-slip, stepper, and ultrasonic), generators (Single-layer, and Multilayer), transducers, and others segments. The actuators segment dominated the global piezoelectric devices market. This can be associated with the numerous benefits offered by actuators, including faster response, low power consumption, high reliability, and compact size, among others. Additionally, the increasing application of actuators in various industries, such as automotive and aerospace & defense, among others, are proliferating the market growth.
In contrast, the generators segment is anticipated to grow with the highest CAGR during the forecast period. This is due to technological advancements, including nanoscale, miniaturization, and precision motion. Additionally, piezoelectric generators generate mechanical energy from surrounding environments and convert it into electrical energy.
In 2018, the Asia Pacific region led the global piezoelectric devices market and accounted for a share of more than 30% of revenue generated globally. This can be attributed to rising foreign investment in the region, growing population, increasing manufacturing sector, and support from the government to boost manufacturing activities, among others. However, the major growth is coming from China which accounted for an approximate share of 35% in the region.
In contrast, the Europe region is anticipated to expand at a significant growth rate. Owing to the increasing investments in building energy-generating roads and research & development activities for piezoelectricity. Apart from this, European countries are also deploying a 5G telecommunication system and increasingly adopting piezoelectric devices for use in the automotive and healthcare sectors, among others.
In February 2017, CeramTec GmbH announced the acquisition of U.K. based electro ceramic business from Morgan Advanced Materials. Through this acquisition, the company is expected to penetrate deeper with new markets and application areas and provide customers with a wide array of products.
This study report represents an analysis of each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.Segmentation.
Sensors
Actuators
Motors
Generators
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the piezoelectric devices market better. In addition, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths.
The market for Piezoelectric Devices Market is expected to reach USD$ 36.3 Bn in 2027.
The Piezoelectric Devices Market is expected to see significant CAGR growth over the coming years, at 3.5%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
L3HARRIS TECHNOLOGIES, Inc.,CeramTec GmbH,CTS Corporation,Physik Instrumente (PI) GmbH & Co. Kg.,APC International, LTD.,Piezosystem Jena GmbH,Piezo Technologies. are some of the major players in the global market.