The increasing use of piezoelectric materials in nanotechnology and prominent opportunities for piezoelectric motors and actuators in healthcare and automotive activities are creating opportunities in this market
Several industrial organizations have boosted their investment in automation technologies in order to cut operating costs during production. One of the key variables projected to favorably affect the growth rate during the projection period is the increasing relevance of automated manufacturing processes with higher efficiency and decreased production time. The global piezoelectric devices market has expanded fast in recent years and is predicted to increase by 36 USD billion at a CAGR of 5% during the forecast period.
As piezoelectric materials have a high degree of stiffness when subjected to mechanical stress and the capacity to alter the shape, they are now widely employed in the manufacture of a variety of electronic devices such as actuators, transducers, sensors, SONAR, generators, and motors. This is another aspect that will boost market expansion in the near future.
Furthermore, increased demand for solar cells in developed nations such as the United States and Germany as a result of governmental support for Feed-in-Tariff (FiT) is likely to boost demand throughout the projection period. Conversely, rising demand for replacements such as dielectric and intrinsically conductive polymers in actuator manufacture is likely to slow development.
When a dimensional change is placed on a dielectric, a voltage is produced, which is known as the direct effect. In addition, applying an electric field to a dielectric causes dimensional change, which is referred to as the inverse effect. The materials that display this feature are known as piezoelectric materials. Growing technological expansions in piezoelectric materials, developing applications of piezoelectric devices, significant R&D investments for innovative solutions, increased funding from governments; rising demand in the automotive sector, emerging energy collection techniques, and the growing popularity of miniaturization technology are the major driving factors of the piezoelectric devices industry.
On the other hand, the high cost of piezoelectric materials is hindering the expansion of the piezoelectric device sector. The global piezoelectric devices market has significant challenges due to rapid technological advancements and stringent regulatory requirements.
The study by Adroit Market Research covers the years 2018 to 2028 and covers a wide variety of market developments. This study report also contains vital information on growth drivers, obstacles, and opportunities. From 2018 to 2020, the market is predicted to grow, with 2020 acting as the base year and forecast years extending from 2021 to 2028. This analysis helps report users evaluate the Piezoelectric Devices market based on factors such as manufacturing rights and patents, economies of scale, switching costs, capital investments, the impact of advertisements, existing distribution channels, government regulations, and consumer preferences.
This condensed data is meant to assist crucial decision-makers in making better judgments. This study also looks at whether new entrants into the Piezoelectric Devices industry should be permitted. Aerotech Inc., CeramTec GmbH (BC Partners), APC International Ltd, Piezomechanik Piezosystem Jena GmbH, CTS Corporation, (Kistler Holding AG), L3harris Technologies Inc., Kistler Instruments India Pvt. Ltd. Physik Instrumente (PI) GmbH & Co. Mad City Labs Inc., and Dr. Lutz Pickelmann GmbH are the key service providers in the global Piezoelectric Devices market.
On considering the product type, in the year 2020, the piezoelectric actuators category generated the most income. Similarly, it is expected to expand at the same rate during the predicted period. This market is expanding due to the increased usage of piezoelectric actuators in a wide variety of industries.
On considering the application, the piezoelectric devices market's healthcare sector is predicted to grow at the quickest CAGR during the prediction period. Piezoelectric technology is used in ultrasonic medical devices such as dental scalars, ultrasound scanners, and ultrasonic surgical tools. Miniature piezoelectric pumps and actuators are widely used in medical pumping and dosing, as well as lab equipment, due to their constant, precise, and trustworthy fluid dispensing control.
In terms of geographical regions, the Asia Pacific had the greatest piezoelectric device market share in 2020. Throughout the projection period, the region is expected to lead the market. Throughout the region, significant manufacturers of piezoelectric ceramics, crystals, and other piezoelectric items may be found. Japan and China are top players in this industry, accounting for the maximum share of the Asia Pacific piezoelectric devices industry.
Key Segments of the Global Piezoelectric Devices Market
Product Type Overview, 2018-2028 (USD Billion)
- Piezoelectric Sensors
- Strip Actuators
- Piezoelectric Actuators
- Shear Actuators
- Tube Actuators
- Piezoelectric Generators
- Piezoelectric Motors
- Stack Actuators
- Piezoelectric Transducers
Application Overview, 2018-2028 (USD Billion)
- Aerospace and Defense
- Diagnostic Equipment
- Imaging Devices
- Surgical Tools
- Consumer Electronics
- Information and Communication
Element Overview, 2018-2028 (USD Billion)
- Piezoelectric Discs
- Piezoelectric Plates
- Piezoelectric Rings
Operation Mode Overview, 2018-2028 (USD Billion)
- Converse Piezoelectric Effect
- Direct Piezoelectric Effect
Regional Overview, 2018-2028 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
The Middle East and Africa