"Increase adoption of smart materials will spur the market revenue growth"
The global piezoelectric devices market accounted for US$ 30.3 Bn in 2021 and is anticipated to grow to US$ 40.11 Bn growing at a CAGR of 3.5% throughout the forecast period from 2023 to 2030.
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 of coupled with convergence of developments of associated technology is expected to spur the market growth. The piezoelectric sensing devices are in huge demand owing to its use at ultrahigh temperatures (>600° C) specifically in aerospace, automotive and energy industries. These devices offers benefits such as ensuring structural integrity, maintaining safety and low costs among others.
Additionally, increasing adoption of piezoelectric devices such as motors and actuators in healthcare sector for transdermal drug delivery, monitoring of 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. 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 has invested approximately US$ 2 Bn to study the effect of embedding piezoelectric crystals on road surfaces.
"Actuators segment to dominate the market during the forecast period."
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. 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, generators segment is anticipated to grow with the highest CAGR during the forecast period. This is due to technological advancements including nanoscaling, miniaturization, and precision motion among others. Additionally, piezoelectric generators generate mechanical energy from its surrounding environments and converts it into electrical energy.
Rising foreign investments to bolster the growth in Asia Pacific region
In 2021, 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 government to boost the manufacturing activities among others. The major growth is coming from China which accounted for an approximate share of 35% in the region.
In contrast, Europe region is anticipated to expand at a significant growth rate. Owing to the increasing investments on building energy generating roads and research & development activities for piezoelectricity. Apart from this the European countries are also deploying 5G telecommunication system, and increasingly adopting the piezoelectric devices for use in automotive, and healthcare sector among others.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Piezoelectric Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product
| |
Material
| |
Application
| |
|
Region Segment (2022-2032; US$ Billion)
|
Key questions answered in this report
