CHICAGO , Sept. 29, 2022 /PRNewswire/ -- Piezoelectric Devices Market is projected to grow from USD 30.8 billion in 2022 and is projected to reach USD 41.0 billion by 2027; it is expected to grow at a CAGR of 5.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. High adoption of piezoelectric products in aerospace industry, elevated use of piezoelectric energy harvesters, and accelerated demand for piezoelectric devices from automotive manufacturers are among factors that contribute to the growth of the piezoelectric devices market.
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Market for piezoelectric generators is expected to grow at the highest CAGR during the forecast period.
Piezoelectric generators are expected to exhibit the highest CAGR in the piezoelectric devices market during the forecast period. With several technological developments, such as miniaturization, nano-scaling (e.g., nanogenerators), precision motion, and vibration energy harvesting, piezoelectric generators are witnessing high demand. Piezoelectric generators can be designed in different sizes and miniaturized to fit them into micro-electro-mechanical systems (MEMS). Piezoelectric generators are integrated into several portable medical devices that are useful in monitoring sugar and blood pressure levels and several other vital signs, including weight and cholesterol. Piezoelectric generators can harvest mechanical energy from the surrounding environment and convert it into electrical energy. Hence, piezoelectric nanogenerators are used on a large scale in portable consumer electronic devices such as smartwatches, smartphones, laptops, and notebooks to meet the power requirements of these devices. Furthermore, they find applications in wearables such as activity trackers, fashion accessories, clothes, shoes, and wristbands. The increasing demand for these generators in consumer electronics and medical devices is expected to accelerate the growth of the piezoelectric devices market in the near future.
Market for piezoelectric polymers to grow at the highest CAGR during the forecast period.
The polymers segment is projected to hold a major share of the global piezoelectric materials market during the forecast period. It is also expected to record the highest CAGR during the forecast period. Polyvinylidene fluoride (PVDF) and pure thermoplastic fluoropolymers are preferred materials among piezoelectric materials) owing to its low cost, highly non-reactive properties, pressure super-sensitivity, and compliance with government regulations such as hazardous substance restriction for materials mandates under the Reduction of Hazardous Substances (RoHS) directive. PVDF is a specialty plastic material used in aerospace, defense, chemical, and electronics applications. Piezoelectric properties of PVDF are useful in manufacturing tactile sensor arrays. These PVDF active sensors help monitor the structural health, measure vibrations, and generate electricity. In the healthcare sector, piezoelectric polymers are used in creating artificial sensitive skin; in the sports sector, these are used in display panels deployed on sports grounds and tennis courts.
Aerospace and defense application to hold the largest share of the piezoelectric devices market during the forecast period.
The aerospace and defense application held the largest share of the piezoelectric devices market in 2021, and a similar trend is likely to be observed during the forecast period. Piezoelectric actuators are deployed in the aerospace industry for the purpose of active vibration damping in mechanical structures wherein vibrations are not desirable. Vibration damping can be conducted to reduce noise, fuel consumption, and energy waste. Recently, the reduction of sound levels in helicopter structures has gained significance; however, the technology can be applied to other areas, such as planes, wind turbines, motors, machine tools and laboratory tables (especially optical). Mechanical vibration reduction technology can be applied to automotive and aerospace applications, including airplanes, helicopters, automobiles, wind turbines, engines, and machine tools. Furthermore, lightweight piezoelectric motors are used for the toughest positioning application in the aerospace & defense industry. Thus, the rising adoption of various piezoelectric devices by aerospace and defense companies fuels the growth of the piezoelectric devices market.
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Asia Pacific held the largest share of piezoelectric devices market in 2021 and is expected to follow the trend by 2027.
Asia Pacific held the largest market share in 2021 and a similar trend is likely to continue during the forecast period. China and Japan from the Asia Pacific contribute majorly and together account for the largest share of the total piezoelectric devices market share in the region. The growth of the piezoelectric devices market in this region can be attributed to the rising government initiatives for the expansion of manufacturing sector in developing countries and increasing awareness regarding the adoption of energy harvesting systems in order to safeguard natural resources and achieve reduction in excess energy consumption, increasing foreign investments in the industrial and manufacturing sector, growing population, along with major presence of several manufacturing facilities of piezoelectric devices, low cost of piezoelectric devices, coupled with rapid technological advancements in emerging markets.
Key players in the piezoelectric devices market include CeramTec GmbH (Germany ); CTS Corporation (US); Kistler Group (Switzerland ); Physik Instrumente (PI) GmbH & Co. KG. (Germany ); piezosystem jena GmbH (Germany ); Piezo Technologies (US); Noliac A/S (Denmark ); Aerotech Inc. (US); APC International, Ltd., (US); Mad City Labs, Inc. (US) are among the leading companies in the piezoelectric devices market. Apart from these, Kinetic Ceramics (US), Johnson Matthey Piezo Products GmbH (Germany ), PI Ceramic (Germany ), Piezo Solutions (US), DYTRAN INSTRUMENTS INCORPORATED (US), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany ), PiezoMotor (Sweden ), PCB Piezotronics, Inc. (US) are among a few emerging companies in the piezoelectric devices market.
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