Piezoelectric Devices Market Size, Share & Growth Analysis

Updated on : October 22, 2024

Piezoelectric Devices Market Size 

[320 Pages Report] The global piezoelectric devices market size is valued at USD 32.7 billion in 2023 and is projected to reach USD 46.0 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028. The increasing adoption of piezoelectric products in the aerospace & defence, healthcare and automotive industry, are among factors that contribute to the growth of the piezoelectric devices Industry .

Piezoelectric Devices Market Forecast to 2028

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Piezoelectric Devices Market Trends & Growth Analysis  : 

Drivers: High adoption of piezoelectric products in aerospace industry

Major players from the aerospace industry are often involved in the manufacturing, selling, and servicing commercial aircraft, space vehicles, and satellites. The industry requires advanced and improved solutions to increase the efficiency, durability, and performance of aircraft, planes, helicopters, submarines, etc. Piezoelectric actuators are used in the active vibration damping technique to check various mechanical structures and parts of modern aircraft to prevent undesirable vibrations, reduce noise levels, lower fuel consumption, and minimize energy waste in aircraft.

Restraint: High costs associated with piezoelectric materials

The templated grain growth (TGG) process enables the fabrication of single crystals and textured ceramics with single crystal-like properties. In TGG, nucleation and growth of the desired crystal on aligned single-crystal template particles result in an increased fraction of oriented material with heating. To facilitate alignment during forming, template particles must be anisometric in shape. To serve as the preferred sites for epitaxy and subsequent oriented growth of the matrix, the template particles need to be single crystal and chemically stable up to the growth temperature.

Opportunity: Rising adoption of piezoelectric devices and polymers in biomedical and surgical applications

Piezoelectric polymers are elastic and lightweight; these are beneficial features for many biomedical devices. Polyvinylidene fluoride (PVDF) and its copolymers are the most investigated materials due to their high piezoelectricity, significant chemical resistance, thermal stability, good processability, and mechanical properties. PVDF is the most widely used piezopolymer for tissue engineering applications—a piezoelectric scaffold made from PVDF can provide the necessary stimulation for regenerating damaged bone or cartilage and promoting neuron growth and wound healing.

Challenge: Developing alternative materials to PZT ceramic materials having similar properties

PZT is the prime piezoelectric ceramic used in developing piezoelectric products. A level of toxicity threatens the position of PZT as the leading piezoelectric ceramic and has sparked urgent global efforts to identify environmentally benign substitutes. A fundamental issue with the recognition of lead toxicity is the need to find surrogate materials in the myriad of products in which PZT plays a major functional role. In recent years, engineers at the University of Leeds have been investigating potassium sodium bismuth titanate (KNBT) as a lead-free ceramic piezoelectric material that might substitute for Pb-containing materials, such as lead zirconium titanate (PZT). KNBT shows many of the necessary electrical and chemical properties of an adequate replacement for PZT. Further, the university claimed that it is lightweight and usable at room temperature.

Piezoelectric Devices Market Map:

Piezoelectric Devices Market Segmentation

The market for piezoelectric motor segment to grow at the significant CAGR during the forecast period.

A piezoelectric motor is a device that generates motion when a piezoelectric material changes its shape due to an electric field. A piezoelectric motor operates on the reverse piezoelectric effect, where electric power is continuously converted into mechanical energy with the rotation of the rotor. In piezoelectric motors, the piezoelectric ceramic element receives an electrical signal and then applies directional force to an opposing ceramic plate, resulting in the movement of the rotor in the desired direction. Piezoelectric motors account for a significant market share.

Piezoelectric composite expected to hold the second highest CAGR of the piezoelectric devices market during forecast period

Piezoelectric composites are expected to exhibit significant growth during the forecast period. The composite piezoelectric materials offer various advantages, such as high coupling factor, low acoustic impedance, strong water or human tissue matching, mechanical stability, and wide bandwidth. Hence, they are widely used in many industries, such as healthcare, aerospace & defense, electronics, and automotive. The rising use of composites as a filler owing to their excellent electro-acoustic efficiency and high bandwidth is expected to have a crucial impact on the market.

Industrial and manufacturing application segmentto hold second largest share of the piezoelectric devices market during forecast period

In 2022, piezoelectric transducers held the largest market share for industrial and manufacturing applications. Piezoelectric transducers are used for accurate and repeated pressure measurements in high-temperature applications such as steel production, injection molding, die casting, and chemical production. Also, they offer high sensitivity, enhanced sound pressure levels (SPLs), and stable electrical and mechanical characteristics. Piezoelectric transducers are primarily used for engine optimization, emission control, and safety enhancement in the automotive industry.

Piezoelectric Devices Market Regional Analysis

Piezoelectric devices market in Asia Pacific estimated to grow at the fastest rate during the forecast period

The piezoelectric devices market size in Asia Pacific has been studied for China, Japan, South Korea, and Rest of Asia Pacific Asia Pacific is the fastest-growing piezoelectric devices market owing to the ongoing technological innovations and expanding industrial and manufacturing sector in emerging countries in the region. The growth of the piezoelectric devices market share in Asia Pacific is attributed to the active participation of governments in energy harvesting projects, rapid urbanization and industrialization, increased GDP of emerging markets such as China, South Korea, and political support to expand the manufacturing sector in developing countries in the region.

Piezoelectric Devices Market Size by Region

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Top Piezoelectric Devices Companies: Key Market Players

Major vendors in the piezoelectric devices companies include

• CeramTec GmbH (Germany);
• CTS Corporation (US);
• Kistler Group (Switzerland);
• Physik Instrumente (PI) GmbH & Co. KG. (Germany);
• piezosystem jena GmbH (Germany);
• Piezo Technologies (US);
• Aerotech Inc. (US);
• APC International, Ltd., (US);
• Mad City Labs, Inc. (US).

Piezoelectric Devices Market  Report Scope :

Piezoelectric Devices Market Highlights

This research report categorizes the piezoelectric devices market based on product, material, application, element, operation mode and region

Recent Developments in Piezoelectric Devices Industry :

• In May 2022, AlN HP is a new high-performance substrate by CeramTec. AlN stands for aluminum nitride, a material with excellent thermal conductivity ideal for use in power converters in rail vehicle construction or alternative energy applications. HP means high performance and expresses the material’s superior flexural strength of 450 MPa (megapascals)
• In March 2022, CTS Corporation acquired TEWA Temperature Sensors SP. and its subsidiaries for an enterprise value of USD 24.5 million. TEWA Temperature Sensors SP is a reputable designer and manufacturer of high-quality temperature sensors. The company’s reputation for highly stable and reliable ceramic technology has accelerated its growth. The company’s portfolio complements CTS’ temperature sensing platform and will enable CTS to expand its presence in Europe.

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