The latest market report published by Credence Research, Inc. “Piezoelectric Devices Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Piezoelectric Devices market was valued at US$ 27.5 Bn in 2018 and expected to reach US$ 36.3 Bn by 2027 at a CAGR of 3.5% throughout the forecast period from 2019 to 2027.
“Increasing advancements in nanotechnology will spur revenue growth during the forecast period”
Demand of piezoelectric devices continues to rise on the back of advancement made in piezoelectric materials which enables a huge number of technologies for a wide range of industrial and customer products. The recent advancement in nanotechnology towards piezoelectric material coupled with booming global energy harvesting industry and application of piezoelectricity in it are factors further supporting the piezoelectric devices market growth. Piezoelectric devices finds application in various industry verticals including healthcare, automotive, and aerospace & defense among others. For instance, in automotive, piezoelectric devices are used in two ways direct application and indirect application. In direct application actuators, injectors, sensor controlling and adjusting and sensing wide range of systems are used and in indirect application machines and robots used to design, manufacture and test vehicles are equipped with piezoelectric materials.
Additionally, ceramics and crystals are heavily used piezoelectric material globally owing to the properties possessed by these materials. These ceramics are most widely used in the biomedical field for imaging, artificial skin and artificial pacemaker among others. Apart from this, aerospace and defense industry is one of the most prominent users of piezoelectric materials and devices. The demand of materials containing advanced functional properties are gaining importance in the defense industry. However, compulsion on adopting lead free piezoelectric material and rapid technological changes may hinder the growth of the market.
• In August 2019, CTS Corporation announced the launch of its five new quartz crystal models 412W, 416W, 420W, 425W, and 403W designed to enhance IoT applications.
Key Market Movements
• Globally, the piezoelectric devices market is expanding at a CAGR of 3.5% in terms of revenue for the period of 2019 to 2027. In 2018, the market accounted for US$ 27.5 Bn and is expected to reach US$ 36.3 Bn by 2027.
• Based on materials, the market is classified into crystal, ceramic, polymers and composites. Ceramic segment leads the market in terms of revenue and is anticipated to dominate throughout the forecast period. This can be attributed with the increasing application of ceramics in various end-use industries due to the benefits offered such as high output, faster response time, frequency and sensitivity among others.
• Polymers segment is anticipated to grow with the fastest rate owing to its properties such as fast processing, low cost of fabrication, and lightweight among others.
• Asia Pacific region dominated the global piezoelectric devices market in revenue terms. This can be attributed to increasing manufacturing sector in the developing economies of China, and India among others, rising foreign investments in the region among others.
List of Companies Covered:
• L3HARRIS TECHNOLOGIES, Inc.
• CeramTec GmbH
• CTS Corporation
• Physik Instrumente (PI) GmbH & Co. Kg.
• APC International, LTD.
• Piezosystem Jena GmbH
• Piezo Technologies
• Kistler Group
• Aerotech Inc.
• Mad City Labs, Inc.
Browse the full report at https://www.credenceresearch.com/report/piezoelectric-devices-market
The Global Piezoelectric Devices Market is Segmented into:
|Segmentation||By Product Segment (2017–2027; US$ Bn)|
|By Material Segment (2017–2027; US$ Bn)|
|By Application Segment (2017-2027; US Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page