Piezoelectric Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Piezoelectric Devices Market
The piezoelectric devices market size was valued at USD 29.10 billion in 2022, and the market is now projected to grow from USD 30.61 billion in 2023 to USD 50.32 billion by 2030, exhibiting a CAGR of 7.4% during the forecast period of 2023-2030.
The disruptions occasioned by the COVID-19 pandemic have affected the piezoelectric instrument market, through disruptions in the supply chain that hampered the manufacturing and delivery of essential parts. Various economic factors impacted and directly resulting to constraint in the research and development spending on piezoelectric technology. Furthermore, cash was redirected to develop equipment relevant to the ongoing pandemic, away from piezoelectric devices. The postponement of non-urgent items and entity surgical procedures also reduced piezoelectric’s urgent usage across multiple applications.
Piezoelectric components which are used more in the aerospace and defense industry are contributing much to piezoelectric instruments market growth. The characteristics of operation of piezoelectric materials make them ideal for use in numerous sensitive operations in the aerospace industry. Piezoelectric sensors and actuators yield a high degree of sensitivity for various parameters such as pressure, vibration, and temperature and are used in safety and operation of aircrafts. At the same time, these sensors are implemented in structural Health Monitoring systems for the possible defects detection, thereby increasing maintainability and safety.
This development of concern for improving the machine’s efficiency and protecting the workers is fueling the overall market growth across all the leading sectors such as construction, manufacturing, agriculture, and mining. Modern control systems are appreciated by their capacity to enhance the efficiency and effectiveness of costs and resources that can be achieved with the help of controls and operative feedback. Similarly, growing concern over potential workplace risks and dynamism of labor laws have shifted the attention toward the safety of employees as the devices allow for operations to be performed at a distance with minimal human intervention in potentially risky areas. The integration of piezoelectric devices not only improves production efficiency but also provides safety measures such as collision detection and proximity sensors thus, promoting market growth.
Comprehensive Analysis of Piezoelectric Devices Market
The piezoelectric devices market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by type analysis, by application analysis, and by industry analysis. By type analysis include disc, plate, and ring. By application analysis include sensors, transducers, motors, actuators, and others (energy generators & others). By industry analysis include automotive, healthcare, aerospace & defense, consumer electronics, manufacturing, others (IT & telecom and others).
The Asia Pacific region lead the piezoelectric devices market share by benefitting a market size of USD 14.99 billion in 2022 due to demand for piezoelectric sensors and actuators.
The top players in the markets have a central responsibility in the healthcare industry to be sure of industrial prospectus development and to establish the market norms. These players include, Piezo System Jena, Murata, Morgan Advanced Materials, Mad City Labs, Inc., Poliak A/S, CTS Corporation, Piezomechanik Dr. Lutz Pickelmann GmbH, Physik Instrumente, CeramTec, APC International, Ltd. these market players provide a level-playing competitive landscape.
In April 2023, a research group at KAIST, led by Professor Keon Jae Lee, developed a highly sensitive wearable blood pressure sensor utilizing piezoelectric technology, in collaboration with the Catholic University of Korea's College of Medicine.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 7.4% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Type
Disc
Plate
Ring
By Application
Sensors
Transducers
Motors
Actuators
Others (Energy Generators and Others)
By Industry
Automotive
Healthcare
Aerospace & Defense
Consumer Electronics
Manufacturing
Others (IT & Telecom and Others)
By Region
North America (By Type, Application, Industry and Country)
U.S. (By Industry)
Canada (By Industry)
Mexico (By Industry)
Europe (By Type, Application, Industry and Country)
Germany (By Industry)
U.K. (By Industry)
France (By Industry)
Italy (By Industry)
Spain (By Industry)
Rest of Europe
Asia Pacific (By Type, Application, Industry and Country)
China (By Industry)
India (By Industry)
Japan (By Industry)
South Korea (By Industry)
Rest of Asia Pacific
Middle East & Africa (By Type, Application, Industry and Country)
GCC (By Industry)
South Africa (By Industry)
Rest of the Middle East & Africa
South America (By Type, Application, Industry and Country)
Brazil (By Industry)
Argentina (By Industry)
Rest of South America
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