Piezoelectric Devices Market - Forecasts from 2024 to 2029

Piezoelectric Devices Market - Forecasts from 2024 to 2029

The piezoelectric devices market is anticipated to grow at a CAGR of 4.72% over the forecast period to reach US$33.683 billion by 2029, increasing from estimated value of US$26.751 billion in 2024.

Piezoelectric devices can convert an acoustic wave into a radio frequency wave or vice versa. Such devices can measure alterations in temperature, force, acceleration, and pressure by converting them into electronic charges. Due to their rich performance benefits, piezoelectric devices are ideal for speakers, energy harvesters, medical devices, navigation equipment, and speakers and microphones.

The increasing smartphone penetration and utilization of smart medical devices are anticipated to bolster the global market expansion. Moreover, the increasing use in the military and aerospace industries is expected to drive up the market demand for piezoelectric devices. The Asia Pacific region has been reported to have the major market share, due to the increasing advancements in technology and the booming end-user growth such as the electronics industry.

Piezoelectric Devices Market Drivers:

Increasing defence expenditure has propelled the market expansion.

A country’s defence sector is essential for its protection and development. Countries worldwide have reported a significant increase in their defence expenditures after the COVID-19 pandemic. According to the Stockholm International Peace Research Institute’s “SIPRI Yearbook 2023”, the global military expenditures increased by 3.7% in 2022, reaching US$2,240 billion. Governments spend around 6.2% of their budget on the military. The recent Russia-Ukraine war has left other countries on high alert.

Nations fear the war might have a bigger effect if it expanded to other countries. Hence, most countries are expected to increase their expenditures further to strengthen their military and defence capabilities. With the extensive use of piezoelectric devices in manufacturing military aircraft, smart weapon systems, energy harvesting systems, navigation systems in ships and submarines, and more, such advancements in the military and defence sectors are expected to drive up demand for piezoelectric devices.
Developments in energy harvesting technology have stimulated the market growth.

The collecting and storage of ambient energy and its conversion into electrical energy for use when required are achieved through the use of piezoelectric transducers, which facilitate the use of a wide range of input frequencies. Wind generators, solar panels, and other energy harvesters are the most common applications for such transducers.

Likewise, rapid technological innovation in consumer electronics, such as smartwatches and smart wearables, has paved the way for future market expansion, with various universities and research institutes investing in such technology. For instance, engineers from the University of Edinburgh have developed wearable mechanical devices that are self-chargeable and controlled by movement. This technology uses the piezoelectric material and is claimed to be twice as powerful and efficient as existing smartwatch technology. These advancements would be crucial in developing sustainable wearable technology and are expected to increase the demand for energy harvesting technology.

With the increasing prevalence of energy-efficient and renewable technology, the demand for piezoelectric devices is expected to increase. Moreover, with the advancements and growing demand for the electric vehicle market, the piezoelectric device market is expected to rise.

Piezoelectric Devices Market Geographical Outlook

Asia Pacific will hold a considerable share of the market.

Asia Pacific is anticipated to account for a considerable market share attributable to the bolstering growth in major end-users such as manufacturing, automotive, and communication technology. Asia Pacific is considered the manufacturing hub of the world. With the booming consumer demand, the overall scale of manufacturing output has witnessed a significant surge in major APAC nations, namely China, India, Japan, and South Korea.

According to China’s National Bureau of Statistics, in 2023, the country’s equipment manufacturing witnessed 6.8% growth, and value-added industrial output rose to 4.3%. Likewise, according to the February 2024 PIB release, India’s manufacturing sector experienced 11.6% growth in Q3 of 2023.

Furthermore, according to the International Organization of Motor Vehicle Manufacturers, in 2023, Japan’s automotive production witnessed a 14% growth, followed by China with 11.6% and India with 7.6% compared to 2022.

Piezoelectric Devices Market Restraints:

Complexity in product design will pose a challenge for the market growth.

The growing utility of piezoelectric devices is propelling its market demand. However, the growing trend of manufacturing smaller devices to meet the consumer’s demand for miniaturized devices has created a challenge for the piezoelectric device manufacturers. A significant amount of time and effort is dedicated to designing devices that consume less power while offering high functionality. These devices are used in various applications such as audio/mobile devices, non-invasive medical equipment, speakers, and sonar devices.
Raw material availability will restrain the market expansion.

The usefulness of a device design depends on selecting the proper materials and developing a suitable crystal form. Material composition is important because piezoelectric devices have many performance-related characteristics linked to varied materials such as crystals, ceramics, and polymers. The lack of proper integration compromises the functionality of the entire device.

Piezoelectric Devices Market Key Developments
April 2024: IMI Sensors launched “Model 674A91”, a programmable accelerator based on piezoelectric technology. It is designed to be used to provide precise regarding the machine’s operability. The product is ideal for industrial control and monitoring applications.
November 2023: The Hong Kong University of Science and Technology developed a micro printer that can print piezoelectric films for use in wearable or implantable medical devices and microelectromechanical systems.
May 2023: The Defense Research and Development Organization formed a partnership with the Indian Institute of Technology Madras to develop a piezoelectric MEMS technology for naval sensors and devices for underwater communication.

The Piezoelectric Devices market is segmented and analyzed as follows:

By Product
Actuators
Transducers
Sensors
Motors
Generators
Others
By Material
Ceramics
Crystals
Composites
Polymer
By End-User Industry
Manufacturing
Healthcare
Consumer Electronics
Communication and Technology
Automotive
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
South Africa
Others
Asia Pacific
China
Japan
South Korea
India
Others