Piezoelectric Devices Market expected to be worth $34.7 billion by 2025

(IT-NEWSWIRE.COM, February 04, 2020 ) According to the research report "Piezoelectric Devices Market by Material (Piezoelectric Ceramics, Crystals, Polymers), Product (Piezoelectric Actuators, Transducers, Motors), Application (Aerospace & Defense, Industrial, Consumer), and Region - Global Forecast to 2025", is estimated to grow from USD 28.9 billion in 2020 to USD 34.7 billion by 2025; at a CAGR of 3.7%. Rising demand for piezoelectric devices for energy harvesting and for aerospace & defense applications are the factors fueling the growth of this market.

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“Market for piezoelectric generators is expected to grow at highest CAGR during forecast period”

The market for piezoelectric generators is expected to grow at the highest CAGR during the forecast period. The growth is attributed to numerous technological developments such as miniaturization, nanoscaling (e.g., nanogenerators), precision-motion, and vibration energy harvesting being carried out in various applications. Moreover, piezoelectric generators have the ability to 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 cater to their power requirements.

“Piezoelectric ceramics accounted for largest share of piezoelectric devices market in 2019”

Piezoelectric ceramics held the largest size of the piezoelectric devices market, by material, in 2019 and are expected to continue to hold a major market share during the forecast period. They offer fast response time, high output, frequency, sensitivity, and can be used with low-voltage or high-voltage drive circuits and are available in a wide variety of shapes and sizes. Thus, piezoelectric ceramics are being widely used and are commercially accepted piezoelectric materials. Moreover, the manufacturing cost of piezoelectric ceramics is low and these materials can be easily tailored to meet the requirements of specific applications such as medical technologies, mechanical and automotive engineering, and semiconductor technologies.

“Market for healthcare application is expected to grow at highest CAGR during forecast period”

Among applications, the market for the healthcare application is expected to grow at the highest CAGR from 2020 to 2025. Piezoelectric actuators and positioning systems are used for precision and stability in visualization and microscopy for diagnostic applications. Moreover, piezoelectric actuators and sensors are used in air bubble detectors (ABD), therapeutic ultrasound, and transdermal drug delivery. The demand for high-quality piezoelectric elements and materials is expected to increase considerably in line with rising life expectancy. Hence, the market for the healthcare application is expected to grow at the highest CAGR during the forecast period.

“APAC accounted largest share of piezoelectric devices market in 2019”

APAC accounted for the largest share of the piezoelectric devices market and the market in the region is expected to grow at the highest CAGR during the forecast period. The growth of the piezoelectric devices market in this region is attributed to increasing government initiatives, rising foreign investments, growing population, along with the bulk manufacturing facilities of piezoelectric devices, presence of numerous manufacturers and suppliers, low cost of piezoelectric devices, and technological advancements in emerging markets.

L3HARRIS TECHNOLOGIES, INC. (Florida, US), CeramTec GmbH (Plochingen, Germany), CTS CORPORATION (Illinois, US), Physik Instrumente (PI) GmbH & Co. KG. (Karlsruhe, Germany), and APC International, Ltd., (Mackeyville, PA) are the key players in the piezoelectric devices market. These players are increasingly undertaking strategies such as product launches & developments, expansions, partnerships, collaborations, contracts, and mergers & acquisitions to increase their market share.

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Piezoelectric Devices Market expected to be worth $34.7 billion by 2025