With 5.9% CAGR, Piezoelectric Devices Market Growth to Surpass USD 41.0 billion

The piezoelectric devices market is projected to grow from USD 30.8 billion in 2022 and is projected to reach USD 41.0 billion by 2027; it is expected to grow at a CAGR of 5.9 % from 2022 to 2027.
Rising adoption of high-performance piezoelectric products in the aerospace industry, increased use of piezoelectric devices for energy harvesting, increasing investments in renewable energy projects are among factors that contribute to the growth of the piezoelectric devices market.

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Micro-electro-mechanical systems (MEMS) is a process technology used to create tiny integrated devices or systems that combine mechanical and electrical components. Many miniaturized mechanical and electro-mechanical elements (i.e., devices and structures) are made using the techniques of microfabrication. Fabrication of these miniaturized mechanical and electro-mechanical elements is done using integrated circuit (IC) batch processing techniques and can range in size from a few micrometers to millimeters. The critical physical dimensions of MEMS devices can vary from well below one micron on the lower end of the dimensional spectrum, all the way to several millimeters. The types of MEMS devices can vary from relatively simple structures that have no moving elements to extremely complex electromechanical systems having multiple moving elements under the control of integrated microelectronics. The technology was invented to satisfy the rising demand for compact devices for measuring different parameters, including acceleration, magnetic field, pressure, and temperature. Thus, using this technology, a multifunctional device can be designed by integrating different components on the same substrate in a compact configuration without affecting the device performance.

The market for piezoelectric actuators is expected to hold the largest share during the forecast period. This can be attributed to the increasing adoption of piezoelectric actuators in diverse industrial applications that require precise position control such as automotive, aerospace and defense, electronics and semiconductor, biomedical, optics, photonics, scientific instrumentation, telecommunications, ultrasonic machine control, and metrology. Additionally, they are deployed in numerous consumer electronic devices, like smartphones and wearables, for performing autofocus and zooming camera operations, as well as in haptic feedback systems. Moreover, piezoelectric actuators are also used in fine instruments, robotic missions, microsatellites, and unmanned aerial vehicles (UAVs) because they offer high energy density and support the high-power requirements of these instruments. Owing to their air and space qualification as well as high output energy density, piezoelectric actuators and mechanisms are increasingly being deployed in aircraft applications.

The market for piezoelectric polymers is expected to witness the highest growth during the forecast period. Polyvinylidene fluoride (PVDF) and pure thermoplastic fluoropolymers are preferred materials among piezoelectric materials) owing to its low cost, highly non-reactive properties, pressure super-sensitivity, and compliance with government regulations such as hazardous substance restriction for materials mandates under the Reduction of Hazardous Substances (RoHS) directive. These polymers possess several features, including broad resonance bandwidth, low acoustic impedance, low fabrication cost, light weight, and fast processing speed; therefore, they are adopted rapidly in healthcare applications. Additionally, piezoelectric polymers find applications in acoustic components, security devices, and pressure sensors. The robotics, healthcare, and sports sectors are a few emerging and most promising applications of piezoelectric polymers. These factors have contributed to widespread adoption of piezoelectric polymers for numerous applications.

In terms of geographic coverage, the piezoelectric devices market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period, primarily due to countries such as Japan and China contributing to the overall market share significantly.

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The production and demand for automobiles is expected to increase which in turn is likely to propel the demand for piezoelectric devices, as these devices are widely used in the automotive industry to develop smarter and safer cars. Also, factors like rising government initiatives for expansion of the manufacturing sector in developing countries and increase in level of awareness regarding the adoption of energy harvesting systems to safeguard natural resources and reduce excess energy consumption, rising foreign investments in the industrial and manufacturing sector, growing population, along with the prominent existence of several manufacturing facilities of piezoelectric devices, low cost of piezoelectric devices, and rapid technological advancements in emerging markets.

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This release was published on openPR.