Piezoelectric Devices Market Global Growth Rate, Sales, Key Players Analysis, Application and Forecasts to 2027

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.
However, high costs associated with piezoelectric materials is a prominent factor limiting the growth of the piezoelectric devices market.

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"Market for piezoelectric transducers to hold second-largest share during the forecast period."
The piezoelectric devices market for transducers held the largest market share in 2021 and is expected to retain its second-largest position throughout the forecast period. Piezoelectric transducers offer advantages, such as greater reliability, robust design, compact size, low energy consumption, no requirement for external force, high-frequency response, active signal-producing components, ease of use, and remaining functional even in high temperatures. Piezoelectric transducers are used by numerous end-user industries, including industrial, environmental, and personal applications. Thus, the piezoelectric transducers would contribute considerably to the market.

"Market for piezoelectric ceramics segment is expected to hold the largest share during the forecast period"
Piezoelectric ceramics dominated the piezoelectric devices market in 2021, and a similar trend is likely to be observed during the forecast period. This can be majorly attributed to the increasing demand for ceramic-based lead zirconate titanate (PZT) because of its ability to exhibit significant displacement and induce a high voltage, thereby creating a significant demand in the near future. Both direct and converse piezoelectric effects are prominent when piezoelectric ceramics are used. Piezoelectric ceramics consist of high piezoelectric sensitivity and can acquire various shapes. Lead zirconate titanate (PZT) is among the most widely used piezoelectric ceramic materials.

"Market for healthcare application segment to witness the highest growth during the forecast period "
The healthcare application is expected to record the highest CAGR in the piezoelectric devices market during the forecast period. Piezoelectric devices are widely used in the healthcare sector in imaging, diagnostic, and surgical applications. High-performance piezoelectric ceramics, such as lead zirconate titanate (PZT), lead meta niobate, and modified lead titanates, are extensively used in medical ultrasonic transducers for high-intensity focused ultrasound imaging purposes, dental scaling, and ultrasonic surgeries. Medical device manufacturers are aware of the benefits of integrating piezoelectric components and materials into life-saving medical devices such as respirators, ventilators, and atomization systems.

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"Europe to hold a significant share of the piezoelectric devices market during the forecast period"
Europe is expected to hold a significantly large share for piezoelectric devices market during the forecast period. Europe is the second-largest market for piezoelectric devices owing to the thriving sectors such as automotive, healthcare, and industrial and manufacturing in the region. The sizable market share of the European region can be attributed to population growth, increased foreign investment, increased government investment, mass manufacturing facilities for electronic components as well as automobiles, presence of several manufacturers and technological advancements. Countries like Germany and Italy are the major contributors to the region.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the piezoelectric devices space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 - 40%, Tier 2 - 40%, and Tier 3 - 20%
• By Designation: C-level Executives - 40%, Directors -40%, and Others - 20%
• By Region: North America -40%, Asia Pacific- 30%, Europe - 20%, and RoW - 10%

The report profiles key players in the piezoelectric devices market with their respective market ranking analysis. Prominent players profiled in this report are include CeramTec GmbH (Germany); CTS Corporation (US); Kistler Group (Switzerland); PhysikInstrumente (PI) GmbH & Co. KG. (Germany); piezosystemjena GmbH (Germany); Piezo Technologies (US); Noliac A/S (Denmark); Aerotech Inc. (US); APC International, Ltd., (US); Mad City Labs, Inc. (US). Apart from these, Kinetic Ceramics (US), Johnson Matthey Piezo Products GmbH (Germany), PI Ceramic (Germany), Piezo Solutions (US), DYTRAN INSTRUMENTS INCORPORATED (US), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), PiezoMotor (Sweden), PCB Piezotronics, Inc. (US) are among a few emerging companies in the piezoelectric devices market.

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Research Coverage:
This research report categorizes the piezoelectric devices market on the basis of product, material, application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the piezoelectric devices market and forecasts the same till 2027. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the piezoelectric devices ecosystem.

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This release was published on openPR.