Piezoelectric Hemispheres Market Worth $1.9 Billion by 2031

Drivers, Restraints, and Opportunities-

The surge in demand for piezoelectric hemispheres in medical and industrial applications, a rise in the adoption of piezoelectric hemispheres in automotive industry, and rapid advancements in technology across various sectors drive the global piezoelectric hemispheres market. On the other hand, one of the key factors hindering the growth of the piezoelectric hemispheres market is the high risk associated with data privacy and security-related concerns. Moreover, the rise in demand for non-invasive medical imaging and diagnostics is anticipated to provide lucrative opportunities in the coming years.

According to the report, the global piezoelectric hemispheres market generated $1.0 billion in 2021, and is anticipated to generate $1.9 billion by 2031, witnessing a CAGR of 5.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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The ceramic segment to maintain its leadership status throughout the forecast period-

Based on material, the ceramic segment held the highest market share in 2021, accounting for more than half of the global piezoelectric hemispheres market and is estimated to maintain its leadership status throughout the forecast period. A rise in demand for ceramics in the medical and automotive sectors, where they are in high demand, due to benefits like high thermal stability and effective electrical insulation, is driving the segment growth. However, the polymer segment is projected to manifest the highest CAGR of 7.0% throughout the forecast period.

The medical devices segment to rule the roost-

Based on application, the medical devices segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global piezoelectric hemispheres market, and is projected to rule the roost by 2031. The increase in demand for minimally invasive surgical procedures and non-invasive monitoring and imaging devices is driving the growth of piezoelectric hemispheres in medical devices. However, the energy harvesting segment would display the fastest CAGR of 7.1% throughout the forecast period.

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The healthcare segment held the lion's share in 2021-

Based on end-use industry, the healthcare segment garnered the major share in 2021, generating nearly one-third of the global piezoelectric hemispheres market revenue and is also expected to dominate by 2031. The same segment would portray the fastest CAGR of 6.9% throughout the forecast period. Medical applications for piezoelectric hemispheres include bone cutting, drug delivery, and ultrasonic imaging. The demand for piezoelectric hemispheres in the healthcare sector has increased by the rise in prevalence of chronic diseases like cancer and cardiovascular diseases.

Asia-Pacific garnered the major share in 2021-

Based on region, Asia-Pacific garnered around two-fifths of the global piezoelectric hemispheres market revenue in 2021 and is expected to dominate by 2031. The same region, simultaneously, would also showcase the fastest CAGR of 6.8% during the forecast period. The demand for piezoelectric hemispheres in NDT probes and sensors, which are widely used in industries like manufacturing, automotive, and aerospace, is being driven by the growing industrialization in nations like China, India, and Japan. Furthermore, the region's aging population and rising prevalence of chronic diseases are driving the demand for healthcare services. This in turn, is boosting the demand for medical devices and equipment, which is further driving the demand for piezoelectric hemispheres. Therefore, all these factors make it the largest segment of the market.

Source: https://www.alliedmarketresearch.com/piezoelectric-hemispheres-market-A53692

Leading Market Players-

Physik Instrumente (PI) GmbH & Co. KG.
KYOCERA CORPORATION
SMART MATERIAL CORP.
Piezo Technologies
Sensor Technology Ltd.
Meggitt SA
APC International Ltd.
Morgan Advanced Materials PLC
Piezosystem Jena GmbH
CeramTec GmbH

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This release was published on openPR.