Selbyville, Delaware, Jan. 24, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Electronic Ceramics Market was estimated at USD 9.50 billion in 2020 and is expected to reach a valuation of around USD 14 billion by 2027, registering with a CAGR of 6.4% from 2021 to 2027. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Ceramic-based materials find applications in computers, controllers, innovative technologies, automation, and equipment. The consumer electronics, power, automotive, and telecommunications sectors require sensors, actuators, and capacitors, which is primed to foster product outlook. Additionally, surging adoption of electronic ceramics in technologies like diagnostic imaging, satellite communication, broadband internet, electronics, automotive collision avoidance systems, robotic surgical tools, Internet of Things (IoT), wireless networks, and computing, is poised to facilitate market growth through the forecast timespan.
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Piezoceramics are considered superior to conventional metal for applications in medical devices that need precision functionality. Increasing incidences of chronic illnesses and mounting spending on the development of novel diagnostic, curing, and prevention techniques is anticipated to fuel product uptake in the healthcare industry in the coming years. Driven by widespread use in healthcare applications, the piezoelectric product segment is projected to record substantial growth through 2027.
Meanwhile, the electronic ceramics market share from the pyroelectric product segment is speculated to grow at a notable CAGR over the study timeline driven by growing usage in the aerospace & defense sector. Pyroelectric ceramics are utilized in IR radiation detecting devices to monitor pollution levels. They are lighter than many metals, which makes them ideal for several applications, such as sensors, lighting, and antenna components that are used in the aerospace industry. These factors are likely to augment segmental development over the estimated time period.
Key reasons for electronic ceramics market growth:
- Soaring demand in telecom industry.
- Prevalent uptake in healthcare applications.
- Prominent utilization in consumer electronics.
- Mounting adoption in aerospace & defense sector.
2027 forecasts show ‘telecommunication & power transmission’ segment retaining its dominance:
In terms of end-user, the telecommunication & power transmission segment is set to witness robust growth at a CAGR of approximately 5% through the review period. Favorable policies implemented by governments of developing nations to promote infrastructural development and offer affordable communication and internet services are slated to boost product uptake in the telecommunication & power transmission applications in the forthcoming years. Additionally, rising affordability of consumer electronic products owing to surging disposable income of consumers is foreseen to further facilitate segmental growth through the assessment period.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe electronic ceramics market accounts for a significant share in the overall industry in terms of revenue and is slated to surpass a valuation of USD 1.5 billion by 2027. Electronic ceramics are extensively used in the domestic aerospace & defense sector, particularly in various aircraft equipment and weaponry. Increased expenditure towards the defense sector, along with high product demand in Europe, is likely to stimulate regional market progress over the forecast period.
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Impact of COVID-19 pandemic on electronic ceramics market:
Following the onset of COVID-19, government-imposed lockdown restrictions forced people to stay indoors, prompting businesses to carry on operations virtually. With prevalent work-from-home trends, there was an upsurge in the need for effective high-speed connectivity and devices. Subsequently, growing prominence of telecommunications in varied operations has positively influenced industry outlook during the pandemic.
Leading market players:
Some key firms in the global electronic ceramics industry are Sensor Technology Ltd., Sparkler Ceramics Pvt. Ltd., Maruwa Co., Ltd., PI Ceramics, CeramTec Holdings GmbH, Kyocera Corporation, Central Electronics Limited, Murata Manufacturing Co., Ltd., Vinayak Techno Ceramics, Morgan Advanced Materials, and APC International, Ltd., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
