Dublin, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The "Piezoelectric Devices Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The piezoelectric devices market is projected to grow at a CAGR of 5.22% during the forecast period to reach US$31.027 billion by 2027, from US$21.730 billion in 2020. Piezoelectric devices can be used to convert an acoustic wave into a radio frequency wave, or vice versa. They can measure changes in pressure, acceleration, temperature, or force, by converting them into electronic charges. Piezoelectric devices are used in microphones, speakers, buzzers, energy harvesting, navigation equipment, medical devices, etc.
Market Trends:
The global Piezoelectric Devices market is expected to grow at a steady rate, mainly due to its increasing smartphone sales and utilization of medical devices. Moreover, the increasing use in the military and aerospace industries is expected to drive up the market demand for the piezoelectric devices market. The Asia Pacific region has been reported to have the largest market share, due to the increasing advancements in technology and the increasing end-user electronics industry, and is expected to continue leading the market in the forecasted period.
Growth Factors:
Increasing defence expenditure
A country's defence sector is an essential segment for a country's protection and development. Countries around the world have reported a significant increase in their defence expenditure, after the COVID-19 pandemic. Total worldwide military spending climbed by 0.7% in 2021, reaching US$2113 billion. According to new figures on global military expenditures published by the Stockholm International Peace Research Institute (SIPRI), the United States, China, India, the United Kingdom, and Russia accounted for 62% of expenditure in 2021. This was the seventh consecutive year in which spending increased.
Additionally, the outbreak of war between Russian and Ukrainian forces has left other countries on high alert. Countries around the world fear that the war might have a bigger effect it expanded to other countries. Hence, most countries are expected to further increase their expenditures, to strengthen their military and defence. Hence, with the extensive use of piezoelectric devices in the manufacture of military aircraft, smart weapon systems, energy harvesting systems, navigation systems in ships and submarines, and more. Hence, the advancements in the military and defence sectors are expected to drive up demand for the piezoelectric devices market.
Developments in energy harvesting technology
The collecting and storing of ambient energy and its conversion into electrical energy for use when required is referred to as energy harvesting. This is achieved through the usage of piezoelectric transducers and materials since it facilitates the usage of a wide range of input frequencies. The most common energy harvesters are solar panels and wind generators.
Smartwatches have seen significant growth in demand in recent years. However, one of the biggest drawbacks of using a smartwatch is the need to charge them every so often. However, engineers from the University of Edinburgh have developed wearable mechanical devices, that are self-chargable and controlled by movement.
This technology uses the piezoelectric material developed by three Ph.D. students and is claimed to be twice as powerful and efficient as existing smartwatch technology. These advancements would be crucial in the development of sustainable wearable technology and are expected to increase the demand for energy harvesting technology.
With the increasing prevalence of energy-efficient and renewable technology, the demand for piezoelectric devices is expected to increase. Moreover, with the advancements and growing demand for the electric vehicle market, the piezoelectric device market is expected to rise.
Restraints:
Reducing device sizes
Piezoelectric devices have been increasing in usage in the healthcare and electronics industries. The growing utility of piezoelectric devices in functions ranging from audio/mobile devices, non-invasive medical equipment, speakers, and sonar devices, increased its market demand. The growing trend of manufacturing smaller devices would be very helpful for consumers.
However, it creates a challenge for the piezoelectric devices market. The usefulness of a device design is dependent on selecting the proper materials and developing a suitable crystal form. Material composition is important because piezoelectric devices have a lot of linked material characteristics. The gadget will not operate if the form of a piezoelectric crystal does not provide the right resonance frequency.
Market Segmentation:
By Product
- Actuators
- Transducers
- Sensors
- Motors
- Generators
By Material
- Ceramics
- Crystals
- Composites
- Polymer
By End-User Industry
- Manufacturing
- Healthcare
- Consumer Electronics
- Communication and Technology
- Automotive
By Geography
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. PIEZOELECTRIC DEVICES MARKET, BY PRODUCT
6. PIEZOELECTRIC DEVICES MARKET, BY MATERIAL
7. PIEZOELECTRIC DEVICES MARKET, BY END-USER INDUSTRY
8. PIEZOELECTRIC DEVICES MARKET, BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- kistler group
- APC International Ltd.
- Morgan Advanced Material
- Aerotech Inc.
- CERAMTEC GMBH
- Physik Instrumente (PI) GmbH & Co. KG.
- L3harris Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/zzn22
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