Westford USA, April 25, 2023 (GLOBE NEWSWIRE) -- As per SkyQuest's latest report, the global piezoelectric materials market is expected to reach USD 1.83 billion by 2030 with a CAGR of 4.4% during the forecast period (2023-2030), driven by the growing demand for energy harvesting devices, piezoelectric actuators and sensors, and healthcare industry in North America and Asia Pacific. The report also highlights that Piezoelectric materials have the potential to provide up to 1.5% of global electricity consumption by 2030.
Furthermore, piezoelectric materials have found successful applications in various areas, such as vibration sensors, wireless sensors, and low-power electronics. The Journal of Renewable and Sustainable Energy published a study titled "A review of piezoelectric energy harvesting based on vibration," which stated that piezoelectric energy harvesting could convert up to 30% of mechanical energy into electrical energy.
Browse in-depth TOC on "Piezoelectric Materials Market"
- Pages - 242
- Tables - 9
- Figures - 65
Piezoelectric materials are increasingly important in several industries, including healthcare, automotive, aerospace, energy harvesting, and electronics. The ability of these materials to convert mechanical energy into electrical energy has led to their use in sensors, microphones, and speakers, among other applications. The growing demand for energy-efficient solutions and the rapid growth of consumer electronics will drive the piezoelectric material market's growth. Advancements in technology and research and development activities in the field will create new opportunities for market players.
Prominent Players in Piezoelectric Materials Market
- Acoustiblok, Inc.
- ArtUSA Noise Control Products, Inc.
- AVT Inc.
- BSW Berleburger Schaumstoffwerk GmbH
- Eckel Noise Control Technologies
- Flexshield Group
- H&H Acoustic Technologies
- Herzan LLC
- Kinetics Noise Control
- Knauf Insulation
- Mason Industries
- Noise Barriers, LLC
- Noise Solutions
- Quiet Solution
- Rite-Hite Corporation
- Saint-Gobain Performance Plastics
- Sound Seal, Inc.
- Technicon Acoustics
- UNIFRAX
- ZAK Acoustics Pvt. Ltd.
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Sensors and Actuators Segment to Drive Higher Sales Due to the Increasing Demand from Various End-use Industries
The rapid development of the Piezoelectric Materials market in 2021 was primarily driven by the sensors and actuators segment, according to a recent analysis. This trend is expected to continue from 2022 to 2030 as piezoelectric sensors are used to measure pressure, force, acceleration, and temperature, among other parameters. Piezoelectric actuators are used in various applications such as precision positioning, vibration control, and flow control.
Furthermore, according to research analysis, North America is predicted to become a significant Piezoelectric Materials market from 2022 to 2030. SkyQuest projects a CAGR of 4.22% for the region during the forecast period, driven by increasing investment in research and development activities to develop new piezoelectric materials and the growing demand for energy-efficient and eco-friendly products. The government initiatives promoting the adoption of renewable energy sources, such as wind and solar power, are also driving the demand for piezoelectric materials.
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Piezoelectric Ceramic Material Segment to Exhibit Strong Growth Due to Growing Demand for Piezoelectric Ceramics in Applications
The demand for piezoelectric ceramic material has made it the dominant segment in the market in 2021 and is expected to maintain its lead from 2022 to 2030. This trend is being driven by the increasing demand for piezoelectric ceramics in applications such as sensors, actuators, and transducers in industries such as automotive, aerospace, and healthcare.
Moreover, the Asia Pacific region has emerged as a significant force in the Piezoelectric Materials market and is expected to continue its dominance by 2030. SkyQuest has projected substantial growth in the market for this region, with a CAGR of 5.97% during the forecast period. The region's growth can be attributed to its increasing demand from various end-use industries such as automotive, aerospace, and healthcare. Additionally, various government initiatives are supporting the market's growth, such as the Indian government's "Make in India" initiative encourages domestic manufacturing, which could boost the demand for piezoelectric materials.
A comprehensive analysis of the major players in the piezoelectric materials market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Piezoelectric Materials Market
- Brain Scientific Inc. (OTCQB: BRSF), a company specializing in neurology-focused medical devices and software, has entered into a definitive merger agreement to acquire Piezo Motion Corp. The latter is known for its high-precision piezoelectric motion technology. The merger is anticipated to boost the companies' market reach and enable them to deliver cutting-edge technologies to high-growth markets upon completion.
- Researchers from EPFL have found that gadolinium-doped cerium oxide, a compound developed in their lab, could be a potential alternative to specific piezoelectric materials due to its similar properties but with a potential 100 times more efficiency. Additionally, it is lead-free, making it suitable for use in bio-compatible medical applications. The researchers plan to conduct further studies on this compound and similar materials due to their promising properties.
Key Questions Answered in Piezoelectric Materials Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
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