London, United Kingdom, May 02, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Piezoelectric Devices Market” Research Report: By Type, Applications, Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 76 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7% during the assessment timeframe.
Piezoelectric Devices Market Overview:
Piezoelectric Devices can create electricity when subjected to mechanical stress. Similarly, when applied electricity, they can generate stress (traction). These devices are used when mechanical energy is to be converted into electrical energy or vice-versa, for instance, converting light, sound, or mechanical pressure into electrical signals.
Piezoelectric devices can be utilized in applications ranging from ultrasound equipment, microphones, and quartz clocks to industrial applications, such as energy harvesting equipment. Due to their inherent precision, piezoelectric devices are used in environments with strong magnetic fields or cryogenic temperature environments where conventional devices are unlikely to work.
Quadrupling applications augment the sale of piezoelectric devices, which further increases the market size. A key market trend is a rising demand for piezoelectric devices for faster energy harvesting. Moreover, growing applications in the aerospace & defense sectors and R&D investments by major companies & research universities to innovate advanced piezo solutions enhance market revenues.
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Piezoelectric Devices Market Key Players
Major players in the global Piezoelectric Devices Market are
- PI (Germany)
- Morgan Advanced Materials (UK)
- Piezosystem Jena (Germany)
- Mad City Labs, Inc. (US)
- Piezomechanik Dr. Lutz Pickelmann GmbH (Germany)
- APC International, Ltd. (US)
- Noliac A/S (Denmark)
- CeramTec (Germany)
- Piezo Systems, Inc. (US)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 76 Billion |
| Growth Rate | CAGR of 7% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Advancement in technology |
| Key Market Drivers | Increase adoption of various piezoelectric device-based products |
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Industry Trends
The idea of energy harvesting using piezoelectric devices has caught everyone's attention. Inventors have proposed all kinds of ideas for storing energy with hidden piezoelectric devices, from shoes that can convert walking movements into heat to keep the feet warm and cell phones that charge themselves from body movements to roads that power streetlights, contact lenses that capture energy with a blink, and even gadgets that make energy from the pressure of falling rain.
Inventors have been filing an increasing number of patents for wearable gadgets that can generate small amounts of electricity from simple body movements. In the current scenario where water scarcity and increasing environmental concerns are prompting the demand for clean energy generation and energy harvesting that minimizes waste energy & improves efficiency.
Energy harvesting can provide a fair amount of power. In the years to come, piezoelectric devices are expected to ascend exponentially, heading with energy harvesting. Implementing piezoelectric sensors in medical applications for various day-to-day applications, such as ultrasound imaging, further fosters market growth. Similarly, piezoelectric transducers are used in medical ultrasound equipment. Piezoelectric actuators are extensively used in electronics.
Piezoelectric Devices Market Segments
The piezoelectric devices market is segmented into applications, verticals, and regions. The application segment is sub-segmented into sensors, transducers, energy harvesting motors, high voltage actuators, and others. The vertical segment is sub-segmented into oil & gas, automotive, aerospace & defense, medical & healthcare, communication, and others. By regions, the piezoelectric devices market is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
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Piezoelectric Devices Market Regional Analysis
The Asia Pacific region dominates the global piezoelectric devices market with a significant market share, witnessing huge funding from foreign investors. Furthermore, the availability of cost-competitive logistics, such as ample land, raw materials, and workforce, encourages manufacturers to shift their production bases to countries such as China and India, which fosters market growth in the region.
High investments in R&D and multiplying application areas of piezoelectric devices are some of the key driving forces behind the growth of this market. Simultaneously, increasing investment put in developing these devices, especially in India and China, creates a large revenue pocket for the region.
The European region is another lucrative market for piezoelectric devices. Continuous improvement in warfare platforms with newer and advanced technologies is a key driving factor responsible for the growth of the regional market. The UK and Germany, backed by the enormous investments made in the development of piezoelectric devices and related technologies, contribute to the region's market growth majorly.
The North American region is rapidly emerging as a promising market for piezoelectric devices due to the substantial advancements and the uptake of technologies. The region witnesses a wide range of applications of piezoelectric devices, including automotive, aerospace, defense, medical, and consumer electronics.
In recent years, the demand for piezoelectric devices has grown gradually. The well-developed research infrastructure of prominent companies investing in developing new piezoelectric materials and devices boosts the region's market shares. Moreover, the increasing demand for sensors, actuators, and transducers from various industries substantiates the market size.
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Piezoelectric Devices Market Competitive Analysis
The Piezoelectric Devices Market appears highly competitive owing to the presence of numerous well-established players with international and global presence. Mergers & acquisitions, innovation, and brand reinforcement remain the key trends for the leading players. Vendors strive to develop low-cost, compact devices, emphasizing improved hardware.
To gain a competitive edge, these key market players require more consolidation and integration of this system as a whole. Manufacturers of piezoelectric devices develop a strong, supporting infrastructure to deliver configurable designs.
For instance, on Jun. 09, 2022, Researchers at the Ritsumeikan University announced the development of thin-film piezoelectric-solar cells capable of generating electricity from indoor lighting. The newly invented, revolutionary thin-film is a flexible piezoelectric-photovoltaic device that can generate power from interior lighting supplied by LEDs and compact fluorescent lights.
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