Chicago, July 12, 2023 (GLOBE NEWSWIRE) -- The Piezoelectric Devices Market by Product (Sensors, Actuator, Motor, Generator, Transducer, Transformers, Resonator), Material (Polymer, Crystal, Ceramic, Composites), Element (Discs, Rings, Plates), Application and Region - Global Forecast to 2028".
[200 Pages Report] The piezoelectric devices market is valued at USD 32.7 billion in 2023 and is projected to reach USD 46.0 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028. The increasing adoption of piezoelectric products in the aerospace & defence, healthcare and automotive industry, are among factors that contribute to the growth of the piezoelectric devices market.
Piezoelectric devices market in Asia Pacific estimated to grow at the fastest rate during the forecast period
The piezoelectric devices market in Asia Pacific has been studied for China, Japan, South Korea, and Rest of Asia Pacific Asia Pacific is the fastest-growing piezoelectric devices market owing to the ongoing technological innovations and expanding industrial and manufacturing sector in emerging countries in the region. The growth of the piezoelectric devices market in Asia Pacific is attributed to the active participation of governments in energy harvesting projects, rapid urbanization and industrialization, increased GDP of emerging markets such as China, South Korea, and political support to expand the manufacturing sector in developing countries in the region.
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The market for piezoelectric motor segment to grow at the significant CAGR during the forecast period.
A piezoelectric motor is a device that generates motion when a piezoelectric material changes its shape due to an electric field. A piezoelectric motor operates on the reverse piezoelectric effect, where electric power is continuously converted into mechanical energy with the rotation of the rotor. In piezoelectric motors, the piezoelectric ceramic element receives an electrical signal and then applies directional force to an opposing ceramic plate, resulting in the movement of the rotor in the desired direction. Piezoelectric motors account for a significant market share.
Piezoelectric composite expected to hold the second highest CAGR of the piezoelectric devices market during forecast period
Piezoelectric composites are expected to exhibit significant growth during the forecast period. The composite piezoelectric materials offer various advantages, such as high coupling factor, low acoustic impedance, strong water or human tissue matching, mechanical stability, and wide bandwidth. Hence, they are widely used in many industries, such as healthcare, aerospace & defense, electronics, and automotive. The rising use of composites as a filler owing to their excellent electro-acoustic efficiency and high bandwidth is expected to have a crucial impact on the market.
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Piezoelectric Devices Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $32.7 billion |
| Estimated Value by 2028 | $46.0 billion |
| Growth Rate | Poised to grow at a CAGR of 7.0% |
| Market Size Available for | 2019–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Material, Element, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Key Market Challenge | Developing Alternative Materials to PZT Ceramic Materials Having Similar Properties |
| Key Market Opportunities | Rising Adoption of Piezoelectric Devices and Polymers in Biomedical and Surgical Applications |
| Key Market Drivers | High Adoption of Piezoelectric Products in Aerospace Industry |
Industrial and manufacturing application segmentto hold second largest share of the piezoelectric devices market during forecast period
In 2022, piezoelectric transducers held the largest market share for industrial and manufacturing applications. Piezoelectric transducers are used for accurate and repeated pressure measurements in high-temperature applications such as steel production, injection molding, die casting, and chemical production. Also, they offer high sensitivity, enhanced sound pressure levels (SPLs), and stable electrical and mechanical characteristics. Piezoelectric transducers are primarily used for engine optimization, emission control, and safety enhancement in the automotive industry.
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Piezoelectric Devices Companies
CeramTec GmbH (Germany)
CeramTec GmbH is a leading supplier of advanced ceramics designed for piezoelectric applications. The company serves its clients globally through 19 manufacturing plants located in Europe, the US, and Asia. CeramTec GmbH is a global developer, manufacturer, and supplier of advanced technical ceramic products. Its portfolio comprises over 10,000 products, components, and parts made of various engineered ceramic materials for automotive, aeronautics and defense, machinery, electronics, medical equipment, chemical, industrial equipment, mechanical, and medical engineering applications. The company operates through two business segments: Industrial Markets and Medical Markets.
CTS Corporation (US)
CTS Corporation is a leading global designer and manufacturer of actuators, electronic components, and sensors for original equipment manufacturers (OEMs) in the aerospace & defense, industrial, information technology, medical, telecommunications, and transportation sectors. CTS Corporation has categorized its product portfolio into Sense, Connect, and Move. The Sense category includes piezoelectric sensing products that provide vital inputs to electronic systems. Connect products allow systems to function in synchronization with other systems. The Move category includes piezoelectric products, ensuring the required movements are effectively and accurately executed.
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