Northbrook, IL 60062 -- (SBWIRE) -- 02/08/2023 -- The piezoelectric devices market is projected to grow from USD 30.8 billion in 2022 to reach USD 41.0 billion by 2027; it is expected to grow at a CAGR of 5.9 % from 2022 to 2027.
The rise in adoption of high-performance piezoelectric products in the aerospace industry, increased use of piezoelectric devices for energy harvesting, significant adoption in automotive vertical are among the factors that contribute to the growth of the piezoelectric devices market.
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Opportunity : Growing use of piezoelectric nanomaterials in electronic devices
Lead zirconate titanate (PZT) nanoparticles and nanopowder (with relative permittivity between 300 to 20000) offer quick response time and could be applied in circuits with low or high voltages possessing good mechanical and acoustic coupling. Lead zirconate titanate nanoparticles and nanopowder are inorganic ferroelectric agents having piezoelectric property and can be used for applications that include piezoelectric resonators, ultrasonic transducers and IR spectroscopy. They are chemically inert and physically strong as aresult of which PZT nanoparticles are one of the most common piezoelectric compounds. The applications of lead zirconate titanate nanoparticles are found in infrared (IR) optical field effect transistors, lamb wave devices and modulators. Considering the extensive range of infra-red spectroscopy, PZT nanoparticles are used in sensing, detecting, transmitting and pyroelectric IR detectors.
Challenge : Developing alternative materials to PZT ceramic materials having similar properties
Lead zirconate titanate (PZT) is the prime piezoelectric ceramic used in developing piezoelectric products. There is a level of toxicity that threatens the position of PZT as the leading piezoelectric ceramic and has sparked urgent global efforts to identify environmentally benign substitutes. A fundamental issue that arises with the recognition of lead toxicity is the need to find surrogate materials in the myriad of products in which PZT plays a major functional role.
Piezoelectric devices market in Asia Pacific estimated to grow at the fastest rate during the forecast period
The piezoelectric devices market in Asia Pacific is expected to witness highest growth during the forecast period. Asia Pacific has a strong presence of major producers of piezoelectric ceramics, crystals, as well as various piezoelectric devices. China and Japan, together account for the largest share of the total piezoelectric devices in the region and are major contributors in terms of revenue in the region. Besides, there is a surging use of piezoelectric materials and elements in consumer electronics and China and Japan being major producers of consumer electronics, the region is likely to be the fastest-growing market in the coming years. Furthermore, the growth in the demand for automobiles in the region, has created an augmented demand for piezoelectric sensors and actuators.
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Key Market Players in Piezoelectric Devices Market
Major vendors in the piezoelectric devices market include CeramTec GmbH (Germany); CTS Corporation (US); Kistler Group (Switzerland); Physik Instrumente (PI) GmbH & Co. KG. (Germany); piezosystem jena GmbH (Germany); Piezo Technologies (US); Noliac A/S (Denmark); Aerotech Inc. (US); APC International, Ltd., (US); Mad City Labs, Inc. (US). Apart from these, Kinetic Ceramics (US), Johnson Matthey Piezo Products GmbH (Germany), PI Ceramic (Germany), Piezo Solutions (US), DYTRAN INSTRUMENTS INCORPORATED (US), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), PiezoMotor (Sweden), PCB Piezotronics, Inc. (US) are among a few emerging companies in the piezoelectric devices market.
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