Northbrook, IL -- (SBWIRE) -- 06/10/2021 -- The global piezoelectric devices market is estimated to grow from USD 28.9 billion in 2020 to USD 34.7 billion by 2025; at a CAGR of 3.7%. Key factors driving the growth of this market include rising demand for piezoelectric devices for energy harvesting, aerospace & defense applications, and growing R&D investments by companies & research universities for innovative piezo solutions.
Piezoelectric actuators accounted for largest share of piezoelectric devices market in 2019
Piezoelectric actuators held the largest size of the piezoelectric devices market, by product, in 2019 and they are expected to continue to do so during the forecast period. Piezoelectric actuators offer several benefits such as less heat dissipation, less power consumption, fast response, high actuating precision, compact size, high reliability, and low cost. Piezoelectric actuators find their applications in several industries including automotive, aerospace & defense, electronics & semiconductor, biomedical, optics, photonics, scientific instrumentation, telecommunications, ultrasonic machine control, and metrology.
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Piezoelectric polymers to witness highest CAGR in piezoelectric devices market during forecast period
Piezoelectric polymers are expected to witness the highest CAGR in the piezoelectric devices market during the forecast period. The high growth is attributed to their various features such as low fabrication cost, lightweight, fast processing, and their adoption for biological applications such as biosignal acquisition and tissue regeneration/repair support. Among piezoelectric polymers, polyvinylidene fluoride (PVDF) and pure thermoplastic fluoropolymers are usually the chosen materials due to their low cost, highly non-reactive properties, super-sensitivity to pressure, and compliance with government regulations such as the restriction of hazardous substances (RoHS) for materials.
Aerospace & defense application accounted for largest share of piezoelectric devices market in 2019
Among applications, the aerospace & defense application held the largest share of the piezoelectric devices market in 2019. This can be attributed to the increasing adoption of piezoelectric device-based products such as sensors, actuators, and motors for aerospace & defense applications. Piezoelectric actuators are mainly being used in different parts of aircraft for damping undesirable vibrations. The reduction of sound levels in helicopters has drawn a lot of interest, however, the technology is also applied in planes, wind turbines, motors, machine tools, and laboratory tables.
APAC accounted for largest share of piezoelectric devices market in 2019
APAC accounted for the largest share of the piezoelectric devices market in 2019, and a similar trend is likely to continue in the near future. The dominance of the APAC region in the piezoelectric devices market is attributed to the increasing government initiatives, rising foreign investments, growing population, along with the bulk manufacturing facilities of piezoelectric devices, presence of numerous manufacturers and suppliers, low cost of piezoelectric devices, and technological advancements in emerging markets. Also, countries such as China and Japan are the major contributors to this region.
Key Market Players
L3HARRIS TECHNOLOGIES, INC. (Florida, US), CeramTec GmbH (Plochingen, Germany), CTS CORPORATION (Illinois, US), Physik Instrumente (PI) GmbH & Co. KG. (Karlsruhe, Germany), and APC International, Ltd., (Mackeyville, PA) are a few major companies operating in the piezoelectric devices market. These companies have adopted both organic and inorganic growth strategies such as product launches, partnerships, collaborations, contracts, and mergers & acquisitions to strengthen their position in the market.