“Piezoelectric Devices Market is projected to reach USD 35.4 billion by 2026 from an estimated USD 28.7 billion in 2021, at a CAGR of 4.3% from 2021 to 2026.
Major players in the market are:
- L3HARRIS TECHNOLOGIES, INC. (US);
- CeramTec GmbH (Germany);
- CTS Corporation (US);
- Kistler Group (Switzerland);
- Physik Instrumente (PI) GmbH & Co. KG. (Germany)
Surging need for high-performance sensors witnessed by aerospace industry and growing use of polymer-based piezoelectric transducers and sensors in acoustic devices, printers, connectivity solutions, etc. are among the factors driving the growth of the piezoelectric devices market.
By product, the piezoelectric generators segment is projected to witness growth at the highest CAGR during the forecast period
The market for piezoelectric generators is expected to grow at the highest CAGR during the forecast period. The growth is attributed to their ability to exhibit low-frequency sound waves and their use in various portable medical devices for monitoring overall health, including blood sugar, weight, cholesterol levels, and medications of humans.
By material, piezoelectric ceramics segment accounted for the largest share of piezoelectric devices market in 2020, and a similar trend is likely to continue in the near future
Piezoelectric ceramics consist of high piezoelectric sensitivity and can acquire various shapes. The manufacturing cost of piezoelectric ceramics is low, and these materials can be easily tailored to meet the requirements of specific applications, such as medical technologies, mechanical and automotive engineering, and semiconductor technologies. Thus, piezoelectric ceramics are the most preferred materials used to manufacture piezoelectric devices.
By application, the healthcare segment is projected to witness growth at the highest CAGR during the forecast period
Miniature piezoelectric actuators and pumps are used extensively by lab and medical pumping and dosing equipment due to their precise, repeatable, and reliable fluid dispensing control. Also, the piezoelectric actuator is preferred in magnetic resonance imaging (MRI) systems as the actuator movement does not produce magnetic fields, and MRI cooling equipment can be moved in-room with the MRI machine, simplifying installation and reducing required floor space. Piezoelectric actuators and devices provide the extreme precision required in many medical applications. Owing to all these reasons, the healthcare application is expected to record the highest CAGR in the piezoelectric devices market during the forecast period.
By region, APAC to hold the largest share of the piezoelectric devices market throughout the forecast period
APAC is projected to account for the largest share of the overall piezoelectric market in 2026. The market in this region is projected to grow at the highest CAGR from 2021 to 2026. The key factor contributing to the growth of the piezoelectric devices market in APAC is the emergence of countries such as China, Japan, India, and South Korea as manufacturing hubs for electronic equipment, devices, and components. These countries also have flourishing automotive and other industries. These industries require piezoelectric devices as a power source in portable electronic devices.