Piezoelectric Devices Market by Product Type (Piezoelectric Sensors, Piezoelectric Actuators, and Piezoelectric Transducers), Application, and region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America).
The global Piezoelectric Devices Market size is expected to reach USD 48.5 billion and is projected to reach a CAGR of 6.2% from 2023-2030.
Over the years, the market for piezoelectric devices has expanded significantly due to both technological developments and growing application markets. Numerous industries have found extensive usage for piezoelectric materials, which have the capacity to produce an electric charge when subjected to mechanical stress or temperature changes. The thriving consumer electronics industry is one of the major factors propelling the market for piezoelectric devices. The demand for touchscreen-equipped smartphones, tablets, and other mobile devices has skyrocketed, which has resulted in a rise in the use of piezoelectric sensors and actuators. By delivering touch sensitivity and tactile feedback, these products improve the user experience, fostering market expansion.
Additionally, the piezoelectric devices market has been significantly influenced by the automobile sector. Applications include fuel injection systems, tire pressure monitoring, engine management systems, and vehicle safety systems that use piezoelectric sensors and actuators. The market for piezoelectric devices in the automotive industry has seen significant expansion as a result of the rising demand for sophisticated features and the incorporation of smart technology into cars. Furthermore, a large customer of piezoelectric devices has been the industrial sector. These tools are used in robotics, industrial automation, and precise production procedures. Precision positioning and vibration control are made possible by piezoelectric actuators, which improve efficiency and precision in industrial operations.
The expanding need for energy harvesting technology boosts the piezoelectric device industry as well. Mechanical vibrations and outside energy can be converted into electrical energy using piezoelectric materials. They are useful for energy-harvesting systems that run wireless sensors and low-energy electronics because of this feature. The need for piezoelectric energy harvesting solutions has expanded, further propelling market expansion, as a result of a focus on renewable energy sources and the requirement for self-powered electronic gadgets.
The COVID-19 pandemic has significantly impacted the market for piezoelectric devices worldwide, producing problems with the demand, supply chain, and production processes. Manufacturing facilities were temporarily closed as a result of restrictions and lockdown procedures, which hindered output and delivery. The market for piezoelectric devices in different industries was also impacted by the pandemic's lowered consumer spending and economic instability. However, the market is anticipated to pick up steam as conditions progressively improve and economies recover due to the restart of manufacturing operations and the rising demand for cutting-edge technologies in industries including consumer electronics, automotive, healthcare, and industrial automation.
Due to growing application areas and technical improvements, the market for piezoelectric devices is increasing significantly on a global scale. This market is primarily driven by the consumer electronics, automotive, healthcare, industrial, and energy harvesting sectors. Due to the acceptance of cutting-edge technologies and rising customer expectations for unique and feature-rich electronic products, piezoelectric devices are in great demand in consumer electronics, notably touchscreens, haptic feedback systems, and ultrasonic sensors. Piezoelectric sensors are widely used in many different sectors to measure factors including acceleration, pressure, temperature, and force. Due to the integration of modern driver assistance and safety systems, the automobile sector plays a significant role in the market for piezoelectric sensors. With the growing use of medical imaging technology and the demand for accurate measurements, the healthcare industry also offers substantial prospects. Overall, the market for piezoelectric devices is anticipated to rise steadily over the coming years due to continuous technological breakthroughs, rising demand for high-tech electronics, and the requirement for accurate measurements across several sectors.
Asia-Pacific to Dominate the Market