The surge of the Piezoelectric Device Market
The piezoelectric devices market is projected to grow at a CAGR of 5.22% during the forecast period to reach US$31.027 billion by 2027, from US$21.730 billion in 2020.
Piezoelectricity is an
electric charge that accumulates in response to applied mechanical stress in materials
that have non-centrosymmetric crystal structures. Piezoelectric devices include
products such as actuators, transducers, sensors, motors, generators, and
others. Different devices have their own distinct functions, such as
Piezoelectric transducers are used to convert an acoustic wave into a radio
frequency wave and vice versa. Whereas, the piezoelectric actuator features
high displacement accuracy, and high response speed, which is mainly used in
industrial machinery that requires precise position control. Moreover, these
devices can measure changes in pressure, acceleration, temperature, or force by
converting them into electronic charges. Piezoelectric devices are utilized in
a variety of products, including speakers, buzzers, energy harvesting,
navigational tools, and medical equipment.
Countries around the globe are advancing their
defense technology to ensure the nation’s safety and protection. These rising
military and defense expenditures can be attributed to the numerous security
challenges such as violent extremism and separatist insurgencies. According to
the Stockholm International Peace Research Institute (SIPRI), the world
military expenditure passed the US$2 trillion mark for the first time in 2021. The
total global military expenditure reached US$2113 billion in 2021, which marked
an increase of 0.7% from the last year. The SIPRI also mentioned the five
largest spenders on the military, which were the United States, China, India,
the United Kingdom, and Russia. Together these five countries hold a 62% share
of the global defense expenditure. Furthermore, the governments of countries
like China, India, Japan, and the US are investing heavily in their defense
technology. For instance, the SIPRI reported that the military research and
development funding of the US rose by 24% between 2012 and 2021. Such increased
research and development spending over the decade reflects that the US is
focusing more on next-generation technologies. Henceforth, the rising need for
strengthening the defense segment around the globe is propelling the demand for
piezoelectric devices as these devices are used by the defense industry to
manufacture military aircraft, smart weapon systems, energy harvesting systems,
and navigation systems among others.
Furthermore, the development in energy harvesting
technology is fueling the market’s growth during the forecast period. Energy
harvesting is the process of capturing ambient energy, storing it, and then
turning it into electrical energy for usage as needed. This is accomplished by
using materials and transducers that are piezoelectric because they allow for
the use of a wide variety of input frequencies. The piezoelectric energy
harvesters convert vibration energy to usable electrical energy which is a
reliable solution. Moreover, these are suitable in applications that require
charging a battery, like smartphones, smartwatches, etc. The opportunity to
miniaturize these energy harvesters and MEMS integration are the key benefits
of this technology. Additionally, its simple design facilitates the production
of cost-efficient energy in high volumes. These benefits of energy harvesting
technology will consequently drive the piezoelectric device market during the forecast
period,
The sensors segment is
expected to grow rapidly during the forecast period.
Based on products, the piezoelectric device market
is segmented into actuators, transducers, sensors, motors, generators, and
others. The sensor segment is expecting a notable growth rate during the
forecast period due to its wide application in various fields such as
manufacturing, automotive, consumer electronics, healthcare, and aerospace
among others. Sensors are used to identify changes in energy and transform them
into electrical signals that can be used to modify systems as needed. For
instance, air-flow sensors in the car measure the density and volume of the air
entering in the combustion chambers. Temperature sensors used in industrial
production collect information about temperature from the environment and
convert it into specific values. Such extensive use of sensors is expected to
benefit the sensor segment, consequently, it is expected to propel the
piezoelectric device market.
According to analysts, the
Asia-Pacific region is expected to have the largest share of the piezoelectric
device market during the anticipated period.
Based on Geography, the piezoelectric device market
is divided into North America, South America, Europe, and the Asia Pacific. Analysts
anticipate that the Asia-Pacific region will have the largest market share
owing to the increasing innovations in technology in countries like China, and
India. Furthermore, the presence of these countries and the growing
manufacturing industries in this region are the key factors driving the piezoelectric
device market. The governments in this region are offering tax breaks and
incentives to electronics firms setting up newer manufacturing facilities in
the region, which will further increase the market size over the forecast
period. For instance, the government of India recorded positive growth in the
production of electronic goods. The report by the Ministry of Electronics and
IT. posted in July 2022 mentioned that the domestic production of electronic
goods was US$37 billion in 2015-16 which increased to US$ 74.7 billion in
2020-21. The production of electronics goods in India is expected to grow at
the rate of 17.9% as per the Ministry of Electronics and IT’s report. Moreover,
the Indian government has undertaken certain measures to further boost the
manufacturing sector in the country. Henceforth, these strategic measures are
expected to drive the growth of the piezoelectric device market in this region.
Additionally, the North American region is also a
particularly lucrative market for piezoelectric devices during the forecast
period. Owing to the United States planning a large space exploration program
that will use piezoelectric materials for sensing objects in orbit and remote
access to the spacecraft components, the North American segment of the
piezoelectric market will present potential growth prospects for the market in
the coming years. After experiencing a setback as a result of the COVID-19
pandemic, the automotive industry in Europe is anticipated to recover.
Additionally, the research into automated, driverless vehicles will increase in
this region, consequently stimulating the market growth during the forecast
period.
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