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The piezoelectric smart materials market size is estimated to grow at a CAGR of 15.63% between 2024 and 2028. The market size is forecast to increase by USD 39.49 billion. The accelerated growth of the market is by various factors, including the growing demand for energy-efficient solutions, the growing automotive industry in developing economies, and the rising demand for consumer electronics.
The report offers extensive research analysis on the Piezoelectric Smart Materials Market, with a categorization based on Application including actuators and motors, transducers, sensors, structural materials, and others, Type segment including ceramics, composites, and polymers. Additionally, the report provides Geographical segmentation, covering APAC, North America, Europe, Middle East and Africa, and South America. Market size, historical data for 2018-2022, and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for energy-efficient solutions is the key factor driving market growth. The global piezoelectric smart materials market is witnessing growing demand for energy-efficient solutions. Factors such as the rising demand for energy-efficient solutions are leading to the need to develop piezoelectric sensors. These sensors can convert mechanical energy into electrical energy, thus enabling the efficient harvesting of energy from various sources.
Furthermore, another energy-efficient solution is the development of piezoelectric actuators. These actuators are used in various industries, including automotive, aerospace, and healthcare. These actuators utilize the piezoelectric effect to convert electrical energy into mechanical motion, resulting in precise and efficient movement. Hence, such factors are expected to increase the adoption of piezoelectric technology, which will drive the growth of the market during the forecast period.
The growing use of piezoelectric nanomaterials in electronic devices is the primary trend shaping market growth. One of the major advantages of piezoelectric nanomaterials is their ability to convert mechanical energy into electrical energy and vice versa. Another advantage of piezoelectric nanomaterials is their small size and lightweight features. These materials can be produced at a nanoscale, thereby allowing the manufacturing of compact electronic devices with enhanced performance.
In addition, the use of piezoelectric nanomaterials also extends to the field of energy storage. The integration of these materials into energy storage systems, such as batteries or supercapacitors, can enhance their performance significantly. Consequently, such factors are expected to fuel the growth of the global piezoelectric smart materials market during the forecast period.
The high cost and complexity of manufacturing piezoelectric smart materials is a challenge that affects market growth. One of the main reasons for the high cost of manufacturing piezoelectric devices is the need for specialized materials. Piezoelectric smart materials, including certain ceramics and crystals, are necessary to generate electricity when subjected to mechanical stress. These materials are often expensive and difficult to obtain, driving up the overall manufacturing cost.
Furthermore, the manufacturing process for piezoelectric smart materials is complex, requiring precise engineering and the use of specialized equipment. Moreover, the high manufacturing costs can limit the market reach of piezoelectric smart materials, making them less affordable in certain industries or applications. Thus, the above-mentioned factors are expected to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Piezoelectric Smart Materials Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The actuators and motors segment is estimated to witness significant growth during the forecast period. Actuators and motors form a fundamental component in a variety of industries, such as automotive, aeronautic, consumer electronics, medical, and industrial. These industries involve applications that necessitate precise and efficient mechanical motion, which makes piezoelectrical smart materials an ideal option due to their ability to convert electrical power into mechanical motion.
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The actuators and motors segment was the largest segment and was valued at USD 11.83 billion in 2018. Additionally, piezoelectric smart materials are becoming increasingly popular in the healthcare industry, particularly in the medical devices segment. These materials can provide precise control and motion, enabling the delivery of precise drug dosages and motion control in surgical instruments and insulin pumps, as well as other medical devices. Such advantages of using piezoelectric smart materials in actuators and motors will fuel the growth of the global piezoelectric smart materials market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the presence of numerous electronic manufacturing units in China, Japan, South Korea, and Taiwan, the APAC region dominates the market. Furthermore, the growing automotive sector in China and India is expected to increase the demand for electronic components, such as motors.
In addition, the growth of the automotive industry in APAC is projected to play a significant role in the use of piezoelectric smart materials in the region. Piezoelectric smart materials are used in the formulation of actuators, sensors, and other electronic components used in automobiles. Hence, the growing automotive sector in the region will drive the growth of the piezoelectric smart materials market further during the forecast period.
The piezoelectric smart materials market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Piezoelectric Smart Materials Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.63% |
Market Growth 2024-2028 |
USD 39.49 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
14.94 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
APC International Ltd., Arkema Group, CEDRAT TECHNOLOGIES SA, CeramTec GmbH, CTS Corp., Hutchinson SA, Kyocera Corp., L3Harris Technologies Inc., Mad City Labs Inc., Omega Piezo Technologies, Piezo Kinetics Inc., Piezomechanik Dr. Lutz Pickelmann GmbH, Piezosystem Jena GmbH, QorTek Inc., Solvay SA, Tayca Corp., US Eurotek Inc., XeelTech GmbH, Zibo Yuhai Electronic Ceramic Co. Ltd., and Smart Material GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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