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The piezoelectric market size is forecast to increase by USD 10.76 billion at a CAGR of 5.94% between 2022 and 2027. The market's expansion is propelled by various factors, including the escalating demand for energy-efficient solutions and the burgeoning integration of piezoelectric technology into portable devices. Additionally, the surge in deploying piezoelectric sensors in healthcare devices further drives market growth. Our comprehensive report delves into historic data spanning from 2017 to 2021, offering insights into market trends and dynamics. By analyzing the current market scenario, we provide a thorough understanding of the industry landscape and forecast future trajectories. With a focus on emerging technologies and evolving consumer demands, our report offers valuable perspectives for stakeholders seeking to capitalize on opportunities in the dynamic realm of piezoelectric technology.
Market Forecast 2023-2027
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This market research and growth report extensively covers market segmentation by product (actuators and piezo generators, sensors and transducers, motor, acoustic devices, and resonators and others), material (ceramics, polymers, composites, and crystals), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
In the Market, key drivers include the demand for innovative materials like Single crystals and Textured ceramics for various applications, particularly in biomedical and surgical fields. Advancements in Piezoelectric motor technology, alongside the development of Piezoelectric composites, cater to diverse industrial needs, enhancing automation systems. However, challenges such as lead toxicity in traditional materials and operational costs hinder market growth. Nonetheless, major manufacturers are investing in research to mitigate challenges and capitalize on emerging trends. As end-use industries like telecom, consumer goods, and aerospace & defense increasingly adopt piezoelectric solutions, the market exhibits promising growth prospects. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. A holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There has been a significant demand for energy-efficient solutions in the market due to the increasing awareness about the environmental impact of traditional energy sources, as well as the need for sustainable energy options. In addition, the growing demand for energy-efficient solutions is fuelled by the development of piezoelectric sensors.
Moreover, the main advantage of these sensors is that they are able to convert mechanical energy into electrical energy, thus facilitating the efficient harvesting of energy from different sources. For instance, there is an increasing adoption of sensors on roads to generate electricity from the vibrations caused by passing vehicles. Thus, this energy can be utilized to power streetlights or other infrastructure, minimizing the dependence on traditional energy sources. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
There has been a growing demand for piezoelectric devices in the energy sectors due to factors such as the unique capabilities and advantages offered by piezoelectric technology. In addition, the unique ability of these devices to convert mechanical energy into electrical energy. is also fuelling its adoption in the energy sector.
Moreover, some of the main applications of piezoelectric devices in the energy sector include energy harvesting, where they can harness the mechanical energy generated from vibrations, shock, or pressure and convert it into electricity. For example, the integration of piezoelectric elements into road infrastructure enables the capture of energy generated by vehicular movement, thereby offering a sustainable source of electricity. Hence, such factors are positively impacting the market which, in turn, will drive the market growth during the forecast period.
The specialized material required for manufacturing piezoelectric devices is significantly contributing to the overall production cost. For instance, piezoelectric materials, including certain ceramics and crystals, are required to generate electricity when subjected to mechanical stress.
Moreover, these materials are very costly which contributes to the overall manufacturing costs. In addition, the production process for piezoelectric devices is complex and requires precise engineering and specialized equipment resulting in high investment in advanced machinery and skilled labor. Hence, such factors are negatively impacting the market which, in turn, will hinder the market growth during the forecast period.
In the market, various elements contribute to its dynamic landscape, including the utilization of single crystals and textured ceramics alongside materials like Polyvinylidene fluoride (PVDF) and PZT ceramic materials. Notably, advancements in biomedical and surgical applications underscore the market's significance in healthcare. Institutions like the University of Leeds drive research in piezoelectric technology, impacting segments such as piezoelectric motors and transducers. Industries like industrial and manufacturing, telecom, consumer goods, and aerospace & defense are key stakeholders benefiting from piezoelectric innovations. As the market expands, considerations include mitigating lead toxicity, optimizing operational costs, and ensuring efficiency in production processes to meet the diverse needs of end-use industries.
The actuators and piezo generators segment is estimated to witness significant growth during the forecast period. Actuators can be referred to as devices that convert electrical energy into mechanical motion, and piezoelectric actuators especially utilize the piezoelectric effect to achieve this conversion. There are numerous applications for the actuators segment which is significantly fuelling the growth of this segment. For instance, there is an increasing adoption of actuators in robotics for robotic arms, fingers, and grippers to provide precise and fast motion control.
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The actuators and piezo generators segment was the largest segment and was valued at USD 11.34 billion in 2017. In addition, there is a wide application of the actuators segment in the automotive industry for various systems including active suspension systems and fuel injectors, to enhance vehicle performance and fuel efficiency. The main advantage of piezoelectric actuators is that they enable the adjustment of the stiffness and damping of the suspension in real-time, leading to enhanced ride comfort and stability. Furthermore, it is able to control fuel injection in engines with high precision, resulting in improved combustion efficiency and reduced emissions. Hence, such wide applications are fuelling the growth of this segment, which in turn will drive the market growth during the forecast period.
Based on material, the segment is classified into ceramics, polymers, composites, and crystals. There is an increasing adoption of the ceramics segment across different industries including aerospace, electrical and electronics, automotive, and various others that require piezoelectricity due to their excellent electrical and mechanical properties. Some of the main materials that are commonly used in the ceramics segment include lead zirconate titanate and barium titanate. Furthermore, the main applications of this segment in the medical field include ultrasound machines for imaging purposes. Hence, such applications are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 43% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the market in APAC is the presence of numerous electronic manufacturing units in China, Japan, South Korea, and Taiwan. For example, as per the 2021 Annual Export and Import Trend, in China, merchandise exports increased by 27.9% year-on-year in May 2021 as compared with May 2020. In addition, factors such as the growing automotive sector in China and India are fuelling the demand for electronic accessories, including motors. For example, prominent companies have announced an expansion of their operations, with over USD 850 billion in investments. Hence, such factors are expected to drive market growth in the region during the forecast period.
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.
Amphenol Corp: The company offers piezoelectric products through its subsidiary Piezo Technologies such as piezoelectric ceramics to the manufacturers of acoustic and ultrasonic transducers for non-destructive testing, medical aerospace, oil and gas.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including: APC International Ltd., CEDRAT TECHNOLOGIES SA, CeramTec GmbH, CTS Corp., Dynamic Structures and Materials LLC, HOERBIGER Holding AG, Hutchinson SA, Kistler Holding AG, Kyocera Corp., L3Harris Technologies Inc., Mad City Labs Inc., Micromechatronics Inc., Morgan Advanced Materials Plc, Parker Hannifin Corp., Physik Instrumente GmbH and Co. KG, Piezo Kinetics Inc., Piezomechanik Dr. Lutz Pickelmann GmbH, Sparkler Ceramics Pvt. Ltd., and TDK Corp.
Technavio's market growth and forecasting report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
In the market, various materials such as potassium sodium bismuth, quartz, and rochelle salt contribute to diverse applications like telecommunication, photovoltaics, and urban areas. This market caters to numerous sectors, including military, transportation, and energy, with end-use segments spanning from the electronics and marine industries to automobiles and aerospace. With a focus on actuators, piezoelectric technology ensures precise responses in applications ranging from manufacturing inspection equipment to ultra-small-scale motion devices. Enhanced by technological innovation, piezoelectric systems offer high performance in temperature, pressure, and humidity sensing alongside applications in flow control, ink printing cartridges, and various sensor types, making them vital components across diverse industries.
Further, in the market, the piezoelectric motor segment, piezoelectric composite, and piezoelectric transducers play integral roles, alongside crucial components like raw material suppliers and diverse end users across sectors such as the electronics, marine, pipe & tank, electrical & electronics, automobiles, energy, and aerospace industries. This market spans various applications, from addressing cardiovascular, orthopedic, and dental diseases in the elderly population to powering electric vehicles and enhancing consumer goods. As a key element in actuators applications, piezoelectric technology ensures swift response speed, precise force generation, and accurate displacement. With ongoing technological innovations and advancements in manufacturing processes, piezoelectric systems continue to evolve, finding new applications in embedded electronics, temperature, pressure, humidity sensing, and various sensor types, contributing to improved flow control, resource management, and sensor-based technologies.
Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
Market growth 2023-2027 |
USD 10.76 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.78 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amphenol Corp., APC International Ltd., CEDRAT TECHNOLOGIES SA, CeramTec GmbH, CTS Corp., Dynamic Structures and Materials LLC, HOERBIGER Holding AG, Hutchinson SA, Kistler Holding AG, Kyocera Corp., L3Harris Technologies Inc., Mad City Labs Inc., Micromechatronics Inc., Morgan Advanced Materials Plc, Parker Hannifin Corp., Physik Instrumente GmbH and Co. KG, Piezo Kinetics Inc., Piezomechanik Dr. Lutz Pickelmann GmbH, Sparkler Ceramics Pvt. Ltd., and TDK Corp. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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