Piezoelectric Devices Market by Material (Piezoelectric Ceramics, Crystals, Polymers) and Region - Global Forecast to 2025

The global piezoelectric devices market is estimated to grow from USD 28.9 billion in 2020 to USD 34.7 billion by 2025; at a CAGR of 3.7%. One of the factors fueling the growth of this market is growing R&D investments by companies & research universities for innovative piezoelectric solutions.

Piezoelectricity is defined as the ability of certain materials to produce an electric charge on the application of mechanical stress. In relation to this, piezoelectric devices are defined as devices that have the ability to produce electrical energy from mechanical energy; for example, they convert vibrations, pressure, force, and acceleration into electricity. Such devices are commonly referred to as energy harvesters and can be used in applications where external power is unavailable, and batteries are not a feasible option. There are several types of piezoelectric devices such as piezoelectric actuators, sensors, motors, and generators. The major application areas of piezoelectric devices include aerospace & defense, industrial and manufacturing, automotive, consumer electronics, healthcare, and information and communication.

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In 2019, piezoelectric actuators held the largest size of the piezoelectric devices market. The growth of this market is attributed to the increasing adoption of piezoelectric actuators in industrial and manufacturing applications. These applications require precise position control such as the ultrafine movement stage of semiconductor exposure systems, precision positioning probes, and probes for scanning tunnel microscopy (STM) and atomic force microscopy (AFM).

Based on material, the market is further segmented into piezoelectric crystals, piezoelectric ceramics, piezoelectric polymers, and piezoelectric composites. Piezoelectric ceramics held the largest size of the piezoelectric devices market in 2019 and are expected to continue to hold a major market share during the forecast period. Moreover, the market for piezoelectric polymers is expected to grow at the highest CAGR during the forecast period.

The market for the aerospace & defense application held the largest size of the piezoelectric devices market in 2019. This can be attributed to the increasing adoption of piezoelectric device-based products such as sensors, actuators, and motors for numerous applications. Piezoelectric actuators are used for active vibration damping where vibrations are undesirable, mainly in mechanical structures of aircraft. Moreover, the market for the healthcare application is expected to grow at the highest CAGR during the forecast period.

APAC is expected to hold the largest size of the piezoelectric devices market by 2025, followed by Europe and North America. APAC is home to the major producers of piezoelectric ceramics, crystals, as well as piezoelectric devices. The growth of the piezoelectric devices market in this region is attributed to the increasing government initiatives, foreign investments, growing population, bulk manufacturing facilities of piezoelectric devices, technological advancements in emerging markets, the presence of numerous manufacturers and suppliers, and the low cost of piezoelectric devices. Additionally, the mass production of consumer electronic devices such as smartphones, wearables, and white goods in China is also expected to accelerate market growth in APAC during the forecast period.

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