Industrial and manufacturing application segment to hold second largest share of the piezoelectric devices market

The piezoelectric devices market is valued at USD 32.7 billion in 2023 and is projected to reach USD 46.0 billion by 2028, growing at a CAGR of 7.0% from 2023 to 2028. The increasing adoption of piezoelectric products in the aerospace & defence, healthcare and automotive industry, are among factors that contribute to the growth of the piezoelectric devices Industry .

Piezoelectric Devices Market Dynamics

Drivers: High adoption of piezoelectric products in aerospace industry

Major players from the aerospace industry are often involved in the manufacturing, selling, and servicing commercial aircraft, space vehicles, and satellites. The industry requires advanced and improved solutions to increase the efficiency, durability, and performance of aircraft, planes, helicopters, submarines, etc. Piezoelectric actuators are used in the active vibration damping technique to check various mechanical structures and parts of modern aircraft to prevent undesirable vibrations, reduce noise levels, lower fuel consumption, and minimize energy waste in aircraft.

Opportunity: Rising adoption of piezoelectric devices and polymers in biomedical and surgical applications

Piezoelectric polymers are elastic and lightweight; these are beneficial features for many biomedical devices. Polyvinylidene fluoride (PVDF) and its copolymers are the most investigated materials due to their high piezoelectricity, significant chemical resistance, thermal stability, good processability, and mechanical properties. PVDF is the most widely used piezopolymer for tissue engineering applications—a piezoelectric scaffold made from PVDF can provide the necessary stimulation for regenerating damaged bone or cartilage and promoting neuron growth and wound healing.

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Piezoelectric composite expected to hold the second highest CAGR of the piezoelectric devices market during forecast period

Piezoelectric composites are expected to exhibit significant growth during the forecast period. The composite piezoelectric materials offer various advantages, such as high coupling factor, low acoustic impedance, strong water or human tissue matching, mechanical stability, and wide bandwidth. Hence, they are widely used in many industries, such as healthcare, aerospace & defense, electronics, and automotive. The rising use of composites as a filler owing to their excellent electro-acoustic efficiency and high bandwidth is expected to have a crucial impact on the market.

Industrial and manufacturing application segment to hold second largest share of the piezoelectric devices market during forecast period

In 2022, piezoelectric transducers held the largest market share for industrial and manufacturing applications. Piezoelectric transducers are used for accurate and repeated pressure measurements in high-temperature applications such as steel production, injection molding, die casting, and chemical production. Also, they offer high sensitivity, enhanced sound pressure levels (SPLs), and stable electrical and mechanical characteristics. Piezoelectric transducers are primarily used for engine optimization, emission control, and safety enhancement in the automotive industry.

Key Market Players

Major vendors in the piezoelectric devices companies include CeramTec GmbH (Germany); CTS Corporation (US); Kistler Group (Switzerland); Physik Instrumente (PI) GmbH & Co. KG. (Germany); piezosystem jena GmbH (Germany); Piezo Technologies (US); Aerotech Inc. (US); APC International, Ltd., (US); Mad City Labs, Inc. (US).

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