Piezoelectric Devices Market Expected to Grow at 7.0% CAGR

The piezoelectric devices market  size is projected to grow from  USD 32.7  billion in 2023 and is projected to reach USD 46.0  billion by 2028; it is expected to grow at a CAGR of 7.0% from 2023 to 2028.Increasing adoption of piezoelectric devices in energy harvesting is one of the major driver of the market.

Market Dynamics and Growth Factors

1. Technological Advancements

Continuous advancements in piezoelectric materials and manufacturing techniques are expanding the capabilities and applications of piezoelectric devices. Enhanced efficiency, durability, and miniaturization are driving their adoption across various industries.

2. Environmental Benefits

The environmentally friendly nature of piezoelectric energy harvesting aligns with global sustainability initiatives, driving demand from industries seeking to reduce their carbon footprint and achieve energy efficiency goals.

3. Government Initiatives and Regulations

Supportive government policies promoting renewable energy and energy-efficient technologies further bolster the piezoelectric devices market. Incentives for research and development in energy harvesting technologies contribute to market expansion.

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Aerospace and defense application to hold the largest share of the piezoelectric devices market during forecast period.

The aerospace and defense application held the largest share of the piezoelectric devices market in 2022. The aerospace & defense sector needs piezoelectric materials and products that deliver high precision, reliability, and various functionalities, such as the ability to bear launching vibrations and shocks. Piezoelectric products are designed for numerous applications in the aerospace & defense industry, such as gas turbine engines and testing rocket motor combustion instability, cryogenic fuel pulsations, hydraulic pump evaluation, and helicopter health and usage monitoring (HUMS).

Market for piezoelectric actuator is expected to have largest market share during the forecast period.

In 2022, piezoelectric actuators held the largest share of the piezoelectric devices market, and a similar trend is likely to be observed in the coming years. The dominant position of this segment can be attributed to the increasing adoption of piezoelectric actuators in diverse industrial applications such as automotive, aerospace & defense, electronics & semiconductor, biomedical, optics, photonics, scientific instrumentation, telecommunications, ultrasonic machine control, and metrology that require precise position control; for example, in an industrial environment, they are used in the ultrafine-movement stage of semiconductor exposure systems, precision positioning probes, and probes for scanning tunnel microscopy (STM) and atomic force microscopy (AFM).

Market for piezoelectric ceramics to have largest market size during forecast period.

Piezoelectric materials are globally used to manufacture piezoelectric devices and elements such as actuators, sensors, motors, discs, rings, and plates. As piezoelectric materials possess a high degree of stiffness when exposed to mechanical stress and can change shape, these materials are now frequently used in the formulation of several electronic goods such as actuators, transducers, sensors, sonar, generators, and motors., which, in turn, will augment market growth during the forecast period.

Asia Pacific to have largest share of piezoelectric devices market in during the forecast period.

Asia Pacific region is expceted to have largest market size of piezoelectric devices market during the forecast period. China, Japan, and South Korea adopt piezoelectric devices at a higher rate owing to the benefits offered by them, including high accuracy, high sensitivity, and low cost. Moreover, industrial developments and a concentration of manufacturing activities in China and Japan drive economic growth of the region, which, in turn, is expected to result in increased adoption of piezoelectric devices in Asia Pacific.

Key players in the piezoelectric devices market 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) are among the leading companies in the piezoelectric devices market.  Apart from these, Kinetic Ceramics (US), Johnson Matthey Piezo Products GmbH (Germany), PI Ceramic (Germany), Piezo Solutions (US), DYTRAN INSTRUMENTS INCORPORATED (US), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), PiezoMotor (Sweden), PCB Piezotronics, Inc. (US) are among a few emerging companies in the piezoelectric devices market.

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