Piezoelectric Devices Market Trends, Growth, Demand, Share, Opportunities and Forecast 2018-2022
The global Piezoelectric Device Market to grow from USD 23.54 Billion in 2016 to USD 31.33 Billion by 2022, at a CAGR of 4.88% between 2016 and 2022. The increasing application areas for piezocomposite materials in industries and emerging energy harvesting techniques using nonconventional energy sources such as body and facial movements are creating a huge demand for the piezoelectric device market across the world. The major factors driving the growth of the piezoelectric device market include increasing use of piezoelectric devices for energy harvesting applications and increasing funding from government and other investors into the market. Furthermore, the rising automotive sector is expected to drive the market for piezoelectric motors and actuators in the coming years.
The market for piezoceramics held the largest share in the piezoelectric device market owing to its high piezoelectric sensitivity and ability to acquire desired shapes and sizes. Currently, the most widely used piezoelectric ceramic material is lead-zirconate-titanate (PZT). It is used in a variety of applications such as healthcare, industrial and manufacturing, and automotive, among others.
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The global market for piezoelectric actuators and piezoelectric motors is expected to witness a significant growth during the forecast period owing to the benefits like reliability and cost-effectiveness offered by piezoelectric actuators and motors. Increase in demand for ultraprecision motion devices used for purposes such as manufacturing, structural health monitoring, and nondestructive testing and in industries such as automotive and consumer electronics is expected to boost the market during the forecast period. The market for piezoelectric actuators has potential of further development and growth in areas such as autofocus assemblies required in phone cameras, fuel injectors used in the automotive sector, and precision movement application in microelectronics production.
Industrial and manufacturing application is the leading the piezoelectric device market on basis of application. Piezoelectric motors, sensors, actuators, and transducers have a number of important uses in industrial processes. Piezoelectric sensors such as ultrasonic sensors are used in sorting and material handling at various stages involved in manufacturing processes. A piezoelectric level sensor uses sound waves to detect and monitor the level of materials in a bin. This increases automation and accuracy and reduces material loss caused by human error. Actuators are used to precisely control industrial machining tools. The piezoelectric actuators, which use the piezoelectricity of crystals, have been used widely in high-precision positioning application in manufacturing and inspection equipment owing to their ability to control a mechanical displacement at a high speed.
APAC held the highest share in the global piezoelectric device market in 2015. Japan is involved in the researches on piezoelectric materials to a greater extent than any other country. In recent years, Japan has attempted to apply the piezoelectric technology for microscale applications. These attempts include the usage of piezoelectric technology in floors of train stations to generate electricity. Owing to these researches, the market in APAC is expected to grow at the highest rate in the coming years.
A high cost of material involved in manufacturing of piezoelectric products, high cost required for R&D activities related to manufacturing of piezoelectric products, and legal measures which restrict the use of lead in these products are the restraining factors for the market.
Major players in this industry include APC International, Ltd (U.S.), Exelis (U.S.), Morgan Advanced Materials (U.K.), Physik Instrumente (PI) GmbH & Co. KG. (Germany), piezosystem jena (Germany), CeramTec GmbH (Germany), Piezo Solutions (U.S.), Piezo Systems, Inc. (U.S.), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), Mad City Labs Inc. (U.S.), US EuroTek, Inc. (U.S.), CTS Corporation (U.S.), and Aerotech Inc, (U.S.)\
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