Piezoelectric Devices Market
Piezoelectric Devices can create electricity when subjected to mechanical stress, similarly, when applied electricity they can generate a stress (traction). Piezoelectric devices are used in situations where mechanical energy is to be converted into electrical energy or vice-versa for instance; converting light, sound, or mechanical pressure into electrical signals. Piezoelectric devices can be utilized in a range of applications; from ultrasound equipment, a microphone, and a quartz clock/ watch to industrial applications and in energy harvesting equipment.
In addition to their inherent precision, piezoelectric devices can be used in environments with strong magnetic fields or cryogenic temperatures environments where conventional devices are unlikely to work. Naturally, the quadrupling applications lead to augmenting the sale which further results in increasing the market size of piezoelectric devices. With the emergence of smartphones and other smart connected devices, piezoelectric devices are garnering a huge market prominence and traction in the global market.
Acknowledging the kind of traction, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global piezoelectric devices market is expected to reach exponential heights by 2022; registering a phenomenal CAGR throughout the review period (2016 to 2022).
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The idea of energy harvesting using piezoelectric devices has caught everyone’s attention. Inventors have proposed all kinds of ideas for storing energy with hidden piezoelectric devices, from shoes that can convert walking movements into heat to keep the feet warm, and cell phones that charge themselves from body movements, to roads that power streetlights, contact lenses that capture energy with a blink, and even gadgets that make energy from the pressure of falling rain.
Inventors have been filing the increasing number of patents for wearable gadgets that can generate small amounts of electricity from simple body movements. In the current scenario where scarcities of water along with the increasing environmental concerns are prompting the demand for clean energy generation, energy harvesting that minimizes waste energy and improves efficiency sounds reasonably sensible.
Energy harvesting can indeed provide a fair amount of power. In the years to come, piezoelectric devices are expected to ascend on exponential heights, heading with the energy harvesting.
Implementation of piezoelectric sensors in medical applications for a variety of day-to-day applications such as Ultrasound Imaging is further fostering the market growth. Similarly, piezoelectric transducers are used in medical ultrasound equipment.
Piezoelectric actuators are extensively used in electronics, and hence, consumer electronics is another key end-user industry that substantiates the market growth of these piezoelectric devices.
Piezoelectric Devices Market – Segments
MRFR has segmented the analysis into three key dynamics; for better understanding:-
By Applications : Sensors, Transducers, Energy harvesting, Motors and High voltage actuators among others.
By Verticals : Oil & Gas, Automotive, Aerospace & Defence, Medical & Healthcare, and Communication among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Piezoelectric Devices Market – Regional Analysis
The Asia Pacific region dominates the global piezoelectric devices market with a significant market share, witnessing huge funding from foreign investors. Furthermore, the availability of cost-competitive logistics such as ample land, raw materials, and workforce encourage manufacturers to shift their production bases to countries such as China and India, which in turn, fosters the market growth in the region.
High investments in R&D and multiplying application areas of the piezoelectric devices are some of the key driving forces behind the growth of this market. Simultaneously, increasing investment put in the development of these devices, especially in India and China are resulting in creating a large revenue pocket for the region.
The European region is another lucrative market for piezoelectric devices. Continuous improvement in warfare platforms with newer and advanced technologies is a key driving factor responsible for the growth of the regional market. European countries such as the U.K. and Germany backed by the enormous investments made in the development of piezoelectric devices and related technologies contributors to the market growth in the region majorly.
The North American region is rapidly emerging as a promising market for piezoelectric devices due to the substantial advancements and the uptake of technologies.
Piezoelectric Devices Market – Competitive Analysis
The market for piezoelectric devices appears to be highly competitive owing to the presence of numerous well-established players having the international and global presence. Mergers & acquisitions, innovation, and brand reinforcement remain the key trends for the leading players. Vendors strive to develop low-cost, compact devices, emphasizing on improved hardware.
To gain a more competitive edge in the market, these key players require more consolidation and integration of this system as a whole. Manufacturers of piezoelectric devices develop a strong, supporting infrastructure to deliver configurable designs.
Key Players
Fervent players driving the market for the Piezoelectric Devices include PI (Germany), Morgan Advanced Materials (UK), Piezosystem Jena (Germany), Mad City Labs, Inc. (U.S.), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), APC International, Ltd. (U.S.), Noliac A/S (Denmark), CeramTec (Germany), and Piezo Systems, Inc. (U.S.).
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