Piezoelectric Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Piezoelectric Device Market is expected to register a CAGR of over 6% during the forecast period (2021 - 2026). Piezoelectric materials having the unique characteristic of charge reversibility which allows them to exhibit direct as well as the converse piezoelectric effect thereby creating huge opportunities across various end-user sectors.

• With the development of wireless technology and micro-electro-mechanical technology, the flaws of electrochemical batteries as power sources have gradually been substituted by the integration of piezoelectric technology, thereby driving the demand for piezoelectric devices.
• Based on the piezoelectric vibration energy harvesters, the improvements on the structure design of electronic circuit components were getting high adoption in view of the energy harvesting efficiency along with their advantages of simple structure, no pollution and easily microminiaturizing, thereby generating high demand across the electrical as well as consumer electronics sector.
• Growing application of piezoelectric devices to save costs and meet the requirements of specific applications provides benefits in terms of speed, size, reliability, resolution and vacuum compatibility for application such as micro-actuator medical tools for invasive surgery in healthcare sector, as well as micro-gripper to manufacture high-temperature diesel injector valves across the automobile industry is expected to drive growth during the forecast period.

Key Market Trends

Manufacturing and Industrial Sector is Gaining Traction During the Forecast Period

• Technological developments across the manufacturing industry due to the growing integration of piezoelectric crystal technology have seen the advent across the industrial products for the automation process, which provides high torque density, long life, and high motor efficiency.
• Also, the advancements in piezoelectric technology have been aimed at increasing the overall performance of the product, thereby catering to the increasing demand for the efficiency of the devices across the industrial sector.
• The applications in the industrial sector include conditioning systems, due to the high significance of energy consumption, along with the growing adoption of a broad range of piezoelectric motors across the industrial sector is driving the demand in a number of topologies, to balance high efficiency, reliability, size, weight, and power.

North America to Register as the Largest Growing Region During the Forecast Period

• The market in North America comprises developing economies across the United States and Canada with the increasing adoption of Piezoelectric Devices in the portable electronics technology & communications industry, along with advanced medical solutions and surgical tools that are expected to drive the market during the forecast period.
• High investment in R&D across some of the prominent manufacturers of piezoelectric devices in the North America region such as APC International Ltd., Aerotech Inc., Morgan Advanced Materials, is expected to drive the growth of the market during the forecast period.
• With a growing focus on energy-efficient solutions, industries across the region are deploying across various segments of the factory operations of the electro-mechanical sector, thereby augmenting the market for piezo-electric components. For instance, Canada is focusing heavily on energy consumptions with programs, like CIPEC (Canada Industry Program for Energy Conservation), that is further expected to drive the market of piezo-electric devices across the region.

Competitive Landscape

Piezoelectric Device Market is moderately competitive and consists of a few major players. In terms of market share, some of the players currently dominate the market. However, with the advancement in the electro-mechanical sensor's components, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.

• June 2019 - PI Ceramic introduces piezo ceramics for a wide range of applications with a focus on various solutions for applications in medical technology, fluidics, ultrasonic measuring technology, or smart metering.
• January 2019 - Aerotech, Inc. and Micronix USA announce a strategic partnership to offer complementary precision motion products to the industrial markets. The collaboration will expand the capabilities of each company allowing for further industry applications that require powerful, easy-to-use nanopositioning products.

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