Market Scenario:
The global piezoelectric devices market witnesses substantial revenue growth. Rapid adoption in applications ranging from ultrasound equipment and microphone to quartz clock/ watch, industrial applications, and energy harvesting equipment substantiate the piezoelectric devices market size.
With the penetration of smartphones and smart connected devices, the market is projected to garner huge prominence in the next couple of years. According to Market Research Future (MRFR), the global piezoelectric devices industry is estimated to reach exponential heights by 2022, growing at a phenomenal CAGR during the review period (2016 - 2022).
Increasing numbers of patents for wearable gadgets generating small amounts of electricity from simple body movements are key growth propellers for the market growth. In a scenario where growing water scarcity and increasing environmental concerns are prompting the need for clean energy generation, energy harvesting sounds reasonably sensible.
Energy harvesting can provide a fair amount of power. Increasing implementation of piezoelectric sensors in medical applications for various day-to-day applications such as ultrasound imaging fosters the market growth further. Furthermore, extensive uses of piezoelectric actuators in electronics influence the market demand.
With their inherent precision, piezoelectric devices can also 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 increases the market size of piezoelectric devices.
Inventors have proposed many innovative ideas for energy generation 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.
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Piezoelectric Devices Market – Segments
The market is segmented into applications, verticals, and regions. The application segment is sub-segmented into sensors, transducers, motors, energy harvesting, high voltage actuators, and others.
The vertical segment is sub-segmented into oil & gas, automotive, aerospace & defense, medical & healthcare, communication, and others. The region segment is sub-segmented into North America, Europe, APAC, and Rest-of-the-World.
Piezoelectric Devices Market – Geographical Analysis
The Asia Pacific region accounts for the largest market in terms of piezoelectric devices market share globally. Factors such as huge funding from foreign investors and the availability of cost-competitive logistics, raw materials, and workforce encourage manufacturers are major piezoelectric devices market trends.
Besides, high R&D investments and multiplying application areas of the piezoelectric devices are key driving forces behind the regional market growth. Simultaneously, increasing investments in developing these devices enable the region to create a large revenue pocket. Rising popularity of wearables and continuous improvements in warfare platforms give a significant rise to the regional market.
Piezoelectric Devices Market – Competitive Landscape
The market appears highly competitive due to numerous well-established players forming a competitive landscape. Mergers & acquisitions, collaboration, expansion, and innovation remain the key trends for the leading players to maintain their market positions.
Major Players
Players leading the piezoelectric devices market include Morgan Advanced Materials (UK), PI (Germany), Piezosystem Jena (Germany), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), Mad City Labs, Inc. (US), APC International, Ltd. (US), CeramTec (Germany), Noliac A/S (Denmark), and Piezo Systems, Inc. (US), among others.
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Industry/Innovation/Related News:
July 05, 2021 – A research team from Denmark, Norway, and China, studying nanotechnology, nano-optics, and electronics, announced the development of an electrically driven, dynamic microelectromechanical system-optical metasurface platform. Developed by combining a thin-film piezoelectric micromechanical system (MEMS) with a gap-surface plasmon-based optical metasurface (OMS), the platform can regulate phases alongside amplitude modulations reflected light by finely actuating the MEMS mirror.
About Market Research Future:
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