The global piezoelectric devices market size is expected to advance at a CAGR of 5.8% during 2022–2030, to reach USD 48.5 billion by 2030.
The growth is mainly attributed to the booming usage of piezoelectric instruments in the electronics, defense, manufacturing, automotive, and aerospace industries and the increasing adoption of energy harvesting systems to meet the burgeoning electricity requirement.
The industrial manufacturing category is expected to grow at a significant rate. Piezoelectric sensors, transducers, actuators, accelerometers, and motors have been used in various industrial applications for a long time. Specifically, piezoelectric actuators are used to precisely control industrial machining tools. Other such devices are used for high-precision positioning mechanisms, mainly for the inspection of industrial equipment. These instruments are capable of controlling mechanical displacements at high speeds and less time. A range of piezoelectric transducers that sense vibration, pressure, and ultrasonic energy are used in the manufacturing industry.
The APAC region is expected to grow at the highest rate over the forecast period, because of the strong presence of market players in the region. China and Japan are the largest producers of consumer electronics and piezoelectric materials. Moreover, the Indian, Chinese, and South Korean governments are providing subsidies and other allowances to electronics companies to set up their manufacturing units in these countries. Many of the major players in the region are spending huge amounts on R&D, which will boost the market advance further in the region.
For instance, in October 2020, STMicroelectronics unveiled an 8-inch R&D line within its existing manufacturing facility in Singapore, to advance the adoption of piezoelectric MEMSs. Set up under a collaboration with A*STAR’s IME and ULVAC, this facility will be operated jointly.
Similarly, in India, the surging population is boosting the demand for electricity. In this regard, the usage of energy harvesting systems could help protect natural resources. In the country, almost 70% of the population lives in rural areas, nearly 44% of which has access to electricity. The government has placed piezoelectric sensors on highways so that they can generate energy for supply to almost every part of India. This system generates energy through piezoelectric slabs; whenever a vehicle passes over the sensors, they convert the pressure and vibrations to energy, which is stored in batteries or ultra-capacitors.
Some of the major players operating in the piezoelectric devices market are CeramTec GmbH, The Kistler Group, Physik Instrumente (PI) GmbH & Co. KG, piezosystem jena GmbH, HongKong Piezo Company Limited, Mad City Labs Inc., TE Connectivity Ltd., DYTRAN INSTRUMENTS ELPA, Kinetic Ceramics, and Omega Piezo Technologies Inc.