Piezoelectric Elements Market Outlook
The global piezoelectric elements market was valued at USD 602.1 Mn in 2020 and is anticipated to reach USD 1,060.2 Mn by 2028, expanding at a CAGR of 7.7% during the forecast period. The piezoelectric element is an electromechanical transducer, which is made using piezoelectric materials of a definite shape and angle, relative to crystallographic axes.
Mechanical energy is transformed into electrical and electrical into mechanical using crystallographic axes. These elements have a unique characteristic: the element vibrates or elongates when an external voltage is applied, similar to the electricity generated when external density is applied. Types of the piezoelectric element include PZT-based lead zinc titanates, PMN-based lead magnesium niobate, and others.
Market Dynamics
Rising adoption of piezoelectricity in industrial application
Rising adoption of piezoelectricity in industrial applications such as diesel fuel injectors, cell phones, acoustic guitar pickups, ultrasonic transducers, grill igniters, vibration sensors, musical greeting cards, and certain printers is fueling the piezoelectric elements market. The industrial sensors use piezoelectric sensors, piezoelectric motors, and piezoelectric relays for power supply and voltage.
Piezoelectric materials used in the motors offer advantages such as precise and predictable characteristics, this material uses piezoelectric elements for moving a linear or rotor element in precise increments. Piezoelectric elements are in piezoelectric relays for actuating electromechanical switches or relays. The growth of the industrial application sector is expected to increase the demand for piezoelectric sensors, piezoelectric motors, and piezoelectric relays, which in turn, is projected to drive the demand for piezoelectric elements during the forecast period.
Increasing automation in end-use industries such as electronics and automotive
End-use industries such as electronics and automotive manufacturing are incorporating automation in manufacturing lines, which has augmented the demand for devices such as transducers, sensors, motors, and actuators to smoothly run production lines. These gadgets utilize the properties endowed by the piezoelectric materials, which is made using piezoelectric element for measuring various quantities such as pressure, acceleration, acoustic intensity, and strain, thus high demand for such element is projected to expand significantly with the growing dependence of industries on automation.
Rising spending on aerospace & defense devices such as missile guidance systems, drones, and radars
Governments of countries such as China, the US, India, Japan, and Israel have considerably increased the defense activities budget in the recent years. Governments are investing on building devices such as drones, radars, and missile guidance systems to support the armed force capabilities. Moreover, increase in activities of space exploration has fuelled the usage of devices such as acoustic devices, SONARs, and sensors to study space objects and associated environments.
These devices need special materials, which are made of the piezoelectric elements to detect the changes in their range and provide consistent & accurate results. Rising spending on aerospace & defense devices such as missile guidance systems, drones, and radars, which use piezoelectric elements is expected to drive the market during the forecast period.
Growing demand for substitutes including dielectric and inherently conductive polymers in manufacturing actuators
Increasing demand for substitutes such as dielectric and conductive polymers for manufacturing actuators due to product advancements by companies such as Parker and Solvay is projected to hamper the market. Furthermore, rising demand for lightweight components and huge scope of innovation and product development through customization and design flexibility are driving the demand for conductive polymers. Conductive polymers are suitable for products, which requires space and weight considerations such as portable consumer electronics.
Combining piezoelectric elements with MEMS technology for energy savings and miniaturization
Combining piezoelectric elements with MEMS technology for energy savings and miniaturization is expected to create opportunities in the market during the forecast period. Piezoelectric elements possess properties such as generating voltage, incorporated in a wide range of electronic devices, autofocus systems from conventional inkjet print heads in standard and infrared cameras.
These elements are combined with micro-electromechanical systems (MEMS) technology, which is used in gyroscopes and accelerometers to simplify the design to decrease the size of processing regulators, resulting in increased performance, end-product miniaturization, and reduce costs. Moreover, energy-saving features of the piezoelectric elements that need slight power during backup, are garnering increased attention, mainly in the sensor industry.
The application of piezoelectric MEMS includes infrared sensors and cameras, microphones and speakers, inkjet printheads, energy harvesting, autofocus function in cameras, and actuator/nozzle control.
Segmental Outlook
The global piezoelectric elements market is segmented on the basis of types, applications, shpaes, and regions.
On the basis of types, the piezoelectric elements market is segmented into PZT-based (lead zinc titanates), PMN-based (lead magnesium niobate), and others. In terms of value, the PZT-based (lead zinc titanates) segment is expected to expand at a CAGR of 6.2% during the forecast period, as it is used for manufacturing actuators and transducers, as the performance of the element is easily modified on the basis of the usage of doping materials.
Based on shapes, the market is divided into disks, rings, plates, tubes/cylinders, and others. The ring segment is anticipated to expand at a CAGR of 6.1%, in terms of value, during the forecast period, due to owing to its increasing adoption in the healthcare sector, as it is extensively used in phacoemulsification, ultrasonic scalpel, debriding, cauterization, therapeutic ultrasound, and ultrasonic aspirators.
In terms of applications, the market is segregated into industrial & manufacturing, aerospace & automotive, consumer electronics, medical, military, and others. In terms of value, the industrial and manufacturing segment is expected to grow at a CAGR of 5.3% during the forecast period, piezoelectric elements are used in piezoelectric motors, actuators, sensors, and transducers, which have a variety of uses in industrial practices. Growing demand for miniaturization, precision, and high accuracy in the manufacturing industry.
Regional Outlook
Based on regions, the global piezoelectric elements market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold a significant share of the market. Asia Pacific has emerged as a manufacturing hub for consumer goods and electronics. Countries such as Japan, China, Taiwan, South Korea, and India are focusing on expanding their production capabilities, which in turn, is driving the demand for piezoelectric elements in the region.
The market in Europe is projected to expand at a CAGR of 6.3% during the forecast period, owing to the presence of lucrative healthcare, industrial & manufacturing, and automotive industries in the region. These elements are used in products such as ultrasound devices and diagnostic and therapeutic equipment and surgical tools. Furthermore, the presence of market players such as such as PI Ceramic GmbH in the region is driving the market in Europe.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global piezoelectric elements market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global piezoelectric elements Market Performance
Segments
By Types
- PZT-Based (Lead Zinc Titanates)
- PMN-Based (Lead Magnesium Niobate)
- Others
By Shapes
- Disks
- Rings
- Plates
- Tubes/Cylinders
- Others
By Applications
- Industrial & Manufacturing
- Aerospace & Automotive
- Consumer Electronics
- Medical
- Military
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- KYOCERA Corporation
- PZT Electronic Ceramic Co.,Ltd
- CTS Corporation
- PI Ceramic GmbH
- CTDCO
- Fuji Ceramics Corporation
- Piezo Technologies
- BeStar Electronics Co., Ltd,
- TRS Technologies, Inc.
- Kinetic Ceramics
- Zibo Yuhai Electronic Ceramic Co., Ltd.
- APC International
- Piezo Kinetics
- Sparkler Ceramics
- Weifang Jude Electronic Co.,Ltd
Competitive Landscape
- Top players in the market include KYOCERA Corporation, PZT Electronic Ceramic Co.,Ltd, CTS Corporation, PI Ceramic GmbH, CTDCO, Fuji Ceramics Corporation, Piezo Technologies, BeStar Electronics Co., Ltd, TRS Technologies, Inc., Kinetic Ceramics, Zibo Yuhai Electronic Ceramic Co., Ltd., APC International, Piezo Kinetics, Sparkler Ceramics, and Weifang Jude Electronic Co.,Ltd. These companies are considered as key manufacturers of piezoelectric element based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the piezoelectric elements market.
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