New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Piezoelectric Devices Global Market Report 2023" - https://www.reportlinker.com/p06310138/?utm_source=GNW
, Morgan Advanced Materials PLC., Physik Instrumente (PI) GmbH & Co. KG, Piezosystem Jena GmbH, PCB Piezotronics, Meggitt Sensing Systems, Bruel and Kjaer, TE Connectivity, US Eurotek Inc., and Noliac A/S.
The global piezoelectric devices market grew from $24.98 billion in 2022 to $26.1 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The piezoelectric devices market is expected to grow to $31.3 billion in 2027 at a CAGR of 4.6%.
The piezoelectric devices market consists of sales of piezoelectric devices made of different materials such as piezoelectric ceramics (PZT), piezoelectric polymers, and piezoelectric composites.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Piezoelectric devices are the devices that utilize the piezoelectric effect to measure pressure, acceleration, temperature, shear stress, or force by converting this into an electric charge. These devices are developed by using piezoceramics materials and employed for process management, quality control, and R&D in various industrial sectors.
Asia-Pacific was the largest region in the piezoelectric devices market in 2022. The regions covered in the piezoelectric devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in piezoelectric devices are piezoelectric sensors, piezoelectric actuators, piezoelectric transducers, piezoelectric motors, and piezoelectric generators that are made up of different materials such as ceramics, crystals, polymers, and composites.Piezoelectric sensors convert physical factors, such as acceleration, pressure, or strain into electrical charges that can subsequently be monitored.
Piezoelectric actuators use the piezoelectric effect to transfer electrical energy into mechanical displacement or stress. The different elements include piezoelectric discs, piezoelectric rings, and piezoelectric plates and are implemented in various areas such as industrial and manufacturing, defense and aerospace, automotive, healthcare, information and communication, and consumer electronics.
Increased R&D expenditures by the key players are contributing to the growth of the piezoelectric devices market.Key players are spending on research and development of piezoelectric devices for new and better applications.
For instance, in November 2020, STMicroelectronics, a Switzerland-based semiconductor manufacturing company, announced the addition of a Piezoelectric (Piezo) MEMS technology research and development line to its 8-inch wafer production facility in Ang Mo Kio, Singapore.Piezo Micro-Electromechanical Systems (MEMS), miniaturized devices used to construct actuators or sensors out of bulk piezo material, would be the focus of the new business.
Therefore, the increased R&D expenditures by the manufacturers for the development of piezoelectric devices for different industry is driving the growth of the piezoelectric devices market.
Technological advancements in piezoelectric material and polymers are shaping the piezoelectric devices market. 3D printed piezoelectric materials are increasingly been developed by researchers and engineers to overcome the shapes and raw materials restrictions of piezoelectric materials. 3D Printed piezoelectric materials are designed to convert impact, movement, and stress from any direction to electrical energy. For instance, in February 2021, Researchers from Korea’s Jeonbuk National University and Chinese material provider Wuhan Chamtop innovated 3D printed novel wearable self-powered sensors. The sensors detect and convert pressure inputs supplied by human movement using piezoelectric energy, signifying a significant advancement in developing high-performance additive wearable electronics.
In March 2021, Piezo Motion Corp, a US-based company committed to the development of high precision piezoelectric motion technology, acquired Discovery Technology International, Inc., for an undisclosed amount. Piezo Motion released a full product line of precision energy-efficient piezo motors with the acquisition, making the technology accessible for a wide range of motion control applications at scale in an expanding number of sectors. Discovery Technology International, Inc. is a US-based company headquartered in Florida that specializes in the design and production of ultrasonic standing wave-type piezoelectric motors.
The countries covered in the piezoelectric devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The piezoelectric devices market research report is one of a series of new reports that provides piezoelectric devices market statistics, including piezoelectric devices industry global market size, regional shares, competitors with a piezoelectric devices market share, detailed piezoelectric devices market segments, market trends and opportunities, and any further data you may need to thrive in the piezoelectric devices industry. This piezoelectric devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310138/?utm_source=GNW
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