The piezoelectric devices market is projected to have a growth rate of 3.7 % CAGR over the forecast period 2017-2023. The popularity of this technology is estimated to boost up all across the globe.The Piezoelectric Devices Market to Expand with Significant CAGR by 2023. The key factors that are driving the growth of Market including several things like rising demand for piezoelectric devices for faster energy harvesting, modern aerospace & defense applications, and largely growing R&D investments by major companies & modern research universities for innovative piezo solutions.
The piezoelectric device market is likely to attract massive demand owing to its usage. The market is projected to grow at the highest CAGR during the estimated period. The higher growth of piezoelectric device market is attributed to various developments such as innovation in miniaturization, proper nano scaling (e.g., nanogenerators), precision-motion, and vibration energy harvesting that is shown in various applications. Moreover, piezoelectric generators have the capacity to harvest several mechanical energy from the nearby atmosphere and convert it into electrical energy. Hence, piezoelectric nanogenerators are applied on a higher level in portable consumer electronic devices such as modern smartwatches, lavish smartphones, delicate laptops, and notebooks to meet the standard power requirements.
COVID 19 Impacts and effects
The COVID-19 pandemic has recently affected the growth of the Piezoelectric Devices Market Industry owing to the shutdown of production of bigger manufacturing units. In addition, due to the pandemic, the demand for electronics sectors temporarily decreased as it restricts the spread of the disease and has dabbled the market's future prospects. The various trade tensions and relationships between countries are estimated to affect the market.
Now post COVID-19, there are innovative policies that aim to promote the production of different types of products. The different opening of global economies in various countries is estimated to make a positive impact on the global piezoelectric devices market Trends, as the demand for the devices in the year 2021 can increase the earnings of the market stakeholders. The primary development of readjustment scenarios by companies to combat unforeseen events. Also, the market for Wireless and home office applications are projected to recover in 2021.
Among the several applications, the modern aerospace & defense application has occupied the biggest share of the exclusive piezoelectric devices market in 2019. This can lead to increase adoption of various piezoelectric device-based products such as modern sensors, actuators, and various motors for aerospace & defense modern applications. Piezoelectric actuators are primarily being applied in different parts of modern aircraft for throwing up undesirable vibrations. The lessening of sound levels in small helicopters has caught a lot of attention. However, the advanced technology is also applicable in planes, less costly wind turbines, high-speed motors, machine tools, and advanced laboratory tables.
According to the Market Outlook, during the estimated period, stakeholders will have the maximum share. The application assists the management and the decision-makers to assure that they are working towards the right innovation techniques with the right resources and strategies throughout the product life cycle. It also assists in reforming the resources by optimum planning and facilitating resources and financial hurdles.
The North American region is desired to have the largest share in 2016, while APAC is the next in line in terms of CAGR. There are plenty of factors such as improved and developed IT infrastructure, growing internet penetration, and rising number of connected modern devices that support the growth of piezoelectric devices market.
The various devices are a suitable replacement due to the higher demand for long battery life and the demand for advanced technologies to manage the latest high frequencies and voltages. The upcoming demand for various wideband technologies in the latest smartphones such as detection of precision locating, different tracking, and modern sensor data collection that project and drive its demand and shut the development of various prospects of the latest Piezoelectric Devices Market Analysis, RF GaN industry.
The Piezoelectric Devices Market Report shows that the vendors are creating a major financial investment to develop the product and innovation according to the latest technologies. The major Piezoelectric Devices Market Growth drivers concentrate on building different out-of-the-box processes and applications that can instantly deploy promptly leveraging an integrated product development platform. It requires a robust ecosystem of technology that can support a wide variety of applications.
Cumulative Growth Analysis
There is a serious need for upgrades in the Market Outlook. Continuous innovation is required. The industry needs to develop more innovative equipment to fight the competition.
Value Chain Analysis
There has been a growing demand for Piezoelectric Devices Market Demand everywhere, including the U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, etc. The whole of Japan, the U.S., Canada, and Mexico seem to have the biggest markets. Europe and Asia-Pacific countries are also coming forward. Modern innovation methods are accelerating the growth of the piezoelectric devices market.
Division of Market, on the basis of Product
Division of Market, on the basis of Material
Division of Market, on the basis of Application
The different Governmental agencies, partners and industrial bodies, Investors, and Trade experts are the major stakeholders who are related to piezoelectric devices industry. The concept is gaining momentum. It is becoming an important part of product development. This is the factor for its increasing popularity. Product innovations are on the radar of the companies now; they are spending a large amount on it.
According to worldwide distribution, the piezoelectric devices market is segregated into four different categories on the basis of revenue share, namely North America, Asia Pacific, Europe, and The Rest of the World.
Asia-Pacific is dominating the piezoelectric devices market. The U.S. is leading in terms of revenue generation in the region because of its advanced and modern technological infrastructure, and the existence of many large numbers of manufacturers are projected to grow the piezoelectric device market over the forecast period. The Asia Pacific region is showing enormous growth in the piezoelectric devices market after the North American region. China, Taiwan, Japan, and the Republic of Korea are other prominent countries in the market as they have government agencies that constantly promote these market.
The major competitors in this market are:
According to the process of determining and verifying the growth of the piezoelectric devices market size for several segments and sub-segments are divided into different categories.
The piezoelectric devices market is focused on team collaboration and customer-relationship management. These are major future trends in the market. It is essential for rapid product development and relaxes the coordination between partners and manufacturers across several geographical locations. SMEs are an important part of the economy; there is a continuous demand for innovation, which is also driving the market.
Asia Pacific can dominate the global piezoelectric devices market owing to huge investments in R&D and increasing applications of piezoelectric devices.
Europe follows after APAC in the global piezoelectric devices market.
Piezosystem Jena, APC International, Ltd., Morgan Advanced Materials, Mad City Labs, Inc., Noliac A/S, CeramTec, Piezo Systems, Inc., Piezomechanik Dr. Lutz Pickelmann GmbH, and PI are notable players of the global piezoelectric devices market.
What is a piezoelectric device used for? Piezoelectric generators have the capacity to harvest several mechanical energy from the nearby atmosphere and convert it into electrical energy. Hence, piezoelectric nanogenerators are applied on a higher level in portable consumer electronic devices such as modern smartwatches, lavish smartphones, delicate laptops, and notebooks to meet the standard power requirements.