LONDON, Jan. 26, 2017 /PRNewswire/ --
"Piezoelectric device market projected to grow at a CAGR of 4.88%"
The piezoelectric device market is expected to be valued at USD 31.33 billion by 2022, growing at a CAGR of 4.88% between 2016 and 2022. The increasing demand for piezopolymer and composite material; emerging applications of piezoelectric devices such as low-power and portable-energy sources in healthcare sector and structural health monitoring, computer disk drives, robotics, accelerometers in mobile phones, and notebooks in consumer sector; increase in funding from investors and government; and emerging application of piezoelectric energy harvesting devices are expected to drive the piezoelectric device market during the forecast period. However, it is necessary to find more alternatives to the piezoelectric materials as the high cost of these materials including piezocrystals and lead-based ceramics can pose a limitation in growth of the piezoelectric device market in future.
"Piezoelectric generators to witness fastest growth in the piezoelectric device market"
The overall market for piezoelectric generators is estimated to grow at the highest rate during the forecast period. The piezoelectric generators market would be mainly driven by portable electronic devices such as smartphones, smartwatches, laptops, and so on. Advancements in wearable technology such as smart clothing, fitness wristbands and activity tracker, and portable medical devices that monitor vital signs, medication, and blood sugar, among others would further boost the overall market for piezoelectric generators. These devices need power source to operate. Nanogeneration technology using piezoelectric ceramic such as PZT satisfies the power needs of these devices by harvesting mechanical energy from surrounding medium into electrical energy needed to run these portable consumer devices.
"Industrial and manufacturing application to hold largest share during forecast period"
Industrial and manufacturing application segment leads the piezoelectric device market based on application. Piezoelectric motors, sensors, actuators, and transducers have a number of important uses in industrial processes. Piezoelectric sensors such as ultrasonic sensors are used in sorting and material handling at various stages of manufacturing processes. A level sensor uses sound waves to detect and monitor the level of materials in a bin. This increases automation and accuracy and reduces material loss caused by human errors. Actuators are used to precisely control industrial machining tools. The actuators which use the piezoelectricity of crystals are used widely in high-precision positioning application in manufacturing and inspection equipment since it can control a mechanical displacement at high speed.
"Asia Pacific to hold the largest market size and to grow at the fastest rate during forecast period"
APAC is expected to hold the largest size of the piezoelectric device market by 2022. The market in APAC comprises developing economies such as China, Japan, and South Korea, which have huge potential for the piezoelectric device market for various applications. Some of the major factors that drive the demand for piezoelectric technologies in APAC include increase in adoption of portable electronics technology and growth in the digitalization and information and communication markets. The ongoing urbanization and increasing investment by the global healthcare solution providers in this region are also the major factors contributing to the high demand for the advanced medical solutions and surgical tools in which piezoelectric devices are used.
Break-up of profile of primary participants is given below as:
- By Company Type: Tier 1 = 45 %, Tier 2 = 30% and Tier 3 = 25%
- By Designation: C-level = 38%, Director level = 28%, Others = 34%
- By Region: North America = 48%, Europe = 28%, APAC = 19%, RoW = 5%