Piezoelectric Market to increase by USD 10.76 billion during 2022 to 2027; Growing demand for energy-efficient solutions boosts the market growth - Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The piezoelectric market size is expected to grow by USD 10.76 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of  5.94% during the forecast period. The market is segmented by product (actuators and piezo generators, sensors and transducers, motor, acoustic devices, and resonators and others), material (ceramics, polymers, composites, and crystals), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

Growing demand for energy-efficient solutions drives the market growth. There has been an increase in demand for energy-efficient solutions in the global piezoelectric market due to the growing awareness about the environmental impact of traditional energy sources, as well as the need for sustainable energy options. Furthermore, the growing demand for energy-efficient solutions is driving the market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the piezoelectric market: Amphenol Corp., APC International Ltd., CEDRAT TECHNOLOGIES SA, CeramTec GmbH, CTS Corp., Dynamic Structures and Materials LLC, HOERBIGER Holding AG, Hutchinson SA, Kistler Holding AG, Kyocera Corp., L3Harris Technologies Inc., Mad City Labs Inc., Micromechatronics Inc., Morgan Advanced Materials Plc, Parker Hannifin Corp., Physik Instrumente GmbH and Co. KG, Piezo Kinetics Inc., Piezomechanik Dr. Lutz Pickelmann GmbH, Sparkler Ceramics Pvt. Ltd., and TDK Corp.
• Piezoelectric Market is fragmented in nature.
• Market to observe 4.78% YOY growth in 2023.

Market Dynamics:

Trend

• The rise in adoption of piezoelectric devices in the energy sector is a primary trend in the market.
• Factors such as the unique capabilities and advantages offered by piezoelectric technology are fuelling the market growth.
• In addition, the adoption in the energy sector is fuelled by the unique ability of these devices to convert mechanical energy into electrical energy.
• Hence, such factors are driving the market growth during the forecast period.

Challenges

• One of the main factors contributing to the production cost of piezoelectric devices is the specialized material requirements.
• Moreover, the manufacturing process is complex and needs precise engineering and specialized equipment leading to high investment.
• Hence, such factors are hindering the market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

The market share growth of the actuators and piezo generators segment is significant during the forecast period. Actuators refer to devices that convert electrical energy into mechanical motion, and piezoelectric actuators especially use the piezoelectric effect to achieve this conversion. In addition, there is a growing adoption of actuators in robotics for robotic arms, fingers, and grippers to provide precise and fast motion control. which is fuelling the growth of this segment which in turn drives the market growth.

 Get a glance at the market contribution of the segments, Request a FreeSample  

The professional lighting market size is estimated to grow at a CAGR of 6.75% between 2023 and 2028. The market size is forecast to increase by USD 29.82 billion. 

The commercial food scales market size is estimated to grow at a CAGR of 3.82% between 2023 and 2028. The market size is forecast to increase by USD 129.26 million. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Material

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio