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(Chicago.CityRegions.Com, December 16, 2016 ) According to the new market research report "Piezoelectric Devices Market by Material (Piezoceramic, Piezopolymer, Piezocomposite), Product (Actuators, Transducers, Motors, Sensors, Generators), Application (Industrial, Automotive, Medical, Consumer) & Geography - Global Trend & Forecast to 2020", on piezoelectric devices, the market is expected to reach USD 27.24 Billion by 2020 from USD 20.35 Billion in 2015, growing at a CAGR of 6.01% between 2015 and 2020. The driving factors for the growth of this market include increasing demand for piezoceramic devices, increased funding from governments and investors, emerging energy harvesting techniques, recovering automotive sector, and growing popularity of miniaturization technology.
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Piezoceramic material was the biggest segment in terms of market size in 2014:
Piezoceramics are the most widely used and commercially accepted piezoelectric materials as they exhibit larger displacements or induce larger electric voltages than other conventional ceramic materials such as quartz, berlinite, and topaz. In addition, piezoceramic materials are cost effective and can be easily tailored to meet the requirements of specific applications. Therefore, piezoceramics is the most preferred material for manufacturing piezoelectric devices. Due to these properties, piezoceramic materials held the largest market in 2014.
Piezoelectric actuator devices expected to dominated the piezoelectric devices market during the forecast period:
Piezoelectric actuators offer benefits in terms of speed, size, reliability, resolution, and vacuum compatibility. In addition, emerging applications of piezo actuators in micro-actuator medical tools for minimally invasive surgery, micro-grippers in manufacturing microsized objects such as stents, and high temperature actuators for diesel injector valves in automobiles are expected to propel the growth of the piezoelectric actuators market.
The industrial & manufacturing segment expected to dominate the piezoelectric devices market during the forecast period:
The piezoelectric devices market for industrial & manufacturing applications is a fairly mature market, which holds the largest share among all the other piezo applications. Piezoelectric motors, sensors, actuators, and transducers have a variety of significant uses in industrial processes. The demand for high accuracy, miniaturization, and precision in the manufacturing industry is driving the market for piezoelectric devices. Technologies such as micro-motion and integrated thin-film are driving the demand for piezo motors in the manufacturing sector as these motors offer advantages such as higher precision, greater miniaturization, and better performance over the conventional electric motors. The piezoelectric transducers are used for accurate and repeatable measurement for all pressure ranges and most temperature applications such as oil and gas services, steel production, injection molding, die casting, and chemical production.
The market in APAC expected to grow at the highest CAGR during forecast period
APAC is expected to hold the largest share of the piezoelectric devices market by 2020. APAC is the largest producer of piezocrystals as it produces around 2 billion piezocrystals annually. These piezocrystals have applications in consumer electronics. The market in APAC comprises developing economies such as China and India, which have huge potential for piezoelectric device applications. Some of the major factors that drive the demand for piezoelectric technologies in APAC are increase in adoption of portable electronics technology and growth in the digitalization and information and communication markets. The increasing demand for piezoelectric devices from the medical sector in APAC is also expected to propel market growth. The ongoing urbanization and increasing investment by the global healthcare solution providers in this region are the major factors contributing to the high demand for advanced medical solutions and surgical tools in which piezoelectric devices are used.
Some of the major players in this market include APC International, Inc. (U.S.), Exelis, Inc. (U.S.), Morgan Advanced Materials (U.K.), PI (Germany), Piezosystem Jena (Germany), CeramTec GmbH (Germany), Piezo Solutions (U.S.), Piezo Systems, Inc. (U.S.), Piezomechanik GmbH (Germany), Mad City Labs, Inc. (U.S.), and US Eurotek, Inc. (U.S.).