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(Chicago.CityRegions.Com, February 14, 2017 ) According to the new market research report "Piezoelectric Devices Market by Material (Piezoceramics, Piezopolymers, Piezocomposites, Piezocrystals), Product (Actuators, Transducers, Motors, Sensors, Generators), Application (Industrial, Automotive, Healthcare, Consumer) - Global Forecast to 2022", the market is expected to be worth USD 31.33 Billion by 2022, growing at a CAGR of 4.88% between 2016 and 2022. The driving factors for the growth of this market include increasing demand for piezoceramic devices, increased funding from government and investors, emerging energy harvesting techniques, rising demand in automotive sector, and growing popularity of miniaturization technology.
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Piezoceramic materials was the largest segment in terms of market size in 2015
Piezoceramics are the most widely used and commercially accepted piezoelectric material 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. Owing to these properties, piezoceramic material held the largest size of the overall market based on material in 2015.
Piezoelectric actuators expected to dominate the piezoelectric devices market during forecast
Piezoelectric actuators offer benefits in terms of speed, size, reliability, resolution, and vacuum compatibility. In addition, emerging applications of piezoelectric actuators in microactuator medical tools for minimally invasive surgery, microgrippers in manufacturing microsized objects such as stents, and high-temperature actuators for diesel injector valves in automobiles are also expected to propel the growth of the market for piezoelectric actuators.
The market in APAC expected to grow at the highest CAGR during forecast period
APAC is expected to hold the largest size of the piezoelectric device market by 2022. APAC is the largest producer of piezocrystals as it produces around 2 billion piezocrystals every year. 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 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.
Major players in this industry include APC International, Ltd. (U.S.), Exelis (U.S.), Morgan Advanced Materials (U.K.), Physik Instrumente (PI) GmbH & Co. KG.(Germany), piezosystem jena (Germany), CeramTec GmbH (Germany), Piezo Solutions (U.S.), Piezo Systems, Inc. (U.S.), Piezomechanik Dr. Lutz Pickelmann GmbH (Germany), Mad City Labs Inc. (U.S.), US EuroTek, Inc. (U.S.), CTS Corporation (U.S.), and Aerotech Inc. (U.S.).