The global piezoelectric devices market is projected to reach USD 35.4 billion by 2026 from an estimated USD 28.7 billion in 2021, at a CAGR of 4.3% from 2021 to 2026. Surging need for high-performance sensors witnessed by aerospace industry is among the factors driving the growth of the piezoelectric devices market.
In 2020, piezoelectric actuators held the largest share of the piezoelectric devices market, and a similar trend is likely to be observed during the forecast period. The growth of this market can be attributed to the increasing adoption of piezoelectric actuators in automotive, aerospace and defense, electronics and semiconductor, biomedical, optics, photonics, scientific instrumentation, telecommunications, ultrasonic machine control, and metrology applications that require precise position control; for example, in an industrial environment, they are used in the ultrafine-movement stage of semiconductor exposure systems, precision positioning probes, and probes for scanning tunnel microscopy (STM) and atomic force microscopy (AFM).
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In 2020, piezoelectric ceramics held the largest share of the piezoelectric devices market, and a similar trend is likely to be observed during the forecast period. Several factors are responsible for the growing use of piezoelectric ceramics; both direct and converse piezoelectric effects are prominent when piezoelectric ceramics are used. Piezoelectric ceramics consist of high piezoelectric sensitivity and can acquire various shapes. They also offer fast response time, high output, high frequency and can be used with low-voltage or high-voltage drive circuits. They are available in a wide variety of shapes and sizes.
The aerospace and defense application held the largest share of the piezoelectric devices market in 2020, and a similar trend is likely to be observed during the forecast period. The aerospace industry faces different challenges, such as harsh environments due to changes in humidity, temperature, pressure, speed, and loading conditions, and these effects bring a lot of stress on the aircraft frame. Piezoelectric sensors are being employed to measure variables such as strains and other mechanical changes to the structure. Active vibration damping systems used in the aerospace & defense sector generally focus on high-amplitude and low-frequency vibrations, which require powerful and large stroke actuators. Therefore, piezoelectric actuators are predominantly used in different parts of aircraft for damping undesirable vibrations.
In 2020, APAC held the largest share of the overall piezoelectric devices market, followed by Europe, North America, and RoW. The piezoelectric devices market in APAC is projected to grow at the highest CAGR from 2021 to 2026. China, Japan, and South Korea adopt piezoelectric devices at a higher rate owing to the benefits offered by them, including high accuracy, high sensitivity, and low cost. Moreover, industrial developments and a concentration of manufacturing activities in China and Japan drive economic growth of the region, which, in turn, is expected to result in increased adoption of piezoelectric devices in APAC.
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