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The global piezoelectric
materials market size was USD 1.45 billion in 2023 and is projected to grow
from USD 1.52 billion in 2024 to USD 2.19 billion by 2032, exhibiting a CAGR of
4.7% during the forecast period 2024-2032. The growing development of lead-free
piezoelectric materials due to strict regulations will subsequently foster the
healthy growth of the market, states Fortune Business Insights, in a report,
titled “Piezoelectric Materials Market, 2021-2028.” The market size
stood at USD 1.31 billion in 2020.
Source:
https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938
Market Segments:
Based on material, the market is divided into
piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are
further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics.
In terms of application, the market is classified
into actuators, motors, transducers, sensors, SONAR, generators &
transformers, acoustic devices, resonators, and others.
Based on the end-use industry, the market is
separated into automotive, healthcare, IT & telecom, consumer goods,
aerospace & defense, and others.
Geographically, the market is classified into North
America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
What does the report Include?
The report incorporates an important understanding
of the market, all-inclusive data about prominent players, distinguished facts
and figures, latest developments, key drivers, and restraints, along with
imperative information about dominant regions. Moreover, the report also
provides a brief study on the COVID-19’s impact on the market.
Driving Factor:
High Aerospace & Defense Expenditure to Augment
Growth
Various governments of emerging countries such as
India, China, the U.S., Israel, and Japan are spending heavily on defense
activities owing to growing security concerns. Countries are significantly
investing in military devices such as missile guidance systems, drones, and
radars to consolidate their armed capabilities, which, in turn, will spur
opportunities for the market. Moreover, the growing space exploration
activities have resulted in the high utilization of devices such as sensors,
acoustic devices, and SONARs for research on space objects and related
environments. Piezoelectric
Regional Insights:
Surging Production Capacities to Aid Expansion in
Asia Pacific
The market size in Asia Pacific accounted for USD 0.89 billion in 2020 and is expected to hold the largest piezoelectric materials market share during the forecast period owing to the well-established manufacturing hub for electronics and consumer goods in China, Japan, Taiwan, India, and South Korea.
The global piezoelectric
materials market size was USD 1.45 billion in 2023 and is projected to grow
from USD 1.52 billion in 2024 to USD 2.19 billion by 2032, exhibiting a CAGR of
4.7% during the forecast period 2024-2032. The growing development of lead-free
piezoelectric materials due to strict regulations will subsequently foster the
healthy growth of the market, states Fortune Business Insights, in a report,
titled “Piezoelectric Materials Market, 2021-2028.” The market size
stood at USD 1.31 billion in 2020.
Source:
https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938
Market Segments:
Based on material, the market is divided into
piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are
further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics.
In terms of application, the market is classified
into actuators, motors, transducers, sensors, SONAR, generators &
transformers, acoustic devices, resonators, and others.
Based on the end-use industry, the market is
separated into automotive, healthcare, IT & telecom, consumer goods,
aerospace & defense, and others.
Geographically, the market is classified into North
America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
What does the report Include?
The report incorporates an important understanding
of the market, all-inclusive data about prominent players, distinguished facts
and figures, latest developments, key drivers, and restraints, along with
imperative information about dominant regions. Moreover, the report also
provides a brief study on the COVID-19’s impact on the market.
Driving Factor:
High Aerospace & Defense Expenditure to Augment
Growth
Various governments of emerging countries such as
India, China, the U.S., Israel, and Japan are spending heavily on defense
activities owing to growing security concerns. Countries are significantly
investing in military devices such as missile guidance systems, drones, and
radars to consolidate their armed capabilities, which, in turn, will spur
opportunities for the market. Moreover, the growing space exploration
activities have resulted in the high utilization of devices such as sensors,
acoustic devices, and SONARs for research on space objects and related
environments. Piezoelectric
Regional Insights:
Surging Production Capacities to Aid Expansion in
Asia Pacific
The market size in Asia Pacific accounted for USD 0.89 billion in 2020 and is expected to hold the largest piezoelectric materials market share during the forecast period owing to the well-established manufacturing hub for electronics and consumer goods in China, Japan, Taiwan, India, and South Korea.
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