New York City, NY, 03 February, 2020/ 24 Market Reports: It is estimated for the global piezoelectric devices market to grow from USD 28.4 billion in 2020 and reach that of USD 34.1 billion by 2025 witnessing the growth at a CAGR of 3.3% during the forecast period of 2020 to 2025. Rising demand for piezoelectric devices for energy harvesting, aerospace & defence applications, and growing R&D investments by companies & research universities for innovative piezo solutions are the factors that are driving the growth of the market during the forecast period.
During the forecast period, it is expected for the piezoelectric actuators to hold the largest share in the market. Piezoelectric actuators held the largest share in the market even in the year 2019. Less heat dissipation, less power consumption, fast response, high actuating precision, compact size, high reliability and low cost are the benefits the piezoelectric actuators offer. Automotive, aerospace & defence, biomedical, optics, electronics & semiconductor, scientific instrumentation, photonics, metrology, telecommunications and ultrasonic machine control are the industries the piezoelectric devices find applications in.
Piezoelectric polymers are estimated to witness the growth at the highest CAGR during the forecast period. Low fabrication cost, lightweight, fast processing and their adoption for biological applications such as biosignal acquisition and tissue regeneration/repair support are the various features that are driving the growth of the market during the forecast period. Due to their low cost, highly non-reactive properties, supper-sensitive to pressure and compliance with government regulations such as the restriction of hazardous substances for materials the piezoelectric polymers, polyvinylidene fluoride and pure thermoplastic fluoropolymers are the chosen materials.
In the year 2019, based on applications, the aerospace & defence application held the largest share in the market and the trend is estimated to continue throughout the forecast period. The increasing adoption of piezoelectric device-based products such as sensors, actuators, and motors for aerospace & defence applications is the factor that is driving the growth of the market. For damping undesirable vibrations the piezoelectric actuators are used in different parts of the aircraft. The reduction of sound in helicopters has drawn a lot of interest, however, the technology is also applied in planes, wind turbines, laboratory tables, motors and machine tools.
During the forecast period, it is estimated for the APAC region to hold the largest share in the piezoelectric devices market. The region accounted for the highest share even in the year 2019. The rising foreign investments, the increasing government initiatives, growing population, presence of manufacturers and suppliers in the region, low cost of piezoelectric devices, technological advancements in emerging markets and bulk manufacturing facilities of piezoelectric devices are the factors that are driving the growth for the piezoelectric devices market in the APAC region during the forecast period. China and Japan are the major contributors to the market in the region.
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