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Piezoelectric Devices Market Trends, Growth, Demand, Opportunities by 2022
The overall piezoelectric device market is expected to be valued at USD 31.33 Billion by 2022, growing at a CAGR of 4.88% between 2016 and 2022.
The Piezoelectric Device Market has witnessed significant growth in the last few years. The market has witnessed a major growth in North America and Europe. Currently, APAC is leading the global piezoelectric device market, followed by Europe, owing to the increasing use of these devices by automotive, industrial, manufacturing, and healthcare applications in this region. Some of the major players in the market, such as Exelis (U.S.), Morgan Advanced Materials (U.K.), and Physik Instrumente (PI) GmbH & Co. KG. (Germany), have manufacturing facilities based across these two regions.
Major players in this industry include APC International, Ltd. (U.S.), Exelis (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.), US EuroTek, Inc. (U.S.), CTS Corporation (U.S.), and Aerotech Inc. (U.S.).
Exelis, (U.S.) was acquired by Harris Corp. (U.S.) in 2015, which strengthened its capabilities and expanded its international profile. The company has a broad portfolio of advanced solutions based on piezoelectric technology. Exelis manufactures piezoelectric materials, ceramics, transducers, actuators, and devices. Over the years, the company has launched a series of innovative piezoelectric actuators and transducers used in the defense sector for sonar and ammunition applications. The company mainly operates in the U.S and is one of the key players in the piezoelectric device market.
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Morgan Advanced Materials (U.K.) offers wide range of piezoceramic components such as piezoelectric actuators, motors, sensors, transducers, motion technology products, and energy harvesting devices. Morgan Advanced Materials also has a strong technical base and presence in 50 countries worldwide. It serves the energy, transport, healthcare, electronics, security and defense, petrochemical, and industrial sectors. Over the past few years, the company has launched many innovative products specific for the piezoelectric device market through extensive R&D. In August 2015, it launched a range of passive piezoelectric sensors ideal for detecting and measuring impact forces. These sensors are mainly used as accelerometer sensors to measure vibrations in aerospace applications. Morgan Advanced Materials also manufactures the world’s thickest piezoelectric ceramic blocks that are suited to a range of high-integrity applications such as side-scan sonar and sub-bottom profilers as well as the transducers for surveying systems. These product launches show the company’s dedication toward developing new products through focusing more on its R&D.
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.
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