Piezoelectric Elements Market Overview
As per MRFR analysis, the Piezoelectric Elements Market Size was estimated at 5.97 (USD Billion) in 2022.
The Piezoelectric Elements Market Industry is expected to grow from 6.43(USD Billion) in 2023 to 12.4 (USD Billion) by 2032. The Piezoelectric Elements Market CAGR (growth rate) is expected to be around 7.57% during the forecast period (2024 - 2032).
Key Piezoelectric Elements Market Trends Highlighted
The Piezoelectric Elements Market is primarily driven by the increasing demand for sensors and actuators in various industries. The automotive sector, in particular, is a major consumer of piezoelectric elements, which are employed in engine control, fuel injection systems, and tire pressure monitoring systems. The growing adoption of wearable devices, smartphones, and IoT devices has also contributed to the rising demand for piezoelectric elements for vibration sensing, ultrasonic imaging, and energy harvesting applications.
Key market opportunities include the development of new materials and technologies that offer enhanced performance and reliability. For instance, the emergence of composite piezoelectric materials with improved electromechanical coupling and temperature stability has opened up new possibilities in high-power applications. Additionally, the trend toward miniaturization and low-power consumption is driving the development of compact and efficient piezoelectric elements for use in small-scale devices and wearable technologies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Piezoelectric Elements Market Drivers
Rising Demand for Piezoelectric Sensors in Automotive and Medical Applications
The Piezoelectric Elements Market is projected to witness significant growth in the coming years, driven by the increasing demand for piezoelectric sensors in automotive and medical applications. Piezoelectric sensors are used in a wide range of applications, including accelerometers, pressure sensors, and ultrasonic transducers. The automotive industry is a major consumer of piezoelectric sensors, which are used in applications such as airbag deployment, tire pressure monitoring, and engine control.The medical industry is another major consumer of piezoelectric sensors, which are used in applications such as ultrasound imaging, surgical tools and patient monitoring.
The rising demand for piezoelectric sensors in these industries is expected to drive the growth of the Piezoelectric Elements Market. In addition to the automotive and medical industries, piezoelectric sensors are also used in a variety of other applications, including consumer electronics, industrial automation, and aerospace.The increasing demand for piezoelectric sensors in these applications is expected to further contribute to the growth of the Piezoelectric Elements Market.
The Piezoelectric Elements Market is expected to grow from USD 6.43 billion in 2023 to USD 12.4 billion by 2032, at a CAGR of 7.57%. The Asia-Pacific region is expected to be the fastest-growing region in the Piezoelectric Elements Market due to the increasing demand for piezoelectric sensors in the automotive and medical industries in this region.Some of the key players in the Piezoelectric Elements Market include Murata Manufacturing Co., Ltd., Kyocera Corporation and TDK Corporation. These companies are investing in research and development to develop new piezoelectric materials and technologies, which is expected to drive the growth of the Piezoelectric Elements Market.
Technological Advancements in Piezoelectric Materials and Manufacturing Processes
The Piezoelectric Elements Market is also being driven by technological advancements in piezoelectric materials and manufacturing processes. The development of new piezoelectric materials with improved performance and reliability is expected to lead to the development of new and innovative piezoelectric sensors and devices. In addition, advancements in manufacturing processes are also expected to contribute to the growth of the Piezoelectric Elements Market.The development of new manufacturing processes that can produce piezoelectric elements with higher precision and lower cost is expected to make piezoelectric sensors and devices more affordable and accessible to a wider range of applications. The combination of technological advancements in piezoelectric materials and manufacturing processes is expected to drive the growth of the Piezoelectric Elements Market in the coming years.
Government Regulations and Initiatives Promoting the Adoption of Piezoelectric Sensors
Government regulations and initiatives promoting the adoption of piezoelectric sensors are also expected to drive the growth of the Piezoelectric Elements Market. Governments around the world are increasingly implementing regulations that require the use of piezoelectric sensors in certain applications. For example, many governments have implemented regulations that require the use of piezoelectric sensors in airbags and tire pressure monitoring systems in automobiles.In addition, governments are also providing financial incentives to businesses that adopt piezoelectric sensors. For example, the US government provides tax credits to businesses that invest in piezoelectric sensors. Government regulations and initiatives are expected to continue to drive the growth of the Piezoelectric Elements Market in the coming years.
Piezoelectric Elements Market Segment Insights
Piezoelectric Elements Market Application Insights
The Piezoelectric Elements Market is segmented by Application into Sensors, Actuators, Transducers, Energy Harvesting and Medical. Sensors accounted for the largest share of the Piezoelectric Elements Market in 2023, and this trend is expected to continue during the forecast period. This is due to the increasing demand for sensors in various industries, such as automotive, healthcare, and consumer electronics. The growing adoption of IoT devices and the increasing use of sensors in wearable devices are also contributing to the growth of this segment.
Actuators are expected to be the fastest-growing segment of the Piezoelectric Elements Market during the forecast period. This growth is being driven by the increasing demand for actuators in robotics, automation and medical devices. The growing adoption of electric vehicles is also contributing to the growth of this segment. Transducers are used to convert one form of energy into another. In the Piezoelectric Elements Market, transducers are used to convert mechanical energy into electrical energy and vice versa. The demand for transducers is expected to grow during the forecast period due to the increasing use of transducers in renewable energy applications, such as solar and wind power generation.
Energy harvesting is a process of converting ambient energy into electrical energy. Piezoelectric elements can be used to harvest energy from vibrations, heat and other sources. The energy harvesting segment of the Piezoelectric Elements Market is expected to grow during the forecast period due to the increasing demand for energy-efficient devices and the growing adoption of renewable energy technologies. Medical applications of piezoelectric elements include ultrasonic imaging, surgical tools, and drug delivery devices. The medical segment of the Piezoelectric Elements Market is expected to grow during the forecast period due to the increasing demand for medical imaging and surgical procedures.The growing adoption of minimally invasive surgical procedures is also contributing to the growth of this segment. Overall, the Piezoelectric Elements Market is expected to grow significantly during the forecast period. The growth of the market is being driven by the increasing demand for piezoelectric elements in various applications, such as sensors, actuators, transducers, energy harvesting and medical devices.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Piezoelectric Elements Market Material Type Insights
The Piezoelectric Elements Market segmentation by Material Type includes Piezoceramics, Piezoelectrics, Piezopolymers and Single crystals. Piezoceramics held the largest revenue share in 2023, owing to their high piezoelectric coefficients and mechanical strength. Piezoelectrics are expected to witness significant growth during the forecast period due to their increasing adoption of sensors and actuators. Piezopolymers offer advantages such as flexibility and low cost, making them suitable for various applications. Single crystals provide high precision and stability, catering to specialized applications in the aerospace and defense industries.
Piezoelectric Elements Market End-User Industry Insights
The Piezoelectric Elements Market segmentation by end-user industry offers insights into the diverse applications of piezoelectric elements across various sectors. The automotive industry holds a significant market share, driven by the crescent demand for sensors and actuators in advanced driver-assistance systems (ADAS) and autonomous vehicles. In 2023, the automotive segment accounted for approximately 35% of the Piezoelectric Elements Market revenue. The aerospace defense sector is another prominent end-user industry, utilizing piezoelectric elements in aircraft sensors, sonar systems and vibration control applications.The medical industry also presents a substantial market opportunity, with piezoelectric elements employed in medical imaging, surgical tools and drug delivery systems. Furthermore, the industrial sector finds applications for piezoelectric elements in automation, robotics and precision measurement equipment. Lastly, the consumer electronics industry incorporates piezoelectric elements into smartphones, tablets, and other devices for haptic feedback and ultrasonic sensing.
Piezoelectric Elements Market Form Factor Insights
The Piezoelectric Elements Market is segmented by Form Factor into Disks, Rings, Cylinders, Stacked actuators and Benders. Among these, the Disk segment is estimated to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This is attributed to the fact that Disks are widely used in a variety of applications, including sensors, actuators, and transducers. Rings are another important segment and are expected to witness significant growth over the coming years. This is due to their increasing use in medical devices and industrial applications.Cylinders are also expected to experience steady growth, driven by their use in ultrasonic cleaning and material processing. Stacked actuators are a relatively new segment but are expected to gain traction in the coming years due to their high power density and compact size. Benders are another important segment and are expected to witness moderate growth over the forecast period.
Piezoelectric Elements Market Technology Insights
The market growth is attributed to the rising demand for piezoelectric elements in various applications, including sensors, actuators and energy harvesting devices. Based on technology, the market is segmented into direct piezoelectric effect and indirect piezoelectric effect. The direct piezoelectric effect segment held a larger market share in 2023 and is projected to maintain its dominance throughout the forecast period. This segment includes materials such as lead zirconate titanate (PZT) and barium titanate (BaTiO3), which exhibit strong piezoelectric properties.The indirect piezoelectric effect segment, which includes materials such as quartz and tourmaline, is expected to witness significant growth during the forecast period due to its increasing use in sensors and energy harvesting applications.
Piezoelectric Elements Market Regional Insights
The regional segmentation of the Piezoelectric Elements Market provides insights into the market's geographical distribution and performance. North America is expected to hold the largest market share due to the presence of key players and the growing adoption of piezoelectric elements in various industries, with a market value of 2.533 billion USD in 2023 and 5.008 billion USD in 2032. Europe is anticipated to follow North America, driven by the increasing demand for piezoelectric elements in automotive and medical applications, with expected values of 1.46 billion USD in 2023 and 2.555 billion USD in 2032.
APAC is projected to witness significant growth due to the rapid industrialization and urbanization in the region, with values of 1.696 billion USD in 2023 and 3.513 billion USD in 2032.South America and MEA are expected to contribute a smaller share to the global market but are anticipated to grow steadily during the forecast period, with South America valued at 0.316 billion USD in 2023 and 0.544 billion USD in 2032, and Middle East and Africa at 0.426 billion USD in 2023 and 0.769 billion USD in 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Piezoelectric Elements Market Key Players And Competitive Insights
Major players in Piezoelectric Elements Market industry are continuously developing new products and technologies to gain a competitive edge. For instance, in 2022, Kyocera Corporation introduced a new series of piezoelectric actuators with improved performance and reliability. Leading Piezoelectric Elements Market players are also focusing on strategic partnerships and acquisitions to expand their market presence. For example, in 2021, Morgan Advanced Materials acquired CeramTec GmbH, a leading manufacturer of advanced ceramics and piezoelectric materials.
Piezoelectric Elements Market development is driven by increasing demand from various industries, such as automotive, electronics, and medical. The automotive industry is a major consumer of piezoelectric elements, which are used in sensors, actuators, and other applications. The electronics industry also uses piezoelectric elements in a wide range of applications, such as displays, keyboards, and switches. The piezoelectric Elements Market is expected to witness significant growth in the coming years, driven by increasing demand from these industries.Kyocera Corporation is a leading manufacturer of piezoelectric elements and a major player in the Piezoelectric Elements Market.
The company offers a wide range of piezoelectric products, including actuators, sensors, and transducers. Kyocera's piezoelectric elements are used in a variety of applications, such as automotive, electronics, and medical. The company has a strong global presence, and its products are sold in over 100 countries. Kyocera is known for its high-quality products and its commitment to customer satisfaction.Morgan Advanced Materials is another leading player in Piezoelectric Elements Market. The company is a global supplier of advanced materials and components. Morgan's piezoelectric elements are used in a variety of applications, such as sensors, actuators, and transducers. The company has a strong global presence, and its products are sold in over 50 countries. Morgan is known for its innovative products and its commitment to customer service.
Key Companies in the Piezoelectric Elements Market Include
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Mide Technology Corporation
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Murata Manufacturing Co., Ltd.
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KYOCERA Corporation
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TDK Corporation
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Piezocryst Advanced Sonic Devices Corp.
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Midori Precisions Corporation
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APC International, Ltd.
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CeramTec GmbH
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Cedrat Technologies
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Noliac A/S
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Ferroperm Piezoceramics A/S
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CTS Corporation
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Physik Instrumente (PI) GmbH Co. KG
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Nanomotion, LLC
Piezoelectric Elements Market Industry Developments
The Piezoelectric Elements Market is poised to grow significantly over the coming years, driven by increasing demand from various end-use industries such as automotive, aerospace, medical and consumer electronics. The market is expected to reach a valuation of USD 12.4 billion by 2032, exhibiting a CAGR of 7.57% from 2024 to 2032, according to a recent report.Recent developments in the market include the introduction of new materials and technologies that enhance the performance and efficiency of piezoelectric elements. For instance, the development of lead-free piezoelectric materials has gained traction due to environmental concerns associated with traditional lead-based materials.
Additionally, advancements in microfabrication techniques have enabled the production of miniaturized piezoelectric elements with improved precision and reliability.The increasing adoption of piezoelectric elements in automotive applications, particularly in sensors and actuators for engine management systems, is a major growth driver for the market. The rising demand for piezoelectric elements in medical devices, such as ultrasonic imaging systems and surgical tools, is also contributing to the market's growth. Furthermore, the growing popularity of consumer electronics, including smartphones, tablets and wearable devices, is fueling the demand for piezoelectric elements used in haptic feedback and energy harvesting applications.
Piezoelectric Elements Market Segmentation Insights
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Piezoelectric Elements Market Application Outlook
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Sensors
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Actuators
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Transducers
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Energy harvesting
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Medical
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Piezoelectric Elements Market Material Type Outlook
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Piezoceramics
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Piezoelectrics
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Piezopolymers
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Single crystals
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Piezoelectric Elements Market End-User Industry Outlook
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Automotive
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Aerospace Defense
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Medical
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Industrial
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Consumer Electronics
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Piezoelectric Elements Market Form Factor Outlook
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Disks
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Rings
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Cylinders
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Stacked actuators
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Benders
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Piezoelectric Elements Market Technology Outlook
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Piezoelectric Elements Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.97(USD Billion) |
| Market Size 2023 |
6.43(USD Billion) |
| Market Size 2032 |
12.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.57% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mide Technology Corporation, Murata Manufacturing Co., Ltd., KYOCERA Corporation, TDK Corporation, Piezocryst Advanced Sonic Devices Corp., Midori Precisions Corporation, APC International, Ltd., CeramTec GmbH, Cedrat Technologies, Noliac A/S, Ferroperm Piezoceramics A/S, CTS Corporation, Physik Instrumente (PI) GmbH Co. KG, Nanomotion, LLC |
| Segments Covered |
Application, Material Type, End-User Industry, Form Factor, Technology, Regional |
| Key Market Opportunities |
IoT and Sensor Technologies Medical Imaging and Diagnostics Automotive Sensing and Actuation Energy Harvesting Wearable and Implantable Devices |
| Key Market Dynamics |
Increasing demand for compact and portable devices Technological advancements in materials science Growing adoption in consumer electronics and healthcare Government initiatives for advanced technologies Rising environmental concerns |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Piezoelectric Elements Market was valued at approximately USD 6.43 billion in 2023.
The Piezoelectric Elements Market is projected to reach a valuation of around USD 12.4 billion by 2032, exhibiting a CAGR of 7.57% from 2024 to 2032.
The Asia-Pacific region is anticipated to dominate the Piezoelectric Elements Market over the forecast period.
Piezoelectric Elements find applications in various industries, such as medical imaging, ultrasonic motors, sensors, and actuators.
Some of the prominent players in the Piezoelectric Elements Market include Morgan Advanced Materials, Murata Manufacturing, Kyocera, The CeramTec Group and APC International.
The increasing demand for piezoelectric elements in consumer electronics, automotive, and healthcare industries is primarily driving the market growth.
Fluctuating raw material prices and stringent regulatory requirements pose challenges to the Piezoelectric Elements Market.
Advancements in materials science and microfabrication techniques are leading to the development of new and improved piezoelectric elements, expanding the market opportunities.
The market is expected to witness continued growth driven by increasing adoption of emerging applications, particularly in the fields of medical devices and renewable energy.
Miniaturization, integration of multiple functionalities, and the development of lead-free piezoelectric materials are key trends shaping the market.
