According to a new report published by Allied Market Research, titled, “Piezoelectric Materials Market,” The piezoelectric materials market was valued at $1.4 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
Piezoelectric materials have the potential to convert mechanical effect into electrical signal or vice versa. These are employed in manufacturing a wide range of components including actuators, sensors, motors, acoustic devices, and others. Increase in investments in sustainable infrastructure in countries, such as the U.S., China, Japan, Mexico, and India, has led the building & construction sector to witness a significant growth where piezoelectric materials are used for energy storage purposes.
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“The global piezoelectric materials market is expected to possess high growth potential in the coming years, as piezoelectric materials are used in a variety of end-use sectors, such as automotive, consumer goods manufacturing, information & technology, and others for producing actuators, sensors, motors, and others. In addition, piezoelectric materials possess excellent significant properties, such as high strain constants, permittivity, high coupling constants, and high charge output that make them best-suited for use in the healthcare sector for monitoring dynamic heartbeat or breathing patterns in equipment such as stethoscopes, pulse measurement devices, electrocardiography, and others. Furthermore, factors such as high onset action and efficiency has surged the popularity of piezoelectric materials in the information technology sector. However, the outbreak of the COVID-19 pandemic has had negative impacts on the global piezoelectric materials market.”
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In addition, increase in spending on building advanced submarines have surged the potential application of composite piezoelectric materials used for measuring and describing targets in water. This factor is projected to augment the growth of the piezoelectric market.
ineffectiveness of piezoelectric materials while differentiating between noise and vibrations and thus, producing wrong results during monitoring activities is expected to hamper the growth of the market during the forecast period. On the contrary, increase in acceptance of piezoelectric materials for producing piezoelectric energy harvests that is used for generating power level from nano watts to microwatts in various aircrafts and fighter jets may enhance the demand for piezoelectric materials; thus, creating lucrative opportunities for the market.
COVID-19 analysis:
The piezoelectric materials market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on automotive, building & construction, consumer goods, and other end-use sectors. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario. For instance, according to an article published by CNA in May 2021, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors.
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Key findings of the study
- By material type, the ceramic segment is anticipated to register the highest CAGR of 6.0% during the forecast period.
- By application, the actuators segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.2% from 2022 to 2031.
- By end use, the consumer goods segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.6% from 2022 to 2031.
- By region, Asia-Pacific garnered the highest share of 49.7% in 2021, in terms of revenue, growing at a CAGR of 6.6%
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