November 10, 2022 06:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
Chicago, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The report "Piezoelectric Devices Market by Material (Piezoelectric Ceramics, Polymers), Product (Piezoelectric Actuators, Transducers, Motors), Application (Aerospace & Defense, Industrial, Consumer) and Region – Global Forecast to 2027", Increased use of piezoelectric devices for energy harvesting, significant adoption of piezoelectric devices in the automotive vertical, increasing investments in renewable energy projects is expected to fuel the growth of the piezoelectric devices market.
[322 Pages Report] The piezoelectric devices market is projected to grow from USD 30.8 billion in 2022 and is projected to reach USD 41.0 billion by 2027; it is expected to grow at a CAGR of 5.9 % from 2022 to 2027.”
Key players in the piezoelectric devices market include
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CeramTec GmbH (Germany) has a robust portfolio of piezoelectric devices for many industrial applications, especially for healthcare and industrial. Its ceramic substrates are used for a variety of purposes in the electronics and telecommunications sector, including measurement and control technology and entertainment electronics. The piezo components offered by the company are widely used in highly specialized sensors for medical equipment and in numerous metering devices. It also develops tailor-made solutions. Furthermore, the company is focused on diversifying its products into different markets to decrease its dependency on a single market and reduce unexpected losses due to geopolitical or market-related risks.
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CTS Corporation (US) is one of the dominant players in the piezoelectric devices market. CTS Corporation has a strong presence in the US market and is keen on expanding it in the Asia Pacific market, especially in China. CTS Corporation (US) relies on its product portfolio enhancement and R&D investment for its business growth. In the piezoelectric devices market, the company has a broad portfolio of piezoelectric elements and actuators, as well as piezoelectric ceramic materials. The funding of USD 1.5 million received for the development of new crystal compositions with improved properties from the Office of Naval Research (ONR) has strengthened the company’s presence in the US market, whereas the strong presence of its subsidiaries like CTS Components Taiwan, Ltd.; CTS Singapore Pte., Ltd in Asia Pacific countries such as China, Taiwan, Singapore is expected to create growth opportunities for the company. CTS Corporation (US) has been focusing on organic and inorganic growth strategies, such as product launches, contracts, and acquisitions, to augment its growth and expand its reach. The company has received contracts and funding from various US and European companies to develop new crystal compositions with improved properties and environmentally friendly lead-free piezoelectric ceramic materials. Thus, CTS Corporation (US) is expected to adopt organic and inorganic growth strategies to ensure continued growth and profitability. The company is also emphasizing on strengthening its presence in the international markets through acquisitions. For example, in February 2022, CTS Corporation acquired TEWA Temperature Sensors SP Tewa Temperature Sensors (Poland) to expand its distribution capabilities in the European market.
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Drivers: Elevated use of piezoelectric energy harvesters
Energy harvesting is the process of collecting heat, light, wind, and mechanical energy from the environment and converting it into electrical energy. This energy is transmitted easily, can be delivered directly to power devices or equipment, and stored in batteries or ultra-capacitors. Piezoelectric generators (energy harvesters) convert vibration energy in the environment to usable electrical energy thereby presenting a reliable solution. They are suitable in applications that require charging a battery, super capacitor, or directly power remote sensor systems. Piezoelectric energy harvesters are majorly used to power Internet of Things (IoT) applications and low-power wireless sensor systems. A crucial benefit with piezoelectric energy harvesters is the possibility of miniaturization and MEMS integration. Furthermore, the simple design with very few moving parts easily facilitate production of cost-efficient energy in high volumes. Energy harvesters that are designed to be installed beneath the road surface, deploy piezoelectric transducers. They collect mechanical energy when vehicles pass through the roads and convert this energy into electrical energy. This electrical energy is leveraged to light up the road signals, streetlights, and road signs. Hence, the cost for long-distance electricity transmission via lines is cut down.
Restraint: Limitations of piezoelectric ceramics
Piezoelectric ceramic materials generally exhibit high piezoelectric coefficient and dielectric constant and thus are suitable for high energy harvesting devices or multifunctional applications. However, their wide practical applications are restricted because of the brittleness of the materials, complex and cost-intensive processing method, and the presence of toxic materials. On the other hand, bio-piezoelectric materials display spontaneous piezoelectricity, but suffer from the drawbacks of low piezoelectric coefficient and dielectric constant. The brittle nature of ceramics limits their applications to only small deformations. In electromechanical devices, several characteristics may be required, such as light weight, high electromechanical coupling constants, low thermal expansion and conductivity, mechanical flexibility, and compliance, etc. The intrinsic brittleness of piezoelectric ceramics and damageability of the materials under electric field, make the materials prone to fracture. This can be a major concern for product reliability.
Opportunity: Growing use of piezoelectric nanomaterials in electronic devices
Lead zirconate titanate (PZT) nanoparticles and nanopowder (with relative permittivity between 300 to 20000) offer quick response time and could be applied in circuits with low or high voltages possessing good mechanical and acoustic coupling. Lead zirconate titanate nanoparticles and nanopowder are inorganic ferroelectric agents having piezoelectric property and can be used for applications that include piezoelectric resonators, ultrasonic transducers and IR spectroscopy. They are chemically inert and physically strong as aresult of which PZT nanoparticles are one of the most common piezoelectric compounds. The applications of lead zirconate titanate nanoparticles are found in infrared (IR) optical field effect transistors, lamb wave devices and modulators. Considering the extensive range of infra-red spectroscopy, PZT nanoparticles are used in sensing, detecting, transmitting and pyroelectric IR detectors.
On account of enhanced piezoelectric properties, excellent mechanical properties and tunable electric properties, piezoelectric materials, have promising applications in nanogenerators (NG), sensors, actuators, electronic devices etc.
Challenge: Developing alternative materials to PZT ceramic materials having similar properties
Lead zirconate titanate (PZT) is the prime piezoelectric ceramic used in developing piezoelectric products. There is a level of toxicity that threatens the position of PZT as the leading piezoelectric ceramic and has sparked urgent global efforts to identify environmentally benign substitutes. A fundamental issue that arises with the recognition of lead toxicity is the need to find surrogate materials in the myriad of products in which PZT plays a major functional role. As per the RoHS compliance, any homogeneous component containing lead more than 0.1% of its weight is subjected to restrictions; and hence, the fact that the leading piezoelectric materials contain lead up to 60% of its weight, may in the future, seriously hinder their use in everyday applications. This directive has identified PZT as a substance of very high concern (SVHC). Thus, the development of alternatives to PZT, such as lead-free ceramic and polymer materials, is gaining traction. Key players in the piezoelectric devices market including CeramTec GmbH (Germany) and APC International, Ltd. (US) are working on developing lead-free piezoceramics.