Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The quartz crystal market is likley to expand at a 6.8% CAGR from 2022 to 2031. The market is anticipated to be worth US$ 8.83 billion by 2031.
Quartz crystals are piezoelectric materials known for their exceptional precision in timekeeping and frequency control applications. They are a critical component in various electronic devices, such as watches, clocks, communication equipment, and microprocessors.
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The ever-increasing demand for precise timing and frequency control in various applications, particularly in the automotive sector is driving the market.
The advent of emerging technologies like 5G and the Internet of Things (IoT) is expected to further boost the demand for quartz crystals in the coming years. These technologies rely hugely on precise timing, making quartz crystals indispensable.
The global push toward miniaturization in electronics is driving innovation in the quartz crystal industry, with small, efficient, and cost-effective crystal development.
The quartz crystal market is poised for continued growth and technological advancement to meet the demands of evolving industries.
Key Takeaways from the Market Study
- The global industry was valued at US$ 4.69 billion in 2021.
- In 2021, the AT Cut segment held a market share of 37.5%.
- The market in North America is projected to expand at a CAGR of 6.7% until 2031.
- The market in Asia Pacific is likely to develop at a CAGR of 7% until 2031.
- Asia Pacific accounted for a significant share of 39.25% of the market in 2021.
Global Quartz Crystal Market- Key Drivers and Trends
- The rollout of 5G networks requires precise timing solutions, fueling the demand for high-frequency quartz crystals. As 5G technology expands globally, the market for quartz crystals used in telecom infrastructure is experiencing significant growth.
- The automotive industry's increasing integration of electronics for advanced driver-assistance systems (ADAS) and in-vehicle infotainment systems demands reliable timing devices.
- Ongoing advancements in quartz crystal technology, including the development of miniaturized and surface-mounted crystals, are key trends. These innovations cater to the demand for small, lightweight, and high-performance devices across various industries, further shaping the market growth.
- The focus on improving temperature stability and reducing power consumption in quartz crystal oscillators aligns with market trends, driving continuous research and development efforts in the industry.
Regional Landscape of the Quartz Crystal Market
- The market in Asia Pacific is expected to grow fast due to the existence of important market participants and technological improvements. China is a prominent economy in Asia Pacific, and it has the highest market share owing to higher expenditures in the country's electronic products sector.
- North America represented the second-highest percentage of the world's market due to expanded government efforts and rising requirements for quartz crystals. In terms of value, the United States comprised a significant portion of North America.
- The Middle East and Africa have a stronger demand for quartz crystals than Latin America. The market in Latin America is predicted to expand at a notable rate than the industry in the Middle East and Africa.
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Competitive Landscape
The Quartz Crystal Market features a highly competitive landscape characterized by key players such as Abracon, ACTE A/S, Diodes Incorporated, DK Photonics, KYOCERA Crystal Device Corporation, Micro Crystal AG, Microchip Technology Inc., Nihon Dempa Kogyo Co., Ltd., RIVER ELETEC CORPORATION, Seiko Epson Corporation, SiTime Corporation, and TXC Corporation.
Leading industry players dominate the global market due to their extensive product portfolios, advanced research and development capabilities, and global reach. Mergers and acquisitions, strategic partnerships, and investments in expanding production capacity are common strategies employed by key players. Through these strategies, they can maintain their competitive edge in the industry.
Some key market developments are as follows:
- RIVER ELETEC CORPORATION revealed a novel vibration pattern for quartz crystal resonators in November 2020, which is predicted to help consumers and industrial markets shortly. This novel resonator offers high basic frequency ranges, minimal phase noise, and great stability over the long run.
- Seiko Epson Corporation introduced the SG2520CAA, an ordinary packaged crystal oscillator (SPXO) with CMOS results that can be utilized in automobile applications, in June 2020. The device complies with AEC-Q200, making it ideal for high-reliability operations.
Key Segments Covered
- By Frequency
- KHz
- MHz
- By Crystal Cut
- AT Cut
- BT Cut
- SC Cut
- Others (FC, AK, CT, etc.)
- By Application
- Automotive MCU
- In-Vehicle Infotainment System
- Communication and Test Equipment
- Lighting Fixtures
- HDDs / SSDs
- Wearables
- Others (Bluetooth Devices, Portable / Handheld PCs, etc.)
- By End-use Industry
- IT & Telecommunication
- Consumer Electronics
- Aerospace & Defense
- Healthcare
- Automotive
- Industrial
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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