Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Piezoelectric Smart Materials Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global piezoelectric smart materials market is anticipated to grow at a CAGR of 4.87% during the forecast period (2024-2029)
Piezoelectric materials transform electrical energy into mechanical energy and vice versa. They have many applications and may be used as actuators (supply a voltage to induce motion), sensors (such as multiple accelerometers), and energy harvesters since the charge created by motion can be collected and stored. Piezo materials are commonly used in barbecue igniters and actuators for inkjet printer heads.
These materials offer unique features that make them suitable for various applications, including medical imaging, sensors, energy harvesting, and actuators. The sector has, therefore, grown into a massive business worth approximately $10 billion every year, with applications ranging from consumer electrical devices like mobile phones to aircraft, naval sonar, and high-speed trains. Conventional piezoelectric ceramics, such as Lead Zirconate Titanate (PZT) ceramics, have been ruling the piezoelectric materials market for the last fifty years.
Smart materials, for their part, can alter part or the full properties of this component configuration, color, structure, electrical characteristics, and even functions when they are exposed to external stimuli like temperature, stress, magnetic and electric fields of pH, and many chemical effects. The compounds possess adaptive characteristics and are part of a category of modern materials that could receive some stimuli from their surrounding and participate in the response. These can also be described as "smart", "self-adjustable", or "reactive" since they can register the environment stimuli and evoke reactions at the actuators.
Another category of smart materials is piezoelectric smart materials, which are incorporated into many technological applications because they can generate electrical energy from mechanical energy or the other way around. These materials have numerous applications in fields such as energy collection, detection, stimulation, and biomedical research. Various surveys of piezoelectric smart materials consist of material developments, characterization of models and devices, and manufacturing processes for designing the material.
GLOBAL PIEZOELECTRIC SMART MATERIALS MARKET DRIVERS:
Piezoelectric smart materials are rapidly being used in a variety of automotive applications, making use of their unique qualities to improve vehicle performance, comfort, and efficiency. One common use is energy harvesting, in which piezoelectric materials transform mechanical vibrations produced during vehicle operation into electrical energy. As per the PIB, two-wheelers, motors, and passenger automobiles took the major market shares for the FY 2021-22. The market share was 77% for two-wheeler motors and 18% for passenger automobiles.
In line with this, in 2021, the production of automobiles by German manufacturers exceeded 15.6 million units as per the GTAI (Germany Trade & Invest). There were fifteen automotive companies from Germany, which form part of the 75 biggest tier-one suppliers worldwide. More than 3.1 million passenger cars and 351,000 units come from commercial automobiles assembled in Germany's manufacturing industries in 2021 to show that Germany is the largest automotive manufacturing industry in Europe.
Similarly, the Automotive Mission Plan 2026 was also government-centric, as were the scrappage policy for the domestic market and the recently issued new production-linked incentive policy. As per the statistics gathered from the India Brand Equity Foundation (IBEF), organizations considering car or vehicle manufacturing in India for both passengers and commercial cars or vehicles reached 23.90 million for the financial year 2023.
Piezoelectric actuators are also used for noise control, which actively helps cancel out irritating noises and vibrations inside a car to ensure its passengers' convenience. These innovations illustrate the importance of piezoelectric smart materials in vehicle engineering, helping to improve both sustainability and driving enjoyment.
The introduction of piezoelectric smart materials products can accelerate market growth by fostering innovation and broadening their use across several sectors. Frequently coupled with advances in energy harvesting, sensing, and structural health monitoring, the application spans automobiles, medical technology, consumer electronics, and the structure sector for performance, dependability, and durability.
Further, new product innovations help business organizations gain market share because they can offer the next product that meets the needs of the customer, using efficient devices and boosting performances without any harm to the environment. Ultimately, these innovations stimulate the growth in the demands portfolio, as well as actively looking for competition and the popularization of piezoelectric smart materials.
Based on the end-user industry, the construction sector is one of the fastest-growing segments.
Piezoelectric smart materials are gaining popularity in the construction sector due to their versatile uses that improve building performance and sustainability. These materials are generally used for energy harvesting, which involves turning mechanical vibrations into electrical energy that may power sensors and low-energy devices within buildings, decreasing reliance on traditional power sources. Furthermore, piezoelectric sensors installed in structures allow for real-time structural health monitoring by detecting vibrations, strains, and stresses, which aids in preventative maintenance and guarantees long-term structural integrity.
As the construction of buildings continues to grow worldwide, the piezoelectric smart materials market is growing extensively. In April 2024, the US Census Bureau and US Department of Housing and Urban Development provided new residential construction data, according to which the total number of permits issued was 1,440,000 and the total number of completions was 1,623,000.
According to the figures from the Canadian Construction Association, the nation's construction sector contributes approximately USD 151 billion to its economy every year, which is roughly 7.4% of Canada's gross domestic product. Furthermore, piezoelectric actuators help diminish vibrations and manage noise, which improves passenger comfort and building safety. As the construction industry focuses more on energy efficiency and smart building solutions, piezoelectric smart materials are positioned to play a crucial role in achieving these objectives through innovation and sustainable practices.
Asia Pacific's Piezoelectric smart materials market is anticipated to grow significantly.
Fast-growing economies such as China, Japan, and India have become world leaders in research and manufacturing. They are anticipated to fuel the demand for piezoelectric smart materials in the region. The piezoelectric smart materials are used in automotive and sensor products, touch screens, medical, and communication technologies.
Another growing component that is driving the piezoelectric smart materials market at a higher rate is the electronics industry. In 2023, India's electronics sector was estimated at $155 billion, with local manufacturers accounting for 65%, as stated by Invest India. Moreover, according to the data of Shanghai Municipal People's Government, the retail sales of China's consumer electronics were at US$305 billion in 2023, with a 4% growth rate. In 2024, the rate rose to 5%.
Besides this, China is the global leader in automotive sales as well as the production of automobiles. Domestic automobile production is forecast to be over 35 million automobiles in 2025 in China. Apart from that, according to the information of the Ministry of Industry and Information Technology, it was noted that sales of automobiles reached a record level and exceeded 26 million automobiles in 2021.
Furthermore, the construction industry accounts for nearly 8% of the Indian economy, and as of the financial year ending in March 2023, it was valued at over USD 126 billion. This crucial business is backed up by massive infrastructural development that has placed the Indian construction equipment industry at a high annual growth rate of 30%.
Comprehensively, piezoelectric smart material's capacity to gather energy from vibrations and improve device efficiency highlights their significance in driving technological innovation and sustainability initiatives throughout the area. With continued breakthroughs and strong production capabilities, Asia Pacific plays an important role in growing the worldwide applications and market penetration of piezoelectric smart materials.
Companies Featured
- Smart Material Corp.
- Arkema
- APC International
- CeramTec Industrial
- CTS Corporation
- Kyocera Global
- Noliac
- TDK Corporation
- QorTek
- He-Shuai
Scope of the Report
By Type
- Ceramic
- Composites
- Polymers
By Application
- Motors
- Sensors
- Transducers
- Actuators
- Transformers
- Others
By End-User Industry
- Construction
- Automotive
- Electronics
- Agriculture
- Healthcare
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/pt1gsr
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