Thin Film Piezoelectric Devices MarketRising Deployments in Energy Harvesting Systems Along With Increasing Demands From Medical Industry Are Major Driving Factors Accounting Towards Significant Growth of Thin Film Piezoelectric Devices Market.Global Thin Film Piezoelectric Devices Market is forecast to reach $15.3 billion by 2026, growing at a CAGR of 13.9% during the forecast period from 2021 to 2026. The thin film piezoelectric device market is driven primarily by the factors such as increasing demands from the medical sector in various medical applications along with growing technology advancements towards nanotechnology. Moreover, rising developments towards piezoelectric devices and deployment in energy harvesting systems are also contributing towards significant market growth. With its growing deployment across major industries like consumer electronics, aerospace and many others, these devices are facing high market demands in the market. The various uses of piezoelectric devices, primarily, piezo sensors, accelerometers, pressure sensors, micro pumps, actuators and acoustic resonators are driving the opportunities for thin film piezoelectric device market during the forecast period.
Thin Film Piezoelectric Devices Market Segment Analysis – By Type
Thin film piezoelectric sensors have been facing high market demand at 15.1% CAGR due to their demanding applications across major industry verticals such as aerospace, consumer electronics and many others. Moreover, such sensors are capable of withstanding higher temperature and pressure conditions, which causes its high growth across harsh environments. Since these sensors provide features like high sensitivity along with low power consumption, they are getting highly deployed in various medical applications including medical equipment thus propelling its market growth along with such features, high robustness, high frequency and response time of thin film piezoelectric sensors are making it highly deployable for a wide range of aerospace and industrial applications, improving the efficiency standards. Such factors can help such sensors to contribute towards high market share during the forecast period.
Thin Film Piezoelectric Devices Market Segment Analysis –By End User type
Consumer Electronics segment held the highest market share of thin film piezoelectric devices market in 2020 at 32.4%. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026. The market growth is due to its various applications such as microphone for smartphone and smart home applications, Inkjet print heads, micro mirror for LIDAR and projectors. In addition to it, smart mirrors for EUV lithography, microfluidic pumps and valves, ultrasound transducers (PMUT), RF-switches, energy harvesters, energy storages, fingerprint sensors, micro speaker, and others are some of its applications. Piezoelectricity, next to electrostatic or magnetic actuation is one of the key actuation pathways in MEMS systems. Piezoelectric actuation enables low voltages and function with low electricity, durable mechanical architecture. Moreover the sensing features can be easily added. Consequently with the rising development in the miniaturisation of electronic devices and ICs, the industry is seeing a growth in the use of thin film piezoelectric devices thereby enhancing the market growth.
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Thin Film Piezoelectric Devices Market Segment Analysis – By Geography
Asia Pacific is expected to have a major growth at 14.9% CAGR in the global thin film piezoelectric devices market during the forecast period from 2021 to 2026. High investments towards research and development along with growing adoption across major industrial sectors have been causing major growth of thin film piezoelectric devices market. Moreover, rising growth of leading industries such as consumer electronics and many others is causing high demands for such devices, thus booming its market growth in this region.
Thin Film Piezoelectric Devices Market Drivers
Growing adoption from medical sector
Increasing adoption from medical sector has been acting as a major driving factor towards the market growth of thin film piezoelectric devices. Due to offering features such as flexibility and no external power requirement for functioning, thin film piezoelectric devices are getting highly deployed across various medical devices. Moreover, thin film piezoelectric devices are generally small sized and lightweight, which helps in detection of small movements more effectively. Since these piezoelectric devices are capable of detecting tiny physical signals, they are highly deployed across applications such as pulse measurement, measurement of muscle movements in various body parts of patients and many others. Thin film piezoelectric sensors are being used in stethoscopes due to their robust and high sensitivity features, thus boosting the market growth.
Rising demand for energy harvesting systems
Rising adoption in energy harvesting devices has been acting as a major driving factor towards the market growth of thin film piezoelectric devices. Usage of thin film piezoelectric in energy harvesting devices helps in providing various advantages. Due to its high piezoelectric coefficients, high power output density and many others, energy harvesters are able to function more efficiently within lesser power requirement. Moreover, growing need towards cost efficient devices which can provide a longer lifespan is also a major factor considered by device manufacturers while deploying piezoelectric thin films in energy harvesting devices. With high electromechanical properties, various types of thin film piezoelectric devices are majorly used for energy harvesting applications.
Thin Film Piezoelectric Devices Market Challenges
High costs
With its major use in demanding applications across various industry verticals, thin piezoelectric devices have been gaining much popularity in the market. High initial investments required for development of such piezoelectric devices is a major factor hampering its market growth. With growing technological advancements such as nanotechnology and many others, there are higher demands towards miniature and highly precised piezoelectric devices in the market. But, there are high manufacturing costs related to developing such piezoelectric devices with advanced technology features, thus causing reduction in its market growth. Moreover, the materials used for making thin film piezoelectric devices are comparatively costly, thus bulk production needs higher investments. Such factors contribute towards higher manufacturing costs, thus causing lesser adoption and development from the manufacturers.
Thin Film Piezoelectric Devices Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the thin film piezoelectric devices market. The major key players in the thin film piezoelectric devices market include Broadcom Inc., Qorvo, Rohm Semiconductor, Baumer, Applied Materials Inc., Ceramtec, CTS Corporation, Epson, Robert Bosch and Fujifilm Dimatix.
Partnerships/Product Launches/Acquisition
In December 2019, Silex Microsystems AB and ULVAC Inc. had announced of signing a partnership agreement for the development of production thin film piezoelectric process. This partnership was made for providing cutting edge performance and reliability for MEMS actuators and sensors.
In August 2019, ULVAC Inc. had announced the launch of PZT piezoelectric thin film process technology along with a HVM solution. This development was made to solve issues that have been hampering the growth of MEMS devices, used in applications like autonomous driving and next generation wearable devices. This will further help MEMS devices to provide features such as reduced production costs, lower power consumption, along with high performance and miniaturization.
Key Takeaways
Piezoelectric sensors are expected to have a major market share during the forecast period 2020-2025 owing to growing demands from major industrial sectors such as aerospace, consumer electronics and many others.
APAC is expected to have a major growth during the forecast period prior to its high research and development investments along with growing sectors like consumer electronics have been helping in booming the market growth.
Rising deployments in energy harvesting systems along with increasing demands from medical industry are some of the major driving factors accounting towards significant market growth of thin film piezoelectric devices.
Relevant Reports
A. Piezoelectric MEMS Sensor Market
https://www.industryarc.com/Report/18790/piezoelectric-mems-sensor-market
B. Piezoelectric Sensor Market
https://www.industryarc.com/Report/15795/piezoelectric-sensor-market.html
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