piezoelectric devices, the market is expected to reach USD 27.24 Billion by 2020 from USD 20.35 Billion in 2015, growing at a CAGR of 6.01% between 2015 and 2020.
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Piezoelectric Devices Market worth USD 27.24 Billion USD by 2020
The piezoelectric devices market for industrial & manufacturing applications is a fairly mature market, which holds the largest share among all the other piezo applications. Piezoelectric motors, sensors, actuators, and transducers have a variety of significant uses in industrial processes. The demand for high accuracy, miniaturization, and precision in the manufacturing industry is driving the market for piezoelectric devices.
APAC is expected to hold the largest share of the piezoelectric devices market by 2020. APAC is the largest producer of piezocrystals as it produces around 2 billion piezocrystals annually. These piezocrystals have applications in consumer electronics. The market in APAC comprises developing economies such as China and India, which have huge potential for piezoelectric device applications. Some of the major factors that drive the demand for piezoelectric technologies in APAC are increase in adoption of portable electronics technology and growth in the digitalization and information and communication markets. The increasing demand for piezoelectric devices from the medical sector in APAC is also expected to propel market growth.
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