Piezoelectric Sensor Market Expected to Reach $3.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Piezoelectric Sensor Market," The piezoelectric sensor market was valued at $2.2 billion in 2021, and is estimated to reach $3.9 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

Greek word piezo means to push or squeeze, hence a piezoelectric vibration sensor uses the piezoelectric action to sense compression. Piezo sensors may produce an output signal from the strain exerted; they do not require an additional source of voltage or current. They are therefore a popular option for several applications such as non-invasive surgeries, musical pressure sensors, autofocus in digital cameras, and others. They are increasingly being used in a variety of sectors, and occasionally they are integrated into other sensors.

According to piezoelectric sensors market research, the actuators and motors segments collectively accounted for around 62.4% market share in 2021, with the former constituting around 37.1% share. The actuators and transducers segments are expected to witness considerable CAGRs of 8.3% and 5.7%, respectively, during the forecast period. The cumulative share of these two segments was 60.5% in 2021 and is anticipated to reach 67.5% by 2031.

In 2020, the market for piezoelectric sensors suffered as a result of the COVID-19 outbreak and its subsequent expansion, which led to a decline in piezoelectric equipment shipments, and income that was derived from them decreased. As a result, the market growth experienced a slowdown in the first half of 2020. This pattern continued until the first quarter of 2021. In the third quarter of 2021, it was observed that the need for piezoelectric sensors surged along with production volume growth and a boom in demand for automobiles, electronic gadgets, and industrial machinery.

Growing digitalization has led to rapid acceptance of remote access and artificial intelligence (AI) automated sensing solution in automotive industry.  This development has led to rising adoption of piezoelectric actuators and motors in automotive sector. Functionalities, such as advance driver assistance system (ADAS) and vehicle-to-vehicle (V2X), are becoming increasingly important in automobiles. 

Consumer expectations are pressuring OEMs to deliver new technology-enabled features, such as engine knock sensors, tire pressure sensors and others. OEMs have proven that usage of hydraulics vibrations and acceleration sensors have propelled to enhance the driving conditions of vehicles. Therefore, such advancement in hydraulic sensor type technology has driven the global piezoelectric sensors market.

Region-wise, North America is a significant piezoelectric sensor market share holder, owing to the presence of stringent government regulations in this region. The adoption of elevated sensing technologies in the autonomous vehicle industry is expected to propel the piezoelectric sensor market growth in this region. Moreover, rapid advancements in the aerospace and healthcare sectors are the primary factors that drive the piezoelectric sensor market trends in North America.

KEY FINDINGS OF THE STUDY

• By sensor type, in 2021, the actuators segment dominated the piezoelectric sensor market size. However, the transducers segment is expected to exhibit significant growth during the forecast period.
• By actuators, in 2021 the pneumatic actuators segment dominated the piezoelectric sensor industry. However, the electric actuators segment is expected to exhibit significant growth during the forecast period.
• By vibration mode, the public cloud segment generated the highest revenue in 2021. However, the thickness mode segment is expected to exhibit significant growth during the forecast period.
• By application area, the IT & telecom segment accounted for the highest revenue in 2021. However, the healthcare market segment is expected to witness the highest growth rate in the forecasted period.
• Region-wise, the piezoelectric sensors market growth was dominated by North American region. However, Asia-Pacific is expected to witness a significant growth rate during the forecasted period.

As per the piezoelectric sensor market analysis, key players profiled in the report include Aerotech Inc., APC International, Ltd., CeramTec GmbH, CTS Corporation, Dytran Instruments, Inc., Honeywell International Inc., Kistler Group, L3Harris Technologies, Inc., Mad City Labs, Inc., Morgan Advanced Materials, Omega Piezo Technologies, Inc., Parker Hannifin Corporation, Physik Instrumente (PI) GmbH & Co. KG., Piezosystem Jena GmbH, Rion Co., Ltd., TE Connectivity and US EuroTek, Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the piezoelectric sensors market.