Piezoelectric Materials Market Growth Forecast 2024-2032: Sales Revenue, Share, and Size Insights|

The global piezoelectric materials market size was USD 1.45 billion in 2023 and is projected to grow from USD 1.52 billion in 2024 to USD 2.19 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period 2024-2032. The growing development of lead-free piezoelectric materials due to strict regulations will subsequently foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Piezoelectric Materials Market, 2024-2032.” The market size stood at USD 1.31 billion in 2020.

Source:

fortunebusinessinsights.com/piezoelectric-m..

Market Segments:

Based on material, the market is divided into piezoceramics, piezopolymers, piezo composites, and others. Piezoceramics are further bifurcated into lead zirconate titanate (PZT) and lead-free ceramics.

In terms of application, the market is classified into actuators, motors, transducers, sensors, SONAR, generators & transformers, acoustic devices, resonators, and others.

Based on the end-use industry, the market is separated into automotive, healthcare, IT & telecom, consumer goods, aerospace & defense, and others.

Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

What does the report Include?

The report incorporates an important understanding of the market, all-inclusive data about prominent players, distinguished facts and figures, latest developments, key drivers, and restraints, along with imperative information about dominant regions. Moreover, the report also provides a brief study on the COVID-19’s impact on the market.

Driving Factor:

High Aerospace & Defense Expenditure to Augment Growth

Various governments of emerging countries such as India, China, the U.S., Israel, and Japan are spending heavily on defense activities owing to growing security concerns. Countries are significantly investing in military devices such as missile guidance systems, drones, and radars to consolidate their armed capabilities, which, in turn, will spur opportunities for the market.