Piezoelectric Hemispheres Market to Reach $1.9 Billion, Globally, by 2031 at 5.9% CAGR: Allied Market Research

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Mar 28, 2023, 10:30 ET

PORTLAND, Ore., March 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Piezoelectric Hemispheres Market by Material (Ceramic, Polymer, Others), by Application (Energy Harvesting, Acoustic Sensors, Medical Devices, Industrial Automation, Others), by End-use industry (Healthcare, Automotive, Aerospace, Consumer electronics, Industrial manufacturing): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global piezoelectric hemispheres market generated $1.0 billion in 2021, and is anticipated to generate $1.9 billion by 2031, witnessing a CAGR of 5.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities-

The surge in demand for piezoelectric hemispheres in medical and industrial applications, a rise in the adoption of piezoelectric hemispheres in automotive industry, and rapid advancements in technology across various sectors drive the global piezoelectric hemispheres market. On the other hand, one of the key factors hindering the growth of the piezoelectric hemispheres market is the high risk associated with data privacy and security-related concerns. Moreover, the rise in demand for non-invasive medical imaging and diagnostics is anticipated to provide lucrative opportunities in the coming years.

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COVID-19 scenario-

The COVID-19 pandemic had a negative impact on the global piezoelectric hemispheres market growth because of a shortage of skilled laborers and delays or cancellations of projects caused by partial or complete lockdowns across the world.
However, the market has recovered and came back on track in the post-pandemic.

The ceramic segment to maintain its leadership status throughout the forecast period-

Based on material, the ceramic segment held the highest market share in 2021, accounting for more than half of the global piezoelectric hemispheres market and is estimated to maintain its leadership status throughout the forecast period. A rise in demand for ceramics in the medical and automotive sectors, where they are in high demand, due to benefits like high thermal stability and effective electrical insulation, is driving the segment growth. However, the polymer segment is projected to manifest the highest CAGR of 7.0% throughout the forecast period. New polymer-based materials have been created because of technological advancements, and they now have better qualities like increased sensitivity and durability. Furthermore, smart textiles and energy harvesting from human motion are two additional emerging uses for polymer-based piezoelectric hemispheres.

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The medical devices segment to rule the roost-

Based on application, the medical devices segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global piezoelectric hemispheres market, and is projected to rule the roost by 2031. The increase in demand for minimally invasive surgical procedures and non-invasive monitoring and imaging devices is driving the growth of piezoelectric hemispheres in medical devices. However, the energy harvesting segment would display the fastest CAGR of 7.1% throughout the forecast period. Piezoelectric hemispheres are becoming more and more common in energy harvesting applications because of their capacity to transform mechanical energy into electrical energy. In the area of energy harvesting, they offer bright future opportunities, particularly for wireless sensors and self-powered electronics.

The healthcare segment held the lion's share in 2021-

Based on end-use industry, the healthcare segment garnered the major share in 2021, generating nearly one-third of the global piezoelectric hemispheres market revenue and is also expected to dominate by 2031. The same segment would portray the fastest CAGR of 6.9% throughout the forecast period. Medical applications for piezoelectric hemispheres include bone cutting, drug delivery, and ultrasonic imaging. The demand for piezoelectric hemispheres in the healthcare sector has increased by the rise in prevalence of chronic diseases like cancer and cardiovascular diseases. Additionally, technological developments in the field of piezoelectric materials and devices are expected to create new opportunities in the healthcare sector.

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Asia-Pacific garnered the major share in 2021-

Based on region, Asia-Pacific garnered around two-fifths of the global piezoelectric hemispheres market revenue in 2021 and is expected to dominate by 2031. The same region, simultaneously, would also showcase the fastest CAGR of 6.8% during the forecast period. The demand for piezoelectric hemispheres in NDT probes and sensors, which are widely used in industries like manufacturing, automotive, and aerospace, is being driven by the growing industrialization in nations like China, India, and Japan. Furthermore, the region's aging population and rising prevalence of chronic diseases are driving the demand for healthcare services. This in turn, is boosting the demand for medical devices and equipment, which is further driving the demand for piezoelectric hemispheres. Therefore, all these factors make it the largest segment of the market.

Leading Market Players-

Physik Instrumente (PI) GmbH & Co. KG.
KYOCERA CORPORATION
SMART MATERIAL CORP.
Piezo Technologies
Sensor Technology Ltd.
Meggitt SA
APC International Ltd.
Morgan Advanced Materials PLC
Piezosystem Jena GmbH
CeramTec GmbH

The report analyzes these key players in the global piezoelectric hemispheres market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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