The European thin film piezoelectric devices market is expected to grow at a CAGR of 13.42% from 2024 to 2029 and the European market size is expected to grow from USD 1772 million in 2024 to USD 3327 million by 2029.
An electronic device that uses the piezoelectric effect to generate an electric current is known as a thin film piezoelectric device. There is a wide range of applications that use thin film piezoelectric devices, including ultrasound equipment, sonar systems, vibration sensors, and many others.
The increase in demand from major industrial sectors such as Healthcare, Consumer Electronics, Aerospace, Defence, and many others are key factors driving the growth of the thin films piezoelectric devices market throughout the projection period. There has been significant interest recently in piezoelectric thin films. This is one of the latest essential technologies for MEMS devices related to the Internet of Things, which has gained much attention. The most widely used piezoelectric thin films are made of PZT-based perovskite materials. Nevertheless, new alternatives for piezoelectric thin films, such as Sc-doped AlN and lead-free KNN thin film, have been developed due to the rapid advancement of piezoelectric thin film technology.
The growing demand for miniaturization is propelling the European market growth. Piezoelectric thin film devices play an important role in developing a very little product with the help of modern technology known as miniaturization. Strong demand for piezoelectric thin films with enhanced, optimized characteristics will result from the drive toward miniaturization. Furthermore, the 2022 European Chips Act calls for investing €11 billion in research to speed the production of cutting-edge semiconductor technologies. As a result, thin film piezoelectric materials will be more in demand, benefiting the silicon chip sector.
The economic downturn in the European region and the scarcity of the raw materials required to produce piezoelectric devices are the key factors restricting the market's growth. The rapid rise in the demand for thin film piezoelectric devices from various end-users has made it popular in the region. However, the high initial investment cost for producing these devices is very high, restricting the thin film piezoelectric devices market from growing. The manufacturer's cost of technological advancement in nanotechnologies and miniatures is very high. The raw materials for producing piezoelectric devices are costly, and the various alternatives being developed and in high demand are not easily available.
Impact of COVID-19 on Europe thin film piezoelectric devices market:
The manufacturing industry in the eurozone was struck hard and abruptly by COVID-19. In March and April 2020, the manufacturing PMI experienced its steepest and lowest decline. The industrial manufacturing sector significantly impacts the overall European economy because of its wide range of subsectors. The stoppage of manufacturing facilities to slow the pandemic's spread severely hurt the automobile industry. The demand for thin film piezoelectric devices decreased from the end-users, and the shortage of raw materials was due to the disruption in the supply chain.
This research report on the European Thin Film Piezoelectric Devices Market has been segmented and sub-segmented based on type, material, end-user and country.
Europe Thin Film Piezoelectric Devices Market - By Type:
Piezoelectric sensors are leading the type segment in 2021 and are predicted to grow at a high CAGR during the forecast period. This growth can be attributed to rising demand for these sensors from various sectors such as healthcare, automobiles, aerospace, consumer electronics, and nuclear instrumentation. In addition, these devices are also used in shock detection and machine monitoring applications. Furthermore, piezoelectric sensors are increasingly competing with strain gauges due to their extensive operational temperature range, accurate load and strain detection, low power consumption, and low cost.
Europe Thin Film Piezoelectric Devices Market - By Material:
In terms of market share, ceramics is leading the material segment in 2021 and is expected to grow at a high rate during the forecast period. In general, ferroelectric ceramics having a piezoelectric effect are referred to as piezoelectric ceramics. Polarising polycrystals produce this by combining oxide (such as titanium oxide, zirconia, lead oxide, etc.) with high-temperature sintering and solid reaction. A smart substance called a piezoelectric ceramic can change mechanical effects like pressure, movement, or vibration into electrical signals and the other way around. Piezoelectric ceramics are employed in various applications due to the electromechanical effect, including actuators for atomic force microscopes, high-frequency loudspeakers, micro displacement devices, ultrasonic power transducers, ultrasonic cleaning, lithotripters, and many others.
Europe Thin Film Piezoelectric Devices Market - By End Users:
In terms of market share, the automotive industry is leading the end-user industry segment in 2021 and is predicted to grow at a high rate during the forecast period. Piezoelectric devices play a major role in the automobile industry. The automotive industry accounts for most of the demand for piezoelectric sensors and actuators, and this need is expected to grow over the next several years. For example, piezoelectric ceramic acceleration sensors enable airbags to deploy promptly and save lives when a car collision is detected. Piezoelectric sensors additionally gather data by transforming mechanical energy into electrical energy. The sensor is installed in a groove carved into the road's surface while being used to count vehicles.
Europe Thin Film Piezoelectric Devices Market - By Country:
Based on the country segment, Germany is leading the thin film piezoelectric device market share in 2021 and is predicted to grow at a high rate during the forecast period. Germany is the leading automotive market in Europe. In 2021, Europe accounted for 40% of all automobiles produced globally, with Germany contributing 23% of that total. The presence of major world companies contributes to the country’s economy. The growth in the automobile sector in the country has increased the demand for piezoelectric devices such as sensors and actuators. The advancement in technologies also increased the use of this device for the safety and efficiency of the vehicle.
KEY MARKET PARTICIPANTS:
Companies playing a leading role in the Europe thin film piezoelectric devices market are Broadcom Inc., Qorvo, Rohm Semiconductor, Piezosystem jena GmbH, Physik Instrumente GmbH & Co. KG., Silex Microsystems AB, Robert Bosch, Fujifilm Dimatix, Ceramic and Baumer.
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
The Europe Thin Film Piezoelectric Devices Market is predicted to grow 12.4 % over the forecast period.
The increase in demand from major industrial sectors such as Healthcare, Consumer Electronics, Aerospace, Defence, and many others.
Silex Microsystems AB, Robert Bosch, Ceramtec and others.
The segments covered are Type, materials, End-Users, and Country.
The European economic downturns, the high cost, and the scarcity of raw materials.
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