Asia Pacific dominates the Piezoelectric Sensor Market during the forecast period
Asia Pacific has a major share in the Piezoelectric Sensor Market. This is due to the increasing technological advancements coupled with the adoption of these sensors in countries like China and India. The region is expected to have a growth rate of 6.7% by 2023. Growing healthcare investments and increasing penetration of medical devices across Asia Pacific are also responsible for the growth of piezoelectric devices in the region.
Aerospace and automotive sectors are providing opportunities for the piezoelectric sensor in China. Growing demand for commercial vehicles and other passenger cars also provide opportunities for the Piezoelectric Sensor Market in Asia Pacific.
Selected Analysis done in the full Report:
Mechanical energy has the largest share of 49% in the Piezoelectric Sensor Market. This trend is expected to continue in the coming years. The market is expected to reach $1.16 billion by 2023. Wireless sensors which get their power from a mechanical energy source will drive the demand for the industrial pressure sensor in the coming years. This factor provides many opportunities for the piezoelectric ultrasonic transducer. Emphasis on home automation along with concerns of the electric components propels the demand for the piezoelectric pressure sensor in the home automations and building segment.
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Excerpts on Market Growth Factors:
Electronics segment is sure to escalate the demand for piezoelectric actuator due to the increasing demand for smartphones and tablets.
The Piezoelectric Sensor Market is expected to make advancements in a broad range of applications in industry verticals like aerospace & defence, industrial & manufacturing, automotive, healthcare, telecommunication, consumer electronics, and others.
Industrial and manufacturing segment will dominate the Piezoelectric Sensor Market due to the growing trend towards centralised automated controls.
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Key players of the Piezoelectric Sensor Market:
The key players of the Piezoelectric Sensor Market are TE Connectivity (U.S.), CTS Corporation (U.S.), Spectris (U.K.), First Sensor AG(Germany), Parker Hannifin Corporation (U.S.). Global piezoelectric sensor market key players have making different strategic initiatives which include partnerships, acquisitions, products launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
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