Market for Piezoelectric Devices Expected to Near $25 Billion by 2023
Emerging applications, increased funding, and rising demand for energy-harvesting techniques are expected to boost market growth for piezoelectric devices.
The worldwide market for piezoelectric devices is projected to reach a total market size of $24.9 billion by 2023, growing at a compound annual growth rate (CAGR) of 4.4% from a 2018 level of $20.1 billion, according to a report available from Research and Markets. Emerging applications for piezoelectric devices across different industry verticals, coupled with increased funding from government and investors alike, is boosting market growth.
Another growth factor is the rising demand for energy-harvesting techniques using non-conventional energy sources. However, legal restrictions with regard to the use of lead, the high cost of materials, and burgeoning research and development costs are the some of the major factors expected to limit the adoption of piezoelectric devices over the forecast period.
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