Piezoelectric Devices Market Forecast (2024-2031)
The Piezoelectric Devices Market is expected to register a CAGR of 6.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Product (Piezoelectric Sensors, Piezoelectric Actuators, Piezoelectric Motors, Piezoelectric Transducers, Piezoelectric Generators, Others); Material (Piezoelectric Crystals, Piezoelectric Ceramics, Piezoelectric Polymers, Piezoelectric Composites); Application (Aerospace and Defense, Information and Communication, Consumer Electronics, Automotive, Healthcare, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the Report
The report Piezoelectric Devices Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Piezoelectric Devices Market Segmentation
Product
- Piezoelectric Sensors
- Piezoelectric Actuators
- Piezoelectric Motors
- Piezoelectric Transducers
- Piezoelectric Generators
- Others
Material
- Piezoelectric Crystals
- Piezoelectric Ceramics
- Piezoelectric Polymers
- Piezoelectric Composites
Application
- Aerospace and Defense
- Information and Communication
- Consumer Electronics
- Automotive
- Healthcare
- Others
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
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Piezoelectric Devices Market: Strategic Insights
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Piezoelectric Devices Market Growth Drivers
- Growing Demand for Miniaturized and High-Precision Devices: Increasing demand for smaller, more efficient and high-precision devices in the industries makes piezoelectric devices more imperative. Applications which require precise control and miniaturization demand these devices as essential components, such as in medical applications like ultrasonic transducers for imaging, consumer electronics like touchscreens and haptic feedback in smartphones, and automotive sensors like air bag systems and tire pressure monitoring. The trend to produce small, reliable, and highly accurate devices calls for more extensive use of piezoelectric components in these fields. This further fuels the market's growth.
- Increasing Use of Piezoelectric Sensors in Industrial and Automotive Applications: The piezoelectric devices market is driven mainly by industrial and automotive applications. Piezoelectric sensors are employed in manufacturing-related industries, aerospace, and automotive for vibration monitoring, pressure sensing, and structural health monitoring, among other purposes. In automotive applications, airbags, fuel injectors, and engine management system deploy the piezoelectric sensors. The demand for enhancing safety features in automobiles as well as real-time monitoring requirements of industrial systems in turn foster the demand for the piezoelectric devices.
Piezoelectric Devices Market Future Trends
- Sustainability and Eco-friendly Materials: With increasing emphasis on sustainability, there will be an increased focus on designing sustainable piezoelectric materials. Established piezoelectric materials, such as lead zirconate titanate (PZT), are effective but often perceived as hazardous for the environment due to the presence of lead. Researchers are developing alternative materials that are more sustainable and non-toxic, for example biocompatible piezoelectric polymers or ceramic composites. Such green alternatives will push the piezoelectric device into applications areas such as medical devices, where biocompatibility becomes a deciding factor, and consumers'll be very particular about sustainability in consumer products.
- Expansion in Automotive and Industrial Applications: Piezoelectric devices are increasingly being used in automotive and industrial applications, particularly for vibration monitoring, noise reduction, and energy harvesting. In the automotive industry, piezoelectric sensors and actuators are utilized for engine monitoring, suspension systems, and advanced driver assistance systems (ADAS). Meanwhile, in industrial settings, piezoelectric devices are employed for precise motion control, pressure sensing, and predictive maintenance. As industries focus on automation, efficiency, and sustainability, the demand for piezoelectric devices that can enhance performance and reduce energy consumption is growing rapidly.
Piezoelectric Devices Market Opportunities
- Expansion in Consumer Electronics and Wearables: Consumer electronics and wearable technologies are opening up one of the greatest opportunities in the piezoelectric device market. Piezoelectric materials are also being exploited in current commercial applications, such as haptic feedback systems in smartphones and gaming controllers, and energy harvesting in small, battery-operated devices. In the wearable domain, piezoelectric devices can be used for sensing motion or activity, monitoring, and powering of sensors through energy harvesting. As the demand for highly advanced and energy-efficient consumer electronics increases, piezoelectric devices are expected to be pivotal in defining the next generations of these technologies.
- Advancements in IoT and Smart Sensors: The development of Internet of Things applications means a significant opportunity for piezoelectric devices, especially in the development of smart sensors. Piezoelectric materials are already widely used in pressure sensors and vibration sensors. To meet the increasing demand of IoT solutions for smart homes, smart cities, and industrial automation, low-power, reliable sensors are going to be in higher demand. IoT devices need small, self-sustaining, low-power, energy-efficient devices with minimal energy consumption requirements, and thus, piezoelectric devices can best support this requirement. As more growth is observed in the IoT market, the demand for piezoelectric sensors and actuators will be on the same trajectory.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Piezoelectric Devices Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Piezoelectric Devices Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation as our team would review the same and check the feasibility
Sustainability and Eco-friendly Materials is anticipated to play a significant role in the global piezoelectric devices market in the coming years
The Piezoelectric Devices Market is estimated to witness a CAGR of 6.3% from 2023 to 2031
The major factors driving the piezoelectric devices market are:
1. Growing Demand for Miniaturized and High-Precision Devices
2. Increasing Use of Piezoelectric Sensors in Industrial and Automotive Applications
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Piezoelectric Device Market - By Product
1.3.2 Piezoelectric Device Market - By Material
1.3.3 Piezoelectric Device Market - By Application
1.3.4 Piezoelectric Device Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PIEZOELECTRIC DEVICE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. PIEZOELECTRIC DEVICE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. PIEZOELECTRIC DEVICE MARKET - GLOBAL MARKET ANALYSIS
6.1. PIEZOELECTRIC DEVICE - GLOBAL MARKET OVERVIEW
6.2. PIEZOELECTRIC DEVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PIEZOELECTRIC DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. PIEZOELECTRIC SENSORS
7.3.1. Overview
7.3.2. Piezoelectric Sensors Market Forecast and Analysis
7.4. PIEZOELECTRIC ACTUATORS
7.4.1. Overview
7.4.2. Piezoelectric Actuators Market Forecast and Analysis
7.4.3. Stack Actuators Market
7.4.3.1. Overview
7.4.3.2. Stack Actuators Market Forecast and Analysis
7.4.4. Strip Actuators Market
7.4.4.1. Overview
7.4.4.2. Strip Actuators Market Forecast and Analysis
7.5. PIEZOELECTRIC MOTORS
7.5.1. Overview
7.5.2. Piezoelectric Motors Market Forecast and Analysis
7.6. PIEZOELECTRIC TRANSDUCERS
7.6.1. Overview
7.6.2. Piezoelectric Transducers Market Forecast and Analysis
7.7. PIEZOELECTRIC GENERATORS
7.7.1. Overview
7.7.2. Piezoelectric Generators Market Forecast and Analysis
7.7.3. Single-layer Piezoelectric Generators Market
7.7.3.1. Overview
7.7.3.2. Single-layer Piezoelectric Generators Market Forecast and Analysis
7.7.4. Multilayered Piezoelectric Generators Market
7.7.4.1. Overview
7.7.4.2. Multilayered Piezoelectric Generators Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. PIEZOELECTRIC DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - MATERIAL
8.1. OVERVIEW
8.2. MATERIAL MARKET FORECASTS AND ANALYSIS
8.3. PIEZOELECTRIC CRYSTALS
8.3.1. Overview
8.3.2. Piezoelectric Crystals Market Forecast and Analysis
8.4. PIEZOELECTRIC CERAMICS
8.4.1. Overview
8.4.2. Piezoelectric Ceramics Market Forecast and Analysis
8.4.3. Soft Ceramics Market
8.4.3.1. Overview
8.4.3.2. Soft Ceramics Market Forecast and Analysis
8.4.4. Hard Ceramics Market
8.4.4.1. Overview
8.4.4.2. Hard Ceramics Market Forecast and Analysis
8.5. PIEZOELECTRIC POLYMERS
8.5.1. Overview
8.5.2. Piezoelectric Polymers Market Forecast and Analysis
8.6. PIEZOELECTRIC COMPOSITES
8.6.1. Overview
8.6.2. Piezoelectric Composites Market Forecast and Analysis
9. PIEZOELECTRIC DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. AEROSPACE AND DEFENSE
9.3.1. Overview
9.3.2. Aerospace and Defense Market Forecast and Analysis
9.4. INFORMATION AND COMMUNICATION
9.4.1. Overview
9.4.2. Information and Communication Market Forecast and Analysis
9.5. CONSUMER ELECTRONICS
9.5.1. Overview
9.5.2. Consumer Electronics Market Forecast and Analysis
9.6. AUTOMOTIVE
9.6.1. Overview
9.6.2. Automotive Market Forecast and Analysis
9.7. HEALTHCARE
9.7.1. Overview
9.7.2. Healthcare Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. PIEZOELECTRIC DEVICE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Piezoelectric Device Market Overview
10.1.2 North America Piezoelectric Device Market Forecasts and Analysis
10.1.3 North America Piezoelectric Device Market Forecasts and Analysis - By Product
10.1.4 North America Piezoelectric Device Market Forecasts and Analysis - By Material
10.1.5 North America Piezoelectric Device Market Forecasts and Analysis - By Application
10.1.6 North America Piezoelectric Device Market Forecasts and Analysis - By Countries
10.1.6.1 United States Piezoelectric Device Market
10.1.6.1.1 United States Piezoelectric Device Market by Product
10.1.6.1.2 United States Piezoelectric Device Market by Material
10.1.6.1.3 United States Piezoelectric Device Market by Application
10.1.6.2 Canada Piezoelectric Device Market
10.1.6.2.1 Canada Piezoelectric Device Market by Product
10.1.6.2.2 Canada Piezoelectric Device Market by Material
10.1.6.2.3 Canada Piezoelectric Device Market by Application
10.1.6.3 Mexico Piezoelectric Device Market
10.1.6.3.1 Mexico Piezoelectric Device Market by Product
10.1.6.3.2 Mexico Piezoelectric Device Market by Material
10.1.6.3.3 Mexico Piezoelectric Device Market by Application
10.2. EUROPE
10.2.1 Europe Piezoelectric Device Market Overview
10.2.2 Europe Piezoelectric Device Market Forecasts and Analysis
10.2.3 Europe Piezoelectric Device Market Forecasts and Analysis - By Product
10.2.4 Europe Piezoelectric Device Market Forecasts and Analysis - By Material
10.2.5 Europe Piezoelectric Device Market Forecasts and Analysis - By Application
10.2.6 Europe Piezoelectric Device Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Piezoelectric Device Market
10.2.6.1.1 Germany Piezoelectric Device Market by Product
10.2.6.1.2 Germany Piezoelectric Device Market by Material
10.2.6.1.3 Germany Piezoelectric Device Market by Application
10.2.6.2 France Piezoelectric Device Market
10.2.6.2.1 France Piezoelectric Device Market by Product
10.2.6.2.2 France Piezoelectric Device Market by Material
10.2.6.2.3 France Piezoelectric Device Market by Application
10.2.6.3 Italy Piezoelectric Device Market
10.2.6.3.1 Italy Piezoelectric Device Market by Product
10.2.6.3.2 Italy Piezoelectric Device Market by Material
10.2.6.3.3 Italy Piezoelectric Device Market by Application
10.2.6.4 United Kingdom Piezoelectric Device Market
10.2.6.4.1 United Kingdom Piezoelectric Device Market by Product
10.2.6.4.2 United Kingdom Piezoelectric Device Market by Material
10.2.6.4.3 United Kingdom Piezoelectric Device Market by Application
10.2.6.5 Russia Piezoelectric Device Market
10.2.6.5.1 Russia Piezoelectric Device Market by Product
10.2.6.5.2 Russia Piezoelectric Device Market by Material
10.2.6.5.3 Russia Piezoelectric Device Market by Application
10.2.6.6 Rest of Europe Piezoelectric Device Market
10.2.6.6.1 Rest of Europe Piezoelectric Device Market by Product
10.2.6.6.2 Rest of Europe Piezoelectric Device Market by Material
10.2.6.6.3 Rest of Europe Piezoelectric Device Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Piezoelectric Device Market Overview
10.3.2 Asia-Pacific Piezoelectric Device Market Forecasts and Analysis
10.3.3 Asia-Pacific Piezoelectric Device Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Piezoelectric Device Market Forecasts and Analysis - By Material
10.3.5 Asia-Pacific Piezoelectric Device Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Piezoelectric Device Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Piezoelectric Device Market
10.3.6.1.1 Australia Piezoelectric Device Market by Product
10.3.6.1.2 Australia Piezoelectric Device Market by Material
10.3.6.1.3 Australia Piezoelectric Device Market by Application
10.3.6.2 China Piezoelectric Device Market
10.3.6.2.1 China Piezoelectric Device Market by Product
10.3.6.2.2 China Piezoelectric Device Market by Material
10.3.6.2.3 China Piezoelectric Device Market by Application
10.3.6.3 India Piezoelectric Device Market
10.3.6.3.1 India Piezoelectric Device Market by Product
10.3.6.3.2 India Piezoelectric Device Market by Material
10.3.6.3.3 India Piezoelectric Device Market by Application
10.3.6.4 Japan Piezoelectric Device Market
10.3.6.4.1 Japan Piezoelectric Device Market by Product
10.3.6.4.2 Japan Piezoelectric Device Market by Material
10.3.6.4.3 Japan Piezoelectric Device Market by Application
10.3.6.5 South Korea Piezoelectric Device Market
10.3.6.5.1 South Korea Piezoelectric Device Market by Product
10.3.6.5.2 South Korea Piezoelectric Device Market by Material
10.3.6.5.3 South Korea Piezoelectric Device Market by Application
10.3.6.6 Rest of Asia-Pacific Piezoelectric Device Market
10.3.6.6.1 Rest of Asia-Pacific Piezoelectric Device Market by Product
10.3.6.6.2 Rest of Asia-Pacific Piezoelectric Device Market by Material
10.3.6.6.3 Rest of Asia-Pacific Piezoelectric Device Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Piezoelectric Device Market Overview
10.4.2 Middle East and Africa Piezoelectric Device Market Forecasts and Analysis
10.4.3 Middle East and Africa Piezoelectric Device Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Piezoelectric Device Market Forecasts and Analysis - By Material
10.4.5 Middle East and Africa Piezoelectric Device Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Piezoelectric Device Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Piezoelectric Device Market
10.4.6.1.1 South Africa Piezoelectric Device Market by Product
10.4.6.1.2 South Africa Piezoelectric Device Market by Material
10.4.6.1.3 South Africa Piezoelectric Device Market by Application
10.4.6.2 Saudi Arabia Piezoelectric Device Market
10.4.6.2.1 Saudi Arabia Piezoelectric Device Market by Product
10.4.6.2.2 Saudi Arabia Piezoelectric Device Market by Material
10.4.6.2.3 Saudi Arabia Piezoelectric Device Market by Application
10.4.6.3 U.A.E Piezoelectric Device Market
10.4.6.3.1 U.A.E Piezoelectric Device Market by Product
10.4.6.3.2 U.A.E Piezoelectric Device Market by Material
10.4.6.3.3 U.A.E Piezoelectric Device Market by Application
10.4.6.4 Rest of Middle East and Africa Piezoelectric Device Market
10.4.6.4.1 Rest of Middle East and Africa Piezoelectric Device Market by Product
10.4.6.4.2 Rest of Middle East and Africa Piezoelectric Device Market by Material
10.4.6.4.3 Rest of Middle East and Africa Piezoelectric Device Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Piezoelectric Device Market Overview
10.5.2 South and Central America Piezoelectric Device Market Forecasts and Analysis
10.5.3 South and Central America Piezoelectric Device Market Forecasts and Analysis - By Product
10.5.4 South and Central America Piezoelectric Device Market Forecasts and Analysis - By Material
10.5.5 South and Central America Piezoelectric Device Market Forecasts and Analysis - By Application
10.5.6 South and Central America Piezoelectric Device Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Piezoelectric Device Market
10.5.6.1.1 Brazil Piezoelectric Device Market by Product
10.5.6.1.2 Brazil Piezoelectric Device Market by Material
10.5.6.1.3 Brazil Piezoelectric Device Market by Application
10.5.6.2 Argentina Piezoelectric Device Market
10.5.6.2.1 Argentina Piezoelectric Device Market by Product
10.5.6.2.2 Argentina Piezoelectric Device Market by Material
10.5.6.2.3 Argentina Piezoelectric Device Market by Application
10.5.6.3 Rest of South and Central America Piezoelectric Device Market
10.5.6.3.1 Rest of South and Central America Piezoelectric Device Market by Product
10.5.6.3.2 Rest of South and Central America Piezoelectric Device Market by Material
10.5.6.3.3 Rest of South and Central America Piezoelectric Device Market by Application
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. PIEZOELECTRIC DEVICE MARKET, KEY COMPANY PROFILES
12.1. APC INTERNATIONAL, LTD.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. CTS CORPORATION
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. HARRIS CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. KISTLER GROUP
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. MIDE TECHNOLOGY CORP
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. MURATA MANUFACTURING CO., LTD
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. OMEGA PIEZO TECHNOLOGIES
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. PHYSIK INSTRUMENTE (PI) GMBH AND CO. KG.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. PIEZO TECHNOLOGIES
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. PIEZOSYSTEM JENA GMBH
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. APC International, Ltd.
2. CTS Corporation
3. Harris Corporation
4. Kistler Group
5. Mide Technology Corp
6. Murata Manufacturing Co., Ltd
7. Omega Piezo Technologies
8. Physik Instrumente (PI) GmbH and Co. KG.
9. Piezo Technologies
10. piezosystem jena GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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