Piezoelectric Sensor Market Trends

Growth Drivers

• Increasing mining and material production: Mining capacity for critical materials and minerals is expanding at a steady rate. The worldwide graphite production in 2023 was 1.6 million tons, underscoring a 23% spike from 2022. According to the Government of Canada, about 4,261 tons of graphite was generated by Canada and was the 11^th largest exporter, globally. Furthermore, Canada’s outbound trade was USD 14 million in synthetic graphite and USD 18 million in natural graphite, predominantly to the U.S.

World Mine Production of Graphite, By Country (2023)

Source: Government of Canada

The U.S. lead mine production (recoverable) in August 2024 reached 25,600 metric tons (t). The USGS estimated that the average daily mine capacity utilization was 827 t, 4% more than that in July 2024 and 43% more than in August 2023. The secondary refined lead manufacturing was 84,700 t in August 2024, marginally less than the previous month and 3% more over a year. The average lead price in North America market price was USD 1.05 per pound in August 2024, 5% less than that in July 2024 and 7% less than a year before. The U.S. is a prominent lead concentrate exporter and was 142,000 t in 2024. The main export destinations included China (58%), the Republic of Korea (11%), Japan (18%), Mexico (7%), and Canada (5%). The country’s imports of unwrought lead through August 2024 were 260,000 t, marking a 27% yearly decline. Leading import sources were Canada (29%), the Republic of Korea (34%), and Mexico (26%).

• Piezoelectric sensor development for CVD mitigation: CVD stands as a global cause of mortality, leading to a subsequent rise in demand for advanced wearables for continuous monitoring of heart rhythms and offering real-time updates. By 2030, CVDs are anticipated to rise steadily from the presently 17.9 million to 23.6 million individuals. A review by the Royal Society of Chemistry, in collaboration with the University of Michigan and Shanghai Jiao Tong University emphasized the development of a comfortable and flexible piezoelectric passive sensor based on machine learning technology for diagnosis. With piezoelectric sensing techniques gaining traction, a shift from conventional, inflexible wearable interfaces to compact CVD monitoring devices is being observed. For instance, Samartkit et al. in 2022 reported a dynamic, yet non-invasive heart rate monitoring system, powered with piezoelectric PZT sensors.

Challenges

• High cost of materials: Piezoelectric sensors are made from specialized materials such as lead zirconate titanate, which can be expensive. This makes it difficult for manufacturers to compete on price, especially in cost-sensitive applications.