Piezoelectric Sensor Market Trends

Growth Drivers

• Strict regulatory standards by government - It is now mandatory for all passenger vehicles to be fitted with vehicle stability control systems, following recent changes in the policies of many countries relating to automotive safety standards.
  
  The stability control system must be compulsorily fitted to vehicles manufactured for sale in the United States. For any stability control system, the accuracy and reliability of PZT sensors is a crucial element.
• High demand in automotive sector - The automobile industry is using piezoelectric sensors for detecting the deployment of airbags and vehicle crashes following an accident. The demand for these types of sensors in the automotive industry to monitor tire pressure, airbags deployment, and engine and braking systems has grown as a result of increasing awareness about vehicle safety together with growing car demand around the world. The global automotive production reached 85.01 million units in 2022, representing an increase of 6 % over the production volume of 80.5 million units in 2021, according to the International Organization of Motor Vehicle Manufacturers.
• High utilization in the healthcare sector - Because of its great sensitivity and precision, piezoelectric sensors are essential for medical applications like pulse monitoring, ultrasonography, and pressure sensing. A favorable market outlook has been made possible by the expanding technology advancements that are improving ultrasound imaging as well as the rapidly expanding healthcare infrastructure and medical facility establishments. Therefore, this is predicted to drive the growth of the piezoelectric sensor market in the forecast period.

Challenges

• High cost of materials - Piezoelectric sensors are made from specialized materials such as lead zirconate titanate which can be expensive. This can make it difficult for manufacturers to compete on price, especially in cost-sensitive applications.
• Limited availability of raw materials is set to hinder the piezoelectric sensors market growth in the forecast period
• Environmental restrictions associated are predicted to pose limitations on the piezoelectric sensors market share in the upcoming period