The global relaxor ferroelectric ceramics market size is expected to grow substantially in the forthcoming years owing to the increased use of electrical energy in industries, states Fortune Business Insights™ in its report, titled, “Relaxor Ferroelectric Ceramics Market, 2022-2029”.
Electricity is an essential part of modern life and is important for the country’s economy. People use electricity and electronic devices for almost every work they do. Everything in today’s world is dependent upon the electronic industry.
According to UNESCO’s report, by the year 2035, the demand for electricity will rise by 70 percent, and more than half of its consumption will be done in China and India. Also, a report by the U.S. Energy Information Administration states that the total electricity consumption in the United States in 2020 was 3.8 trillion kWh which was 13 times higher than the electricity used in 1950. Since major economies in the world are solely dependent upon the electronic industry to grow, they are focusing on new advancements and innovations that will help them in building high-performance electrical devices and relaxor ferroelectrics ceramic materials.
List of Key Players in the Relaxor Ferroelectric Ceramics Market Report:
Based on type, the market is bifurcated into solid and powder. By application, it is divided into electronics, automotive, and aerospace. The market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa in terms of geography.
Highlights of the Report
The report contains an unmatched analysis of the key trends in the market, new product launches made of relaxor ferroelectrics ceramic materials. It also offers a comprehensive overview of the general industry outlook and upcoming opportunities. Additionally, the report provides an in-depth assessment of market segments, key, and regional development, which are likely to influence this market’s growth.
Drivers & Restraints
Most of the electronic devices find capacitors’ use, and it is very popular in electronic circuits, power supply units, and power circuits. Also, the dielectric ceramic film capacitor is a promising miniature power electronic device to deploy relaxor ferroelectric ceramics. It is also used to produce lead zirconate titanate (PZT) system, which is then used in ultrasound transducers, sensors, actuators, and ferroelectric RAM (FRAM chips). They are majorly utilized for storing a small amount of non-volatile data. This wide application of relaxor ferroelectric ceramic will positively influence the market. On the contrary, its high service and maintenance cost act as severe constraints for this market.
Asia Pacific is anticipated to dominate the global market owing to the increased demand and usage of electrical energy. As per the IEA report, Southeast Asia’s electricity demand has grown rapidly by an average of 6% per year in recent times. It is one of the fastest in the world and thus it will impact the regional market positively.
On the other hand, in the North American region, the U.S.A. and Canada are prominent ntries due to the increased awareness about relaxor ferroelectric ceramics in the electronics industry. The Global Energy Statistical Yearbook 2020 data mentions that the U.S. is the second-largest electricity-consumer in the world, which will fuel the market growth in this region.
Introduction of Novel Projects to Help Key Companies Intensify Competition
Core competitors in the relaxor ferroelectric ceramics market are ramping up investments in their research & development activities. These increased investments aim to engineer novel, wide-ranging applications, which will diversify their product portfolios and expand their footprint in the global market.
May 2017: ABB, a leading company present in the electric power industry, launched a DC transformer brake rotor project for its use in ultra-high voltage DC distribution connection project.
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