Piezoelectric Actuators Market Forecast and CAGR
Piezoelectric actuators are electro-mechanical devices that are used to convert an electrical signal into a small movement. This business is being driven by North America accounting more than 26% of target segment share globally. These actuators are used for functioning special purpose hydraulic valves and for controlling the motors along with numerous other applications that require any type of specific action control such as fine amendment of lenses, machining tools and other equipment.
The global piezoelectric actuator market is anticipated to witness strong growth during the forecast period. The progression is predominantly reliant on the soaring demand from the automotive sector and healthcare industry, improvements in piezoelectric technologies and mounting investments for research and development activities. Manufacturers & suppliers are projected to focus on expanding or establishing their presence across the Asia Pacific region due to rising demand from the automotive sector in nations such as China and India and other fundamental factors.
The global market is expected to catalog momentous development over the forecast period, due to the number of benefits offered by the product, such as consistency and cost-effectiveness. Though, piezoelectric actuators do facade some challenges. For instance, high voltage is required for the appropriate operation and the distance that an actuator can move is comparatively small. Henceforth, for slight activities, the product requires a high amount of voltage, which primes to raise the overall cost for the operation.
However, piezoelectric actuators are expected to have a higher growth rate till 2031 endorsed towards shifting consumer essentials and leaning of manufacturers towards providing aesthetics with a higher degree of protection in a single package.
What is Driving Demand for Piezoelectric Actuators?
The upsurge in the use of piezoelectric actuators in the electronics sectors is one of the major key factors driving the overall growth. Piezoelectric actuators are widely used in numerous consumer electronic products such as clocks, digital cameras, mobile phones, printers and others.
There is an unending trend towards reducing the size and thickness of consumer electronic products such as smartphones, thus driving the demand for thinner and smaller components. Moreover, the compact & small size of the product allows them to be easily fitted and install in various electronic devices. Additionally, it also offers a quick response to high frequencies in comparison to other devices, in turn driving their tradition in consumer electronics.
The automotive sector is another protruding end-use industry where the sale of electronic products is soaring at a rapid pace. Over the past few decades, piezoelectric developments are being deployed in sensors, actuators, fuel injectors and in different security systems across the automotive sector.
Moreover, fuel injectors in automobiles use piezoelectric technologies that continue to parade greater accuracy than other substitutes and offer higher fuel efficiency. The product growth from the automotive sector is estimated to by-stand remarkable growth. Also, key players are projected to focus on research and development actions that examine the potentials in different products. These influences are estimated to drive the global market during the forecast period.
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Soaring Demand from Medical Sector Likely to Augment Piezoelectric Actuators Sales
The high demand from the medical sector for the making of different types of medical devices and equipment’s is a major influence that is expected for the development of the piezoelectric actuator market. The newly launched piezoelectric constituents are eco-friendly and biodegradable in nature and are moderately safer than lead based piezoelectric products. Piezoelectric actuators are the components that offer a multitude benefits such as less power consumption, low cost, less heat dissipation, high reliability, fast response, high actuating precision.
These progressions in the piezoelectric actuators could possibly streak the beginning of a novel era in the medical sector. In the modern situation, economized multi-layer piezoelectric actuators are widely used in medical scions, including hearing aids and micro-pumps. The rising focus on curtailing the size of piezoelectric actuators is projected to open up new prospects in the medical sector.
Europe Piezoelectric Actuators Market Outlook
Europe accounts for the largest share among all regions in 2020, and a parallel strength is likely to continue in the forecast period. The supremacy of the European region in the piezoelectric actuators is attributed to the growing population, rising foreign investments, increasing government initiatives along with the bulk manufacturing facilities of electronic components, presence of numerous producers and suppliers, moderate costs and technological progressions in developing countries of European region. Also, countries such as Germany and Italy are the major contributors to this region.
The rising automotive industries in Germany and Italy as a result of new investments by Volkswagen and Ford on a regional level is projected to increase the demand for electronic equipment including actuators. The aforementioned developments are expected to play a substantial role in increasing the use of piezoelectric actuators and other electronic accessories. Whereas Poland is also set to witness the maximum growth rate during the forecast period due to the abundant manufacturing capabilities of the country.
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North America Demand Outlook for Piezoelectric Actuators
The North American region is expected to witness an adequate growth rate over the forecast period owing to the hi-tech developments tied with the rising demand for the product in the healthcare and consumer electronics sector within this region.
The North America region has an adept growth in the number of automotive projects such as the launching of new production plants or any key developments in automotive parts. Many international companies taking place of their industrial plants in this region. North America is the major contributor for piezoelectric actuators compelled by demand in countries like U.S. & Canada.
The growth of the piezoelectric products in the North American region is supported by the ease of raw materials, promptly increasing automotive & healthcare R&D activities and healthy economic growth. The U.S. is expressively leading in the North American region owing to the reducing cost of industry goods assisted by government actions.
Who are the Key Manufacturers and Suppliers of Piezoelectric Actuators?
Taking the electronics industry into consideration, the scenario of the piezoelectric actuators market is partially fragmented as more than adequate numbers of players are serving the global demand. Across the globe
- Physik Instrumente GmBH
- APC International
- Omega Plezo
- Piezo Systems
- Cedrat Technologies
- Kinetic Ceramics
- NGK Electronics Devices
- Piezo Drive
- Johnson Matthey Piezo Products
- CTS Corporation
- PCB Motor
- Sinocera Piezotronics
- Hansa John Electronic Company
are prominent players of piezoelectric actuators.
Many leading suppliers like
- Ceram Tech.
- Blatek Inc.
- Materion Advanced Material Group
- Morgan Advanced Materials
- Sonic Mill
- UCM Zirconia
- Mod Tronic Instruments
- Mouser Electronics
have long standing contracts with end users to supply the products globally. Moreover, acquisitions and partnerships establishing extensive contracts with the industries and municipalities are providing higher authority to the key players.
An Adaptive Approach to Modern-day Research Needs
Piezoelectric Actuators Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Product Type
- Stack Actuators
- Stripe Actuators
By End Use Industry
- Industrial & Manufacturing
- Consumer Electronics
- North America
- US & Canada
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East And Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments by product type, by technology, by application, by end user and by geographies.
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