Dublin, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The "Piezoelectric Actuator Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global piezoelectric actuator market was valued at US$917.209 million in 2021
The piezoelectric actuator market is projected to show positive growth during the forecast period. A piezoelectric actuator is a device that utilizes the piezoelectric effect to convert electrical energy into mechanical motion or force.
Different types of piezoelectric actuators such as stack actuators, stripe actuators, shear actuators, and tube actuators are used in multiple industries (electrical & electronics, automotive, and aerospace & defense applications) due to their precise motion control, compact size, and low power consumption. The increased electrical & electronic device production coupled with the rise in medical & healthcare equipment usage is driving the piezoelectric actuator market growth.
Market Drivers
Increased electronic device production
The need for precise and efficient piezoelectric actuators has become essential for enhancing device performance and functionality as the demand for electronic devices continues to rise globally. There is a growing requirement for miniaturized components that can provide precise motion control for smartphones, tablets, wearable devices, and electromechanical devices like speakers and microphones.
Piezoelectric actuators, known for their compact size and high precision, are well-suited to meet these demands. The increased smartphone production in developing nations will expand the piezoelectric actuator market size. Accordingly, in 2023, the Indian Finance minister stated that smartphone production in India increased from 5.8 crore units in 2014-15 to 31 crore units in 2022-2023.
Bolstering usage of smart home devices
IoT devices, which encompass a wide range of applications such as smart home systems, industrial automation, and healthcare monitoring, rely on precise and responsive actuators valve control, switch actuation, and micro-displacement adjustments. Piezoelectric actuators, with their ability to provide accurate and rapid motion control, play a crucial role in enabling these IoT functionalities.
The new launches of smart home device products are expected to accelerate the piezoelectric actuator market growth. In October 2022, Roku introduced smart home lights, video doorbells, plugs, and cameras which had free and automatic software updates, ensuring the device was always up to speed, and included two-factor authentication (2FA), user data encryption, etc.
Growing application in the medical/healthcare industry
Piezoelectric actuators find applicability in ultrasound imaging systems as they can generate the necessary vibrations for transmitting and receiving ultrasound waves, enabling high-resolution imaging. The growing usage of these actuators in various medical applications and investments made by private players to improve ultrasound imaging are propelling market expansion.
In October 2022, Samsung announced an investment in the ultrasound business in North America to maximize its patient and customer reach with best-in-class imaging technology and service the women's health market segment better. Similarly, Clarius Mobile Health declared 44% higher sales of handheld ultrasound scanners in FY2022 when compared to 2021.
Asia-Pacific region is expected to hold a significant share in 2028
The Asia-Pacific region accounts for a major share of piezoelectric actuator market growth due to the high demand for electronics and the increasing utilization of medical devices in the region coupled with favorable investment inflows and incentives. Under the Production Linked Incentive Scheme in 2021, incentives of 5% to 3% were extended for companies on incremental sales of Indian manufactured electronic goods manufactured. Such progressive developments will accelerate the demand for piezoelectric actuators for precise motion control, thereby expanding the regional piezoelectric actuator market size.
Market Restraint - Raw Material Price Volatility
The availability and cost of raw materials can impact the overall cost and supply chain of piezoelectric actuators. Any disruptions in the supply chain or significant price fluctuations can limit the piezoelectric actuator market size by increasing manufacturing costs or limiting the availability of components. Piezoelectric actuators face competition from alternative actuator technologies, such as electromechanical actuators, hydraulic actuators, and pneumatic actuators.
Company Profiles
- CTS Corporation
- HOERBIGER Motion Control GmbH
- KEMET Corporation
- Murata Manufacturing Co., Ltd.
- NGK INSULATORS, LTD
- TDK Corporation
Segmentation
By Type
- Stack Actuator
- Stripe Actuator
- Shear Actuator
- Tube Actuator
- Others
By Material
- Ceramic
- Steel
- Others
By End-User
- Electrical & Electronics
- Aerospace & Defense
- Automotive
- Medical & Healthcare
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Other
For more information about this report visit https://www.researchandmarkets.com/r/97sei9
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