Transparency Market Research delivers key insights on the global piezoelectric actuator market. In terms of revenue, the global market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global piezoelectric actuator market.
Piezoelectric actuators are transducers that convert electric energy into mechanical displacement or stress on the basis of the piezoelectric effect. Furthermore, these actuators are widely used in high-precision positioning mechanism, as they can control small mechanical displacement at a high speed, due to their large generated force, stable displacement, and ease of use. In addition, piezoelectric actuators come in different shapes and sizes. Various shapes include disks, tubes, plates, benders, and bimorphs. With the introduction of new technologies in automotive and consumer electronics industries, piezoelectric actuators are being evolved. A large number of players, including CTS Corporation, Murata Manufacturing Co. Ltd., PI Ceramics, Cerametec, and Thorlabs, Inc. are developing new multilayer actuators, multilayer chip actuators, bulk stacked actuators, shear actuators, amplified actuators, and benders for use in industries such as consumer electronics, automotive, medical, aerospace & defense, and manufacturing & processing.
Piezoelectric Actuator Market: Dynamics
Significant investments in manufacturing activities in developing economies are expected to provide immense growth opportunities to the global piezoelectric actuator market during the forecast period. India, China, Thailand, and South Africa are emerging as key markets for piezoelectric actuators. These regions are expected to be the focus of industrial actuator manufacturers during the forecast period. Moreover, growth in urbanization is creating high demand for infrastructure development in public and private sectors. This infrastructure comprises power stations, water supply systems, electricity grids, and water treatment plants.
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Furthermore, rising demand for innovative products with improved performance and reliability is driving the demand for new technologies. Use of alternative lead-free elements, extremely thin payloads, and new material technologies of piezoelectric actuators is driving the global piezoelectric actuator market. Improvement in the piezoelectric actuator technology led by advancements in manufacturing techniques enables piezoelectric actuators to operate in harsh environments and extends their service life and efficiency, which is driving the global market.
Additionally, piezoelectric actuators are increasingly being used for medical applications by medical and bioresearch companies, as they are better operating, lower cost, and more efficient. Medical device manufacturers prefer piezoelectric motors and actuators than conventional electromagnetic motors, as they offer substantial inherent advantages. Piezoelectric actuators are used for various medical devices including laser beam steering devices, surgical devices, micro dose dispensers, 3-D scanners, nano-liter and micro-liter pumps, and ultrasonic emitters. They are also employed for material handling, drug delivery, and MRI-compatible robotics.
Piezoelectric Actuator Market: Prominent Regions
Asia Pacific is the dominant region of the global piezoelectric actuator market. Growth of the market in the region can be attributed to the significant manufacturing ability of players in the Asia Pacific market to produce piezoelectric actuators for use in aerospace and defense applications. Additionally, increasing expenditure on aircraft modernization and advancement in technologies associated with fighter aircraft are factors projected to propel the global military aircraft sector during the forecast period. Furthermore, growing concerns about national security have led to strengthening of military aircraft fleet across the globe. With this, the demand for piezoelectric actuators is also rising, as various air force agencies worldwide are incorporating piezoelectric actuators into their fighter aircraft. Owing to the aforementioned advantages, adoption of technologically advanced piezoelectric actuators is rising significantly in the aerospace & defense sector in Asia Pacific.
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Moreover, presence of a significant number of well-established manufacturers of piezoelectric actuators in Asia Pacific is expected to boost the market in the region during the forecast period. Additionally, countries in North America are focusing on the adoption of piezoelectric actuators in order to strengthen manufacturing & processing and automotive industries in the region. The U.S. is home to several well-established players that design and offer piezoelectric actuators. Rising demand for piezoelectric actuators in the manufacturing & processing sector in North America is anticipated to drive the piezoelectric actuator market in the region during the forecast period. The market in Europe is estimated to witness prominent growth during the forecast period. The piezoelectric actuator market in Middle East & Africa and South America is expected to witness moderate growth in the near future.
Piezoelectric Actuator Market: Key Players
Key players operating in the global piezoelectric actuator market are APC International Ltd., Cedrat Technologies, CeramTec GmbH, CTS Corporation, TDK Corporation, Johnson Matthey, Kinetic Ceramics, Murata Manufacturing Co. Ltd., Tokin Corporation, NGK Insulators, PCB Motor Ltd., Physik Instrumente (PI) GmbH & Co. KG., Piezomechanik GmbH, Steminc (STEINER & MARTINS, INC.), Thorlabs Inc., Ningbo Best Group Co., Ltd., Hanse-john Electronics Co., Ltd, Piezo Hannas (Wuhan) Tech Co Ltd., and Sinocera Piezotronics, INC.
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