Wilmington, Delaware, United States, May 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The piezoelectric actuator market is expected to reach US$ 1.5 billion by 2031, expanding at a CAGR of 5.2%. Growing demand for commercial aircraft, military systems, and satellites are all in need of lightweight and compact actuators and will contribute to the market's growth in the future.
Compared with conventional actuators, piezoelectric actuators have a high degree of accuracy, fast response times, and low power consumption. Due to these advantages, they are becoming increasingly popular in aerospace, automotive, medical, and consumer electronics applications.
Industrial automation and robotics applications require precise and efficient motion control, which is driving the adoption of piezoelectric actuators. As a result, these actuators are suitable for applications such as precision machining, semiconductor manufacturing, and micro-robotics due to their high force-to-weight ratios, precise positioning, and short response times.
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Piezoelectric actuators are expected to grow in the coming years, as technological advances and new applications lead to the growth of the market. Research and development activities are increasing, along with the development of innovative applications, resulting in further expansion of the piezoelectric actuator market.
Piezoelectric actuators have the ability to convert mechanical vibrations or strain into electrical energy, which may open up new opportunities for energy harvesting and renewable energy. With the growing number of applications for piezoelectric actuators and technological advancements, the piezoelectric actuator market is likely to grow substantially in the coming years.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 965.3 Mn | |
| Estimated Value | US$ 1.5 Bn | |
| Growth Rate - CAGR | 5.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 340 Pages | |
| Market Segmentation | Actuator Type, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | APC International Ltd., Cedrat Technologies, CeramTec GmbH, CTS Corporation, Hanse-John Electronics Co., Ltd, Johnson Matthey, Kinetic Ceramics, Murata Manufacturing Co., Ltd., NGK Insulators, Ltd., Ningbo Best Group Co., Ltd., PCBMotor Ltd., Physik Instrumente (PI) GmbH & Co., KG., Piezo Hannas (Wuhan) Tech Co., Ltd., Piezomechanik GmBH, Sinocera Piezotronics, Inc., Steminc (Steiner & Martins, Inc.), TDK Corporation, Thorlabs Inc., Tokin Corporation | |
Key Findings of Market Report
- Electronic industries are increasingly using piezoelectric actuators, which is driving the overall growth of the piezoelectric actuator industry.
- The market for piezoelectric ceramics is expected to grow over the next few years.
- Eco-friendly and biodegradable products based on piezoelectric technologies are expected to grow in demand.
- Due to the high response times and large forces produced by multilayered actuators, they are likely to be in high demand in the future.
- The use of the Internet of Things and Industry 4.0 is also expected to rise which will boost sales of piezoelectric devices in the market.
- A high number of piezoelectric products are being adopted by aerospace and defense companies to grow the market.
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Global Piezoelectric Actuator Market: Growth Drivers
- Digitalization and rapid urbanization will boost the market in the coming years. The increasing use of piezoelectric actuators in semiconductor inspection, bio-nanotechnology, astronomy, aerospace, and microscopy has led to their increased popularity among high-tech companies.
- Digital camera usage and smartphone usage have driven growth in the piezoelectric actuator market. Additionally, due to the increased demand for piezoelectric actuators in nanotechnology and robotic applications, the market is expected to grow further in the years to come.
- In addition, new materials and designs, along with the integration of piezoelectric technology with other technologies like sensors and artificial intelligence, are expected to drive future growth.
- The piezoelectric actuators are used in a variety of medical instruments and equipment, such as surgical robots, ultrasound machines, micropumps, and drug delivery systems. Increasing healthcare expenditures, technological advancements, and an aging population are driving this market's growth.
Global Piezoelectric Actuator: Regional Landscape
- With technological advancements and consumer electronics demand growing, North America is seeing a demand for piezoelectric actuators.
- Growing demand for healthcare infrastructure in the United States will allow the piezoelectric actuator market to grow moderately over the forecast period.
- With increasing customer priorities and higher acceptance of piezoelectric technology in the region, the European piezoelectric technology market is experiencing substantial growth.
- Increasing consumer electronics usage, digitization, and information & networking technologies are projected to generate significant market shares in the Asia Pacific region.
- A growing number of automotive manufacturing plants are being built in China and Japan to grow the market.
Global Piezoelectric Actuator Market: Key Players
The global market is fragmented, with a significant number of vendors accounting for a large portion of the market. The majority of firms invest heavily in product development. Mergers and acquisitions and expanding product portfolios are key strategies adopted by leading companies.
Various factors, including company overviews, financial analyses, product portfolios, industry segments, and recent developments, have been considered in this piezoelectric actuator market report.
- In January 2023, Alps Alpine Co., Ltd. developed a new piezoelectric actuator for smartphones in order to supplement its existing product range. Samples were given to some customers, and the company intends to expand into other areas. Industrial equipment, surveillance cameras, and drones all fall into this category.
- In April 2022, CTS Corporation and Meggitt PLC signed a Share Purchase Agreement, under which CTS will buy Meggitt A/S (also called Ferroperm Piezoceramics). With these acquisitions, CTS Corporation will be able to expand its expertise in diagnostic imaging, which is highly beneficial for the company. Ferroperm offers complementary expertise to CTS Corporation in the field of medical therapeutics.
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Global Piezoelectric Actuator Market: Segmentation
Actuator Type
- Multilayer Actuator
- Multilayer Chip Actuator
- Bulk Stacked Actuator
- Shear Actuator
- Amplified Actuator
- Bender
Application
- Valves
- Hydraulic System
- Fuel Injection
- Mass Flow Controller
- Precision Gas/Liquid Valve
- Others (Viscosity Measurement System, Insulin Pump, etc)
- Printer Heads
- Positioners
- Optical Instruments
- Electronics & Semiconductor
- Aerospace & Defense
- Healthcare
- Others
- Scientific Instruments
- Others (Knitting Machine, Test Instrument, etc)
End-use Industry
- Automotive
- Medical
- Consumer Electronics
- Aerospace & Defense
- Manufacturing &Processing
- Others (Energy & Power, Printing, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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