Piezoelectric actuators are electromechanical motors that convert electrical energy into mechanical stress or displacement using the piezoelectric effect. Piezoelectric actuators are known for their precise movement control and hence, are highly used for finely adjusting mirrors, lenses, machining tools and in other equipment. A piezoelectric actuator is also used to control hydraulic valves. It is used as a special purpose motor or small volume pump as well as in other applications that require force or movement. The global piezoelectric actuators market is anticipated to register significant growth over the forecast period, mainly due to the several benefits offered by the piezoelectric actuators, such as cost-effectiveness and reliability. Piezoelectric actuators, with technological innovations, have progressively entered the market and are projected to witness significant growth in the future. Although, piezoelectric actuators do face some challenges. For instance, high voltage is required for the proper functioning of piezoelectric actuators and the distance that an actuator can move is relatively small. Hence, for small movements, piezoelectric actuators require higher voltage, which leads to increase in overall cost of the operation.
Global Piezoelectric Actuators Market: Dynamics
Increasing use of piezoelectric actuators in smartphones for camera operations and haptic feedback systems in consumer electronics industry is anticipated to drive the global market during the forecast period. This is one of the key reasons responsible for the dominant share of consumer electronics segment in the global market. Since the market with its technological developments is moving towards reduction in size of consumer electronic devices, mainly smartphones that require small-sized components, the demand for piezoelectric actuators is increasing as these actuators are manufactured using micron-scale layers of piezoelectric material. On the other hand, the demand from the automotive industry is also going to play an important role in the overall growth of the piezoelectric actuators market. Piezoelectric actuators draw power directly from a vehicle’s battery unlike from running engines in other actuators. Moreover, its weight bearing capacity is more than that of others actuators, which is one of the major factors responsible for increasing use of piezoelectric actuators in the automotive industry.
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The global piezoelectric actuators market can be segmented on the basis of product type, end use industry and region.
On the basis of product type, the global piezoelectric actuators market can be segmented into:
On the basis of end use industry, the global piezoelectric actuators market can be segmented into:
On the basis of region, the global piezoelectric actuators market can be segmented into:
The demand for high-end electronic products is expected to increase globally. Owing to the developing technologies and faster maturity of the technology, the market is estimated to witness sustained growth. Therefore, several regions around the globe are expected to register significant growth in this regard. Asia Pacific is anticipated to hold a majority share in the global piezoelectric actuators market during the forecast period. This is mainly due to the fact that emerging economies in this region — India, China and Japan — are projected to account for a significant share owing to increasing digitization, increasing usage of portable electronics and growing information & communication technologies. Moreover, rising urbanization and growing investments in the healthcare sector of the region will also uplift the overall demand for piezoelectric actuators in the coming years. Additionally, this region is also anticipated to register healthy growth in the future. North America is estimated to hold significant market share in the global piezoelectric actuators market over the forecast period and Europe is anticipated to exhibit substantial growth owing to the technological developments coupled with increasing demand for piezoelectric actuators.
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Some of the market participants involved in the Global Piezoelectric Actuators Market are:
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