Global Piezoelectric Actuators and Motors Market Forecast to 2028 - COVID-19 Impact and Analysis - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Piezoelectric Actuators and Motors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Piezo Motors and Piezo Actuators), Application, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global piezoelectric actuators and motors market is expected to grow from $14,547.86 million in 2021 to $24,752.20 million by 2028; it is estimated to grow at a CAGR of 7.9% during 2021-2028.
With the integration of piezoelectric actuators with haptic technology, the applications of piezo actuators have been increased in electronics and semiconductors devices. Haptic technology involves enabling an electronic device to stimulate the human sense of touch by allowing humans to feel motion, vibration, or movement. At present, there are three mainstream technologies in haptic - eccentric rotating mass (ERM) motor, linear resonant actuator (LRA), and piezoelectric.
Among the mentioned technologies, piezoelectric technology holds the edge over the rest, owing to its mechanical advantages such as faster response time, greater acceleration, and smaller size. In addition, piezo actuators are more power efficient and provides haptic solutions with less power consumption than ERM and LRA technology. Which means that piezoelectric is the most efficient technology for high-definition haptic solutions and offers lucrative opportunities for the market growth. Hence, the aforementioned factors are expected to boost the demand for piezoelectric actuators and motors during the forecast period.
The piezoelectric actuators and motors market is segmented on the basis of product, application, and geography. Based on product, the market is bifurcated into piezo motors and piezo actuators. The piezo actuators segment represented a larger share of the overall market in 2020. In terms of application, the piezoelectric actuators and motors market is segmented into automotive, industrial and manufacturing, medical, aerospace, consumer electronics, and other applications. In 2020, the industrial and manufacturing segment accounted for the substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2020, Asia Pacific (APAC) accounted for the significant share in the global market.
North America is one of the leading regions in terms of the development and adoption of new technologies owing to the favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any hinderance on the growth of the industrial sector hampers the economic growth of the region. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak.
The industry's reliance on human labor has been highlighted by the recent pause in industrial automation and development. This is expected to showcase the benefits of factory automation in the post-lockdown phase, leading to increased adoption. The overall demand for industrial automation components and digitalization is likely to increase once the industries attain normal operational conditions. These technologies are a need amid high market competition across the world. Hence, the piezoelectric actuators and motors market is projected to grow at a steady pace in the post-pandemic period.
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- Growing Application of Piezoelectric Technology in Medical Devices
- Increasing Adaptability of Piezoelectric Actuators and Motors in Automotive Industry
- Availability of Alternative Actuators and Motors
- Integration of Piezoelectric Actuators with Haptic Technology
- Rising Trend of Compact Consumer Electronic Products
- APC International, Ltd.
- CEDRAT TECHNOLOGIES
- FAULHABER Group
- Johnson Electric Holdings Limited
- Microfine Materials Technologies Pte Ltd
- Physik Instrumente (PI) GmbH & Co. KG.
- Piezo Electric Technology Co., Ltd.
- PiezoMotor Uppsala AB
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