The Piezoelectric Actuators and Motors Market Growth impelled by integration of piezoelectric actuators with haptic technology and increasing adaptability of piezoelectric actuators and motors in automotive industry.
New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Piezoelectric Actuators and Motors Market: Key Insights
According to our new research study on “Piezoelectric Actuators and Motors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Geography,” The global Piezoelectric Actuators and Motors Market is expected to grow from US$ 14,547.86 million in 2021 to US$ 24,752.20 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
Piezoelectric Actuators and Motors Market: Competitive Landscape and Key Developments
APC International, LTD.; Johnson Electric Holdings Limited; Microfine Materials Technologies PTE LTD; Piezo Electric Technology CO., LTD.; TDK Corporation; PI (PHYSIK INSTRUMENTE) L.P.; and PIEZOMOTOR UPPSALA AB are a few key players profiled in the study of the piezoelectric sensors and motors market. The companies mentioned above are collectively holding a significant share in the market.
In March 2021, PI (Physik Instrumente), the technology leader for piezo applications and high precision positioning technology has acquired the Japanese company P•G•W Precision Granite W Co. Ltd. The acquisition was completed on February 25th, 2021.
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The rising application of piezoelectric actuators and motors in automotive systems is fostering market growth globally. Piezoelectric actuators convert an electrical signal into mechanical movement; hence, they are widely used for adjusting mirrors, lenses, and other automotive parts. Also, piezoelectric technology is being widely used in fuel injectors. With the help of this technology, the fuel injection accuracy has increased, and the injector leakage has reduced significantly, compared to the conventional technologies. This has resulted in increased fuel efficiency of commercial and passenger vehicles, with less carbon emission. Further, the additional application of piezoelectric has been witnessed in fuel pumps, high-speed valves, keyless door entry, seat belt buzzers airbag sensors, airflow sensors, and tire pressure sensors, among others. Also, piezoelectric actuators have been largely used by automobile companies, specifically in the suspension system and seat adjustment controls of vehicles. Moreover, piezoelectric actuators are finding applications in the braking systems of electric vehicles. Thus, the increasing adaptability of piezoelectric actuators and motors in the automotive sector is driving the piezoelectric actuators and motors market across the globe.
The global piezoelectric actuators and motors market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, Asia Pacific held the largest revenue share of the market owing to the rapid industrialization taking place in the region. The market growth in Europe is attributed to the significant use of piezoelectric actuators and motors in the automobile industry. North America is substantially contributing to the piezoelectric actuators and motors market owing to the presence of various established industries in the region. Also, the MEA and South and Central America are contributing significantly to the market growth. Further, the rise in the production of vehicles integrated with comfort features is expected to drive the market growth during the forecast period.
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The growth of the piezoelectric actuators and motors market in APAC can be attributed to the rising industrialization and growing automotive sector. In addition, countries in the region, such as China, India, and Japan, comprise major automotive manufacturers. Honda, Hyundai Motors, Tata Motors, Mitsubishi, and Kia are a few major end users of piezoelectric actuators in the region. Further, China is expected to hold the largest share in the Asia Pacific market due to the high production of automobiles.
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.
Piezoelectric Actuators and Motors market: Product Overview
Piezoelectric actuators and motors are among important components for machineries used in industrial and manufacturing sector. They are expected to witness significant demand in the coming years. Piezoelectric motors are used in digital cameras for zooming, autofocus, and stabilization of optical images. Hence, the increasing sale of consumer electronics in Asian countries is propelling the market growth. In addition, increasing adoption of piezo motors in haptic technology used in consumer electronics is expected to boost the market growth in coming years.
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Piezoelectric Actuators and Motors market: Application Overview
Many applications, such as micro-positioning stages, fiber-optic positioning, and medical catheter placement, require motors of extremely high resolution with low power consumption. Piezoelectric motor meets these requirements. When compared to a conventional motor and its associated power train, a piezoelectric motor offers various advantages, such as faster response times, far higher precision, inherent brake capability with no backlash, higher power-to-weight ratio, and smaller size. The operation of this motor is based on the use of piezoelectric materials where a material is capable of being deformed by the application of a voltage.
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