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Global Piezoelectric Actuators Market Analysis – 2018-2027
Piezoelectric actuators are devices used to operate as a special purpose motor and to control the hydraulic valves along with several other applications that require any sort of precise movement control such as fine adjustment of machining tools, lenses and other equipment. The market for piezoelectric actuators is projected to grow at a CAGR of 12.23% over the forecast period, i.e., 2019-2027. Moreover, the market is anticipated to reach a value of about USD 29,045.9 million by the end of 2027. The market is segmented by product, by material, by application and by region. On the basis of product, the market is segmented into stack actuator, stripe actuator, tube actuator, shear actuator and linear motor. The stack actuators segment held a market value of USD 4,962.5 million in 2018 and is anticipated to further grow at a significant rate by 2027. A stack piezoelectric actuator is a device that offers high blocking force along with a low stroke, which can be attributed to the high demand in the market.
Based on region, the piezoelectric actuators market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific region had the largest market share of 48.25% in 2018. This share is further predicted to grow and continue holding the leading share in the market by 2027. The market can be attributed to the rising demand for electronic products in emerging economies such as India, Japan and China. These countries are projected to account for a significant market share in the Asia Pacific regional market owing to the increasing usage of consumer electronics, growing digitization and rising information & communication technologies. On the other hand, the market in Europe is witnessing substantial growth as a result of rising customer priority along with increasing acceptance of piezoelectric technology in the region.
Some of the key industry leaders in the global piezoelectric actuators market are PiezoDrive, PI Ceramic GmbH, Johnson Matthey Piezo Products, APC International Ltd, TDK Electronics AG, Piezosystem Jena GmbH, ams AG, Omega Piezo Technologies, Elpa, Noliac, Kinetic Ceramics and others.