Piezoelectric Actuators and Motors Market Value Worth US$ 24,752.20 million by 2028, Says The Insight Partners - Impact of COVID-19 Pandemic and Global Analysis

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% during 2021–2028.

From the past few years, the healthcare sector has witnessed a significant improvement in the design of medical equipment, along with better-streamlined functionality and performance. This, in turn, has improved the medical treatment methods. For example, piezoelectric transducers are used in ultrasonic dental scalers for ultrasonic removal of plaque and calculus, which is a more efficient method than traditional scalers.

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Similarly, piezoelectric ceramic components are increasingly being used in high-intensity focused ultrasound (HIFU) for the removal of tumors, as it is a minimally invasive and gentle treatment method with improved therapy success and fewer side effects in the human body. Also, piezoelectric technology is applied in ultrasonic surgery instruments that vibrate typically at 55 kHz, creating a wave of mechanical energy. This ultrasonic energy is transferred from a blade to tissue molecules, and the vibration improves the cutting and leads to better coagulation of the tissue, thereby reducing bleeding.

Similarly, piezoelectric technology is applied in other medical devices such as ultrasound scanners for medical imaging and magnetic resonance imaging (MRI) systems as the actuator movement does not produce magnetic fields. Besides, piezoelectric actuators and pumps are extensively used in the lab and medical pumping and dosing equipment due to their precise, repeatable, and reliable fluid dispensing control.

Furthermore, in modern times, economized multi-layer piezoelectric actuators are extensively used in medical devices, including medical pumps and hearing aids. Hence, the growing application of piezoelectric actuators in medical devices is proliferating the piezoelectric actuators and motors market growth globally.

Impact of COVID-19 Pandemic on Piezoelectric Actuators and Motors Market

The COVID-19 outbreak pandemic has led to disruptions in primary industries, such as automotive, industrial and manufacturing, consumer electronics, and semiconductors. Due to the pandemic, a sharp decline in the growth of these industries is limiting the growth of the piezoelectric actuators and motors market. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the spread of infection have negatively impacted manufacturing, supply, and sale of piezoelectric actuators and motors negatively.

Amid the COVID-19 pandemic, the healthcare business has increased significantly owing to the surge in demand for medical treatments. This development has stabilized the use of piezoelectric actuators at some extent. Hence, the pandemic negatively impacted the piezoelectric actuators and motors market during the first two quarters of 2020.

Piezoelectric actuators are widely adopted in the automotive, consumer electronics, industrial machinery, and aerospace industries. Thus, with the continuation of economic activities, the global market is projected to witness a recovery in the demand for piezoelectric actuators in the coming months and the subsequent years.

Increasing Adaptability of Piezoelectric Actuators and Motors in Automotive Industry Fuels Growth of Piezoelectric Actuators and Motors Market

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 List of Companies - Piezoelectric Actuators and Motors Market

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 among the key market players. These companies are collectively holding a significant share in the piezoelectric sensors and motors market.

The global piezoelectric actuators and motors market has been segmented as mentioned below:

By Product

Piezo Motors

Piezo Actuators

By Application

Automotive

Industrial and Manufacturing

Medical

Aerospace

Consumer Electronics

Others

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