Press release
Micro Actuator Market to Garner Brimming Revenues by 2024
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On the basis of types micro actuator can be segmented as electric micro actuators, functional material based micro actuators, shape memory alloy (SMA) micro actuator, and others. Electric micro actuator can be further sub segmented as electromagnetic micro actuators and electrostatic actuators. Among both these sub segments electromagnetic micro actuator is expected to account for larger market share as compared to electrostatic actuator. Rising wide application of electromagnetic micro actuator devices especially in space crafts is expected to support the demand of electromagnetic micro actuator across the globe.
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Furthermore, functional material based micro actuator is further sub segmented as piezoelectric micro actuator. Rising application of piezoelectric devices in various applications ranging from energy generation in medical instrument, or gathering of pedestrian traffic to power localized street lightening or portable devices to power the sensors in vehicles is expected to support the demand of functional material based micro actuator in the forecast period. Moreover, shape memory alloy (SMA) micro actuator is further sub segmented as electroactive polymer (EAP) based micro actuator. Rising considerable attention for the use of sensors for micro fabricated devise is driving the growth of electroactive polymer (EAP) based micro actuator in the near future. In addition, the others segment of micro actuator includes bimetallic thermal actuator and magnetostrictive actuators.
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The micro actuator market can also be segmented on the basis of region which includes North America, Latin America, Easter Europe, Western Europe, Middle East and Africa, Asia Pacific and Japan. Among all the regions North America is expected to account for the highest market share followed by Europe. In North America United States is expected to be the major contributor as compared to other countries in the region. Rising demand of automotive products and, health and wellness industry is expected to support the growth of micro actuator market across the region. Moreover, Asia Pacific is expected to register a substantial growth in the forecast period. Among all the countries in Asia Pacific China is expected to be the major contributor. Rising number of aging population have led to the increased production of innovative medical instruments, which is expected to support the growth of micro actuator market in China in the forecast period.
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