The piezoelectric actuator market is projected to witness a compound annual growth rate of 5.29% and reach US$1316.312 million by 2029 from US$949.171 million in 2022.
Actuators are devices that convert input energy into mechanical energy, and various actuators have been used for various applications. Among them, piezoelectric actuators achieve motion by applying a solid's deformation and having a higher displacement accuracy and higher response speed than other actuators. The piezoelectric actuators are being applied mainly in industrial equipment requiring precision position control, such as the ultrafine-movement stage of semiconductor exposure systems, precision positioning probes, and probes for scanning tunnel microscopy (STM) and atomic force microscopy (AFM).
The piezoelectric actuator has multiple advantages, such as the least moving parts, no wear & tear, low energy consumption, operating at cryogenic temperatures, and high force generation. These actuators don’t need lubrication to function. The end-user industries where the piezoelectric actuators are applied are electrical & electronics, aerospace & defense, automotive, medical & healthcare, and others.
Piezo actuators are used to adjust equipment such as lenses, machining tools, mirrors, etc. They are also used in braille and precision knitting machines. Widely used in mobile phones and video cameras, piezo actuators are in demand as the demand for electronic equipment goes up. In 2023, around 78% of the global population owned a mobile phone.
The selection of appropriate actuators is challenging. The choice of piezo actuators depends on multiple factors, such as sensor accuracy and resolution. With the growing need across various industries, the demand for piezo actuators will also increase in the forecast period.
Piezoelectric Actuators Market Drivers:
Its application in electronic equipment such as digital cameras and cellular phones is advancing rapidly. With the demand for compact electronic equipment, piezoelectric actuators have been used, and their application is advancing. There is a demand for electronic equipment such as digital cameras and cellular phones. It is used in nanotechnology, for example, as the drive source of microrobots, etc. Countries are trying to drive the growth of electronic products, such as mobile phones.
Mobile phone manufacturing in India has surged 21 times to reach US$49.3 billion over the last ten years, largely due to government initiatives such as the Production Linked Incentive (PLI) scheme. China exported 1,82,935 USD million worth of Electronic products to the U.S. in 2022. The need for precise and efficient piezoelectric actuators has become essential in these markets for producing electronic products.
The structural and load capacity make piezoelectric actuators promising in robotics. One application of uni-morph actuators is a fish-shaped robot.
According to a world robotics report by the International Federation of Robotics (IFR), 5,53,052 industrial robots were installed in factories around the world in 2022, a growth rate of 5%. By region, 73% of all newly deployed robots were installed in Asia, 15% in Europe, and 10% in the Americas. In 2022, China maintained its position as the world's largest market, with annual installations of 290,258 units, representing a 5% increase over the previous record set in 2021.
The nanometer-scale resolution and fast response where the piezo actuators are in the robotic installation will lead to the expected increase in the demand for the piezo actuators.
Piezoelectric actuators are found to be applicable in healthcare products, as they are good at controlling and manipulating very small fluid volumes. Piezo actuators are also used for medications due to their specifications. Products such as Piezoceramic benders are used to achieve movement, positioning, displacement, or any type of motion, so it is crucial to identify the optimal type of actuator. The product specification attributes include an electrical voltage of 92 V, a deflection stroke of 340 µm, a blocking force of 1 N, an active free length of 19 mm, and an electrical capacity of 440 nF.
Piezoelectric Actuators Market Restraint:
The availability and cost of raw materials can impact the overall market development of piezoelectric actuators. Any disruptions in the supply chain or significant price fluctuations can limit the piezoelectric actuator market size by increasing manufacturing costs or limiting the availability of components. Piezoelectric actuators face competition from alternative actuator technologies.
Piezoelectric Actuators Market Segment Analysis
Piezoelectric actuators market by type stack actuators, stripe actuators, shear actuators, tube actuators, and others. The stack piezo actuator is available in many dimensions, strokes, forces, and power requirements. It has applications in electrical switches, micro pumps, inkjet printers, etc. Stripe piezo actuator finds application in braille machines, accelerometers, small-volume pumping devices, etc. Shear piezo actuator finds application in microscopy, precision mechanics, and switching applications, and it comes with multiple specifications. Piezoelectric tube actuators are ideal for vacuum and OEM applications. Others include linear motors and custom designs for specific needs.
Asia-pacific is anticipated to hold a significant share of the piezoelectric actuators
The Asia-Pacific region will account for a notable share of piezoelectric actuator market growth due to the high demand for electronics and the increasing utilization of medical devices, coupled with favorable investment inflows and incentives.
During fiscal year 2024, mobile phone exports under the PLI scheme surged to a historic high of US$15 billion in India, contributing to total goods exports ranging from US$36 billion to US$42 billion. Such progressive developments will accelerate the demand for piezoelectric actuators for precise motion control, thereby expanding the regional piezoelectric actuator market size.
Piezoelectric Actuators Market Players and Products:
Market Segmentation: