In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
On May 21, 2019, TDK Corporation announced that the company developed PiezoListen™, an ultra-thin piezoelectric speaker that has the ability to produce sounds with broader frequency range and greater output in low range as compared with other piezoelectric speakers.
Piezoelectric actuators are the devices which are used to convert an electrical signal into a small displacement, also known as a stroke. These actuators are used for operating as a special purpose motor and for controlling 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. These devices convert electrical energy into mechanical stress using the piezoelectric effect. As a result of various benefits offered by piezoelectric actuators such as greater reliability and cost-effectiveness, the demand for piezoelectric actuator is anticipated to witness significant growth in future.
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.
Based on geography, the market for piezoelectric actuators is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in Asia Pacific held the largest market share of 48.25% in 2018 and is further predicted to continue holding the leading share in the market by 2027. The growth in market in this region is predicted to be on account of presence of emerging economies such as India, Japan and China. These countries are projected to account for a significant market share owing to the increasing usage of consumer electronics, growing digitization and rising information & communication technologies. 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. Piezoelectric actuators market in this region is anticipated to reach up to a market value of USD 5,531.5 million by 2027 and grow at a significantly high CAGR during the forecast period. The market in North America is predicted to witness moderate growth in the piezoelectric actuator market over the forecast period owing to the technological advancements coupled with the growing demand for the product in the consumer electronics and healthcare sector within this region. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
On the basis of product, the piezoelectric actuators market is segmented into stack actuator, stripe actuator, tube actuator, shear actuator and linear motor. The segment for stack actuators is estimated to hold the leading share in the market during the forecast period. This segment accounted for a market value of USD 4,962.5 million in 2018 and is anticipated to further grow at a significant rate by 2027. Stack actuator segment is further segmented into discrete stack and co-fired multilayer stack actuators. A stack piezoelectric actuator offers high blocking force along with a low stroke. The operating voltage of discrete stacks is in the range of 500-1000V, while co-fired has an operating voltage of up to 200V.
Based on material, the market is segmented into piezoelectric ceramic, piezoelectric crystal, piezoelectric composite and piezoelectric polymer. Out of these, the segment for piezoelectric ceramic led the global piezoelectric actuator market and accounted for a market value of over USD 6,141.9 million in 2018 which is estimated to grow further. Piezoelectric ceramic is a smart material that can convert a mechanical effect such as vibration, movement and pressure into electrical signal and vice-versa. On the other hand, the segment for piezoelectric polymers is anticipated to witness progressive growth over the forecast period. This growth can be attributed to the large number of benefits offered by piezoelectric polymers such as lightweight, low cost and fast processing. In the healthcare industry, piezoelectric polymers are used for tissue repair or regeneration.
The market is segmented on the basis of application into automotive, healthcare, consumer electronics and others. Based on this, the consumer electronics segment is anticipated to observe a high growth rate at a CAGR of 12.47% over the forecast period. Moreover, this segment is predicted to lead the global piezoelectric actuator market. The growing use of piezoelectric actuators in consumer electronics is anticipated to boost the market. Further, owing to the benefits offered by piezoelectric actuators such as fast response, less heat dissipation, low cost and less power consumption, piezoelectric actuators are finding widespread use in various consumer electronics such as smartphones, printers and digital cameras.
The rise in use of piezoelectric actuators in consumer electronics is one of the major key factors driving the growth of the global piezoelectric actuator market. Piezoelectric actuators are products that offer a number of benefits such as fast response, high reliability, less heat dissipation, high actuating precision, low cost along with less power consumption. As a result of these, piezoelectric actuators are being used in several consumer electronic products such as mobile phones, clocks, printers, digital cameras and others. There is an ongoing trend towards reduction in thickness and size of consumer electronic devices such as smartphones, thus there is growing need for smaller and thinner components. Moreover, the small & compact size of piezoelectric actuators allows them to be easily fitted and installed in various electronic devices. In addition to this, piezoelectric actuators offer a faster response to high frequencies when compared to other devices, in turn driving their usage in consumer electronics.
Piezoelectric actuators have a large number of applications in various industries. However, these devices face few challenges in the market. Piezoelectric actuators require high voltage for proper functioning and they cover a relatively shorter distance, resulting in an increase in overall cost of the operations. Another major challenge faced by the piezoelectric actuator market is the difficulty in management of humidity and high risk of short circuit. The risk of cross contact between the multiple layers of the actuator increases due to rise in humidity. On the back of these factors, the market is predicted to observe restricted growth in coming years.
Ans: Increasing demand for consumer goods, growing need for compact and smaller electronic parts as well as greater reliability and cost-effectiveness are growth driving factors for the market.
Ans: The market is anticipated to attain a CAGR of 12.23% over the forecast period, i.e. 2019-2027.
Ans: Asia Pacific will provide more business opportunities on the back of increasing usage of consumer electronics, growing digitization and rising information & communication technologies.
Ans: The major players in the global hydraulic filters market are PiezoDrive, PI Ceramic GmbH, Johnson Matthey Piezo Products, APC International Ltd, ams AG, Omega Piezo Technologies, Elpa, Noliac, Kinetic Ceramics and others.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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