The global piezoelectric motor market is projected to grow at a moderate rate of over 4% between 2024 and 2030, says Fact.MR. Piezoelectric motor is utilized in a wide array of applications such as photonics, manufacturing process control, medical devices and meteorology. Currently, most of the manufacturing industries like automotive, optics & phonics, are shuttered due to the COVID-19 outbreak, resulting in a downturn in piezoelectric motor sales. However, rapidly evolving production processes like 3D printing and advanced robotics are driving the need for motion control systems and miniature devices, which in turn will boost the growth of the piezoelectric motors market in the coming years.
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Application areas such as robotics and factory automation in various industries have resulted in the high demand growth of piezoelectric motors. The robotics and factory automation segment, combined, are estimated to witness an absolute dollar opportunity of US$ ~27 Mn between 2024 and 2030. Additionally, medical equipment and device manufacturers are rapidly moving towards the adoption of piezoelectric motors vis-a-vis electromagnetic motors. These include surgical devices, 3D scanners, MRI compatible robotics, ultrasonic emitters, drug delivery devices, laser beam steering, and devices used in dermatology, cosmetology, and ophthalmology.
Key Takeaways of Global Piezoelectric Motor Market Study:
- The linear piezoelectric motor market is growing at a significant rate and is projected to witness an absolute dollar opportunity of US$ 96 million during the forecast period.
- Piezoelectric motors are gaining traction over electromagnetic motors, as piezoelectric motors offer various advantages such as high operability in vacuum environments suitable for aerospace, semiconductors & electronics sector.
- North America is projected to be the most prominent region for piezoelectric motors, estimated to account for more than 25% market share. However, due to the rapid spread of coronavirus in the United States, the market growth for piezoelectric motors shall be impacted in the short-term.
- Optics and photonics segment is anticipated to gather momentum due to increase in the application of piezoelectric motors in cameras, telescope, and microscopes. The segment will witness an absolute dollar opportunity of US$ 30 Mn between 2024 and 2030.
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“Prominent players are implementing ingenious techniques to achieve increased power density, yet higher upfront costs still pose a challenge to market growth”, says the Fact.MR analyst.
Cost-effectiveness to be the Key Tenet of Stakeholders in the Piezoelectric Motor Market
Today, the piezoelectric motors have become a mainstream element in industrial and commercial applications. With continuous advancements in technology, the piezoelectric motor industry has bolstered new capabilities within the nano- and micro-positioning space. The leading players in the piezoelectric motor market are focusing on product innovation to meet the needs of various sectors such as medical, automotive, robotics and other sectors.
For instance, in 2019, Physik Instrumente (PI) GmbH & Co. KG launched its piezoelectric linear motor for robotic applications thus giving an impetus to its demand. That same year, Portecap launched rotary piezoelectric motor for the smart bone orthopedic applications. Innovations have allowed these companies to expand their global reach in the piezoelectric motor market.
Find More Valuable Insights on Piezoelectric Motor Market
Fact.MR, in its new offering, provides an unbiased analysis of the global piezoelectric motor market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2024-2030. The study divulges compelling insights on the piezoelectric motor market on the basis of product type (Standard Linear Piezoelectric Motor, Non-magnetic Linear Piezoelectric Motor, Vacuum Linear Piezoelectric Motor, Standard Rotary Piezoelectric Motor, Non-magnetic Rotary Piezoelectric Motor, and Vacuum Rotary Piezoelectric Motor), where Linear Piezoelectric Motor and Rotary Piezoelectric Motor stands for linear and rotary piezoelectric motors, end use industry (Micro Positioning Stages, Medical & Lab Automation Equipment, Automotive, Aerospace & Defense, Robotics & Factory Automation, Optics & Photonics, and Instrumentation), operating force/ torque (0-20 N, 20-150 N, 150 – 225 N, Above 225 N, Below 10 mNm, 10 – 25 mNm, Above 225 mNm), across seven regions.
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