Advancements in manufacturing, materials, microelectromechanical (MEMS), and biotechnology have enabled the development of an array of bio actuators and biosensors that are made from piezoelectric materials, which are also biocompatible. At present, piezoelectric actuators are increasingly being used across a host of end-use industries, including healthcare, automotive, manufacturing, and aerospace & defense, among others. The current generation of piezoelectric actuators and sensors are being manufactured using new materials and advanced techniques to minimize toxicity levels put forward by traditional piezoelectric materials such as lead. In addition, as piezo-materials provide a direct coupling between mechanical movements and electric signals, piezoelectric technology is extensively deployed to manufacture a myriad of products and devices that are used to perform multiple applications across several end-use industries.
Manufacturers operating in the piezoelectric actuator market are expected to focus on improving the designs and overall properties of their products to strengthen their position in the piezoelectric actuator market landscape. The growing demand for piezoelectric actuators for precision control applications is a major factor that is expected to drive the global piezoelectric actuator market during the forecast period. At present, industrial automation continues to gain momentum across the world due to which, the demand for piezoelectric actuators is expected to grow consistently. Manufacturers are also likely to focus on the production of different types of piezoelectric actuators on the basis of application and requirements of their customers.
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Soaring Demand from Medical Sector to Influence Market Growth, Applications in Automotive Systems Expand
At present, the high demand for piezoelectric actuators to manufacture different types of medical equipment and devices is a major factor that is expected to aid the growth of the global piezoelectric actuator market. In addition, as the newly developed piezoelectric materials are biodegradable in nature and are relatively safer than lead-based piezoelectric materials, the need for invasive implant extraction is eliminated. These advancements in the piezoelectric materials and microsystems space could potentially mark the beginning of a new era in the medical field. In the current scenario, downsized multi-layer piezoelectric actuators are extensively used in medical implants, including micropumps and hearing aid. The growing focus on minimizing the size of piezoelectric actuators is expected to open up new opportunities in medical device manufacturing.
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While the adoption of piezoelectric actuators across the healthcare sector is on the rise, the automotive sector is another prominent end-use industry wherein the demand for piezoelectric actuators is ascending at a rapid pace. Over the past decade, novel piezoelectric technologies are being deployed in fuel injectors, sensors, actuators, and different safety systems across the automotive sector. In addition, as fuel injectors that use piezoelectric technologies continue to exhibit higher accuracy than other alternatives and offer higher fuel efficiency, the demand for piezoelectric actuators from the automotive sector is anticipated to witness impressive growth. In addition, manufacturers are also expected to focus on research and development activities that investigate the potential of new piezoelectric materials in different products. These factors are expected to drive the piezoelectric actuator market during the forecast period.
Market Players to Prioritize Opportunities in Medical Sector amid COVID-19 Crisis
The onset of the novel COVID-19 pandemic has had a negative impact on the global economy due to which, an array of industrial sectors are expected to witness negative growth in 2024. The narrative is likely to remain the same for the global piezoelectric actuator market despite the steady demand from the healthcare sector during the COVID-19 event. While the demand from the automotive sector is expected to decline amid the ongoing COVID-19 pandemic particularly from nations that are under lockdown, market players should focus on lucrative opportunities in the healthcare sector to minimize losses.
The overall sales of piezoelectric actuators are expected to dip in 2024 and as per the current trends, sales are likely to gain pace in the second quarter of 2024. Companies in the piezoelectric actuator market should also focus on formulating business continuity strategies and address the existing hurdles in the supply chain put forward by the COVID-19 pandemic.
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