Global Piezoelectric Actuator Market Analysis Report 2023-2028: Rising Demand for Miniaturized Components in Electronic Devices, Investments in Ultrasound Technology Drive Growth
DUBLIN, Feb. 5, 2024 /PRNewswire/ -- The "Piezoelectric Actuator Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global piezoelectric actuator market was valued at US$917.209 million in 2021
Different types of piezoelectric actuators such as stack actuators, stripe actuators, shear actuators, and tube actuators are used in multiple industries (electrical & electronics, automotive, and aerospace & defense applications) due to their precise motion control, compact size, and low power consumption. The increased electrical & electronic device production coupled with the rise in medical & healthcare equipment usage is driving the piezoelectric actuator market growth.
Increased electronic device production
Piezoelectric actuators, known for their compact size and high precision, are well-suited to meet these demands. The increased smartphone production in developing nations will expand the piezoelectric actuator market size. Accordingly, in 2023, the Indian Finance minister stated that smartphone production in India increased from 5.8 crore units in 2014-15 to 31 crore units in 2022-2023.
The ew launches of smart home device products are expected to accelerate the piezoelectric actuator market growth. In October 2022, Roku introduced smart home lights, video doorbells, plugs, and cameras which had free and automatic software updates, ensuring the device was always up to speed, and included two-factor authentication (2FA), user data encryption, etc.
Growing application in the medical/healthcare industry
Piezoelectric actuators find applicability in ultrasound imaging systems as they can generate the necessary vibrations for transmitting and receiving ultrasound waves, enabling high-resolution imaging. The growing usage of these actuators in various medical applications and investments made by private players to improve ultrasound imaging are propelling market expansion.
In October 2022, Samsung announced an investment in the ultrasound business in North America to maximize its patient and customer reach with best-in-class imaging technology and service the women's health market segment better. Similarly, Clarius Mobile Health declared 44% higher sales of handheld ultrasound scanners in FY2022 when compared to 2021.
For more information about this report visit https://www.researchandmarkets.com/r/q6e81x
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