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North America leads Global Piezoelectric Motor Market in terms of Demand

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Miniaturization has necessitated the use of the piezoelectric motors and is likely to continue over the coming years, thus pushing the global piezoelectric motors market growth to over 4% between 2020 and 2029.

— Miniaturization is the ongoing market trend across several industry verticals, especially in sectors including medical devices, consumer electronics and automotive components. Popularity of piezoelectric motors is on the basis of miniaturization and its demand is growing every day. Fact.MR report predicts that the global piezoelectric motors market will grow at 4% CAGR in the period 2020-2029. Photonics segment along with optical devices segment utilize piezoelectric motors for its positive attributes like fast auto focus for videos and images and provision of high resolution images in microscopy. Both the segments are expected to generate one-fifth of the total global revenue by the end of the year 2029. This revenue is expected to exceed the value of US$ 0.5 Bn.

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Piezoelectric motors are active component of numerous devices and equipment used in industries and by the consumers. These motors have replaced conventional electromagnetic motors as the conventional types are susceptible to mechanical failures. Manufacturers are integrating piezoelectric motors in variety of applications which demand precision and accuracy in control. Piezoelectric ultrasonic motors are sought after for their benefits like great power performance, enhanced battery life and easy operations. These ultrasonic motors are eyed as viable substitute to electromechanical motors to be used in consumer applications like cameras. Precise application is required in applications like semiconductor testing and systems that require camera focus. Fact.MR report highlights that 0-20N operating force category leads global market. It is projected to expand at 4.6% CAGR in the coming years.

North America Leads Global Market

Manufacturing cost of piezoelectric motors is greater than all the alternatives that exist in market. Though automation has been induced in manufacturing process for motors, the price is still high due to different factors like material cost, precision requirement and market consolidation. These bottom line components are being improved by manufacturers to face the challenges over price and generate opportunities in the market. They are constantly engaged in improving the business processes to make the production process highly efficient. Manufactures are developing motors as per requirements in order to suffice the growing demand of piezoelectric motors.

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North America is the market that leads global market in piezoelectric motor’s demand and the major factor that drives this demand is known to be application of advanced components. The North American market witnesses growing application of piezoelectric motors in various applications including surgical equipment, medical devices for imaging & diagnostic, scientific and analytics instruments, and industrial work spaces. Piezoelectric market of Asia is divided into two groups. Japan, China, Taiwan and South Korea fall under one group for their early adoption of these motors whereas India, Indonesia and Thailand from other group as their piezoelectric markets are still developing. Major piezoelectric motor suppliers are collaborating with the regional suppliers to gain a greater market presence in the region. Fact.MR report states that Asia Pacific and North America compose 60% of piezoelectric motors market and the dominance is expected to continue till the end of forecast period.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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Name: James Hilton
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Organization: Fact.MR
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Source URL: https://marketersmedia.com/north-america-leads-global-piezoelectric-motor-market-in-terms-of-demand/88941710

Source: MarketersMedia

Release ID: 88941710

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