Report : South America Piezoelectric Actuators and Motors Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Piezo Motors and Piezo Actuators) and Application (Automotive, Industrial and Manufacturing, Medical, Aerospace, Consumer Electronics, and Others)
Medical Segment is Expected to be Fastest Growing During the Forecast Period for SAM Region
According to a new market research study on “SAM Piezoelectric Actuators and Motors Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Application” is expected to reach US$ 1,476.34 million by 2028 from 970.73 US$ million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the SAM piezoelectric actuators and motors market along with the drivers and restraints pertaining to the market growth. Significant uses of piezoelectric technology in medical devices is the major factor driving the growth of the SAM piezoelectric actuators and motors market. However, issues associated with various alternative options of actuators and motors available hinders the growth of SAM piezoelectric actuators and motors market.
SAM piezoelectric actuators and motors market is segmented into product, application, and country. Based on product, the market is segmented into piezo motors and piezo actuators. The piezo motors segment is further bifurcated into piezo linear motors and piezo rotary motors. Similarly, the piezo actuators segment is classified into stack actuators, strip actuators, and others. Piezoelectric actuators segment held the largest market share in 2020. In terms of application, the market is segmented into automotive, industrial & manufacturing, medical, aerospace, consumer electronics, and others. Industrial and Manufacturing segment held the largest market share in 2020. Based on country, the SAM piezoelectric actuators and motors market is segmented into Brazil, Argentina, and rest of SAM. Brazil held the largest market share in 2020.
In SAM, Brazil recorded the highest number of COVID-19 cases, followed by Ecuador, Peru, Chile, and Argentina. Governments are imposing travel restrictions, lockdowns, and trade bans to contain the infection spread. Thus, the pandemic has been severely affecting the piezoelectric actuators and motors market growth in this region as manufacturing industry had halted its operations. However, recent relaxations in lockdown and the arrangement of large-scale vaccination drives are helping the economies to bounce back, which would allow many companies from manufacturing industries to regain their operations in the next a few quarters.
APC International, Ltd.; FAULHABER Group; Johnson Electric Holdings Limited; Microfine Materials Technologies Pte Ltd; Physik Instrumente (PI) GmbH & Co. KG.; PiezoMotor Uppsala AB; piezosystem jena GmbH; and TDK Corporation are among the leading companies in the SAM piezoelectric actuators and motors market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, PiezoMotor Uppsala AB entered into an agreement to acquire the Finnish company Sensapex Oy (“Sensapex”) on April 14, 2021. PiezoMotor has acquired all the shares in Sensapex.