The use of ultrasound is increasing across many major industries, especially through R&D activities that are spurring the development of new applications. BCC Research reveals in its new report that advancements in piezoelectric ultrasonic motor technology, chiefly miniaturization, is driving big growth in that market.
Ultrasonics is the study and application of the energy of sound waves vibrating at frequencies greater than 20,000 cycles per second, which is beyond the range of human hearing. The technology has applications in materials science, medicine, dentistry, oceanology, marine navigation, petroleum and mineral prospecting, industrial processes, and noise cancellation.
The global market for ultrasonic equipment should reach $31.6 billion and $54.5 billion in 2016 and 2021, respectively, reflecting a five-year compound annual growth rate (CAGR) of 11.5%. As a segment, technology encompassing ultrasonic motors/actuators, along with spares and consumables, tops all growth rates with a five-year CAGR of 13.1%.
The medical field has taken to ultrasonics and allied equipment in a big way, with newer applications coming up frequently in various fields. The diagnostic ultrasound is a booming market with use of three-dimensional (3-D) and four-dimensional (4-D) imaging increasing in many new fields. Similarly, ultrasonic applications in various types of surgical and therapeutic fields are significantly increasing. Because of these key drivers, the medical field offers high potential for growth in ultrasonic applications.
A major market for ultrasonic medical devices is emerging in India, Thailand, and other developing countries, where huge hospital complexes with top-line medical facilities are springing up. In these countries, a new industry, dubbed "medical tourism," has come into existence, with many affluent persons from the U.S., Europe, and the Middle East coming for medical treatment that tends to be more affordable than in their home countries.
In the piezoelectric ultrasonic motor market, growing demands for camera phones (with autofocus mechanisms), data storage, semiconductors, microelectronics production, precision mechanics, life science and medical technology, optics, and other applications are fueling solid growth.
"Piezoelectric actuators/motors are increasingly used in applications formerly addressable only by magnetic motors, as these offer significant benefits in terms of size, speed, reliability, vacuum compatibility, resolution, and dynamics," says BCC Research analyst Srinivasa Rajaram. "Some of the new applications include optical assemblies of escalating sophistication and emerging nano-imprint lithography methods."
Ultrasonics: Technologies and Global Markets (MFG013F) analyzes viable technology drivers through a comprehensive look at various platform technologies for new and existing ultrasound products and application markets. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
Source: Market Wired