The increasing application areas for piezocomposite materials in industries and emerging energy harvesting techniques using nonconventional energy sources such as body and facial movements are creating a huge demand for the piezoelectric device market across the world.

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The major factors driving the growth of the piezoelectric device market include increasing use of piezoelectric devices for energy harvesting applications and increasing funding from government and other investors into the market. Furthermore, the rising automotive sector is expected to drive the market for piezoelectric motors and actuators in the coming years.

The market for piezoceramics held the largest share in the piezoelectric device market owing to its high piezoelectric sensitivity and ability to acquire desired shapes and sizes. Currently, the most widely used piezoelectric ceramic material is lead-zirconate-titanate (PZT). It is used in a variety of applications such as healthcare, industrial and manufacturing, and automotive, among others.

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The global market for piezoelectric actuators and piezoelectric motors is expected to witness a significant growth during the forecast period owing to the benefits like reliability and cost-effectiveness offered by piezoelectric actuators and motors. Increase in demand for ultraprecision motion devices used for purposes such as manufacturing, structural health monitoring, and nondestructive testing and in industries such as automotive and consumer electronics is expected to boost the market during the forecast period. The market for piezoelectric actuators has potential of further development and growth in areas such as autofocus assemblies required in phone cameras, fuel injectors used in the automotive sector, and precision movement application in microelectronics production.