DUBLIN--(BUSINESS WIRE )--The "Global Piezoelectric Device Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global piezoelectric device market is anticipated to grow at a substantial CAGR of around 4.7% during the forecast period. The adoption of piezoelectric devices among various end-user industries such as automotive and electronic manufacturing pushes the demand for piezoelectric devices which includes sensors, transducers, actuators, and motors to run the production line smoothly, as these devices used to measure quantities such as pressure, strain, and acoustic intensity.
Owing to its broader application, the demand for piezoelectric materials is projected to considerably expand with the increasing dependence on the automotive and electronics industries, and thus boost up the demand for global piezoelectric market.
Moreover, the increasing government spending on defense and missile guidance systems has significantly increased the demand for piezoelectric devices. According to Pgpf.org the US spent $725 billion in national defense in 2020.
Out of total spending, $690 billion was spent by Department of Defense (DoD) on military activities, and remaining $34 billion was spent on defense-related activities. Moreover, an increase in space exploration has led to an increase in the usage of piezoelectric devices such as SONARs, sensors, and acoustic devices, to detect the slightest change in their range, sustain in harsh conditions, and provide accurate results.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900