Piezoelectric Energy Harvesting System Market size is forecast to record commendable gains through the analysis period 2021-2027. The expanding applications of piezoelectric energy harvesting owing to higher energy efficiency and significant environmental benefits is a major factor behind the market growth. The technology is witnessing increasing adoption due to the need for sustainable and durable energy systems with minimal operational costs.
The piezoelectric energy harvesting system market is expanding owing to the need to reduce the global carbon emissions. One of the easiest ways to minimize the carbon footprint is to reduce power wastage. As a result, an increase in government and private partner investments along with the stringent regulatory norms will lead to accelerated efforts to harness piezoelectric energy for various applications.
High reliability, durability, and robustness will be key factors augmenting the piezoelectric energy harvesting systems market forecast through 2027. Piezoelectric energy harvesting involves the conversion of kinetic energy in the form of light, vibrations, or shock into electrical power.
Piezoelectric harvesters or piezoelectric generators are used to convert the vibrational energy which is released into the environment to usable electrical energy. The technology is suited for charging a battery, supercapacitor, or to directly power remote sensor networks.
Consumer electronics, building & home automation, transportation & security, and industrial sector are key areas of application for piezoelectric energy. It is estimated that building & home automation will capture a notable share of the piezoelectric energy harvesting system industry in the future. The trend of home automation and smart connected devices is rapidly gaining momentum worldwide. Ongoing research and development efforts have highlighted that harnessing piezoelectric power could help improve IoT power consumption. Piezoelectric harvesters can leverage residual vibrational energy and convert mechanical energy in alternating electric current, which can power wireless smart home devices efficiently.
In terms of the regional analysis, Europe piezoelectric energy harvesting systems market is projected to grow at a rapid pace between the period 2021 and 2027 led by the demand for energy-efficient components and peripherals across the industrial sector. The region is increasingly focusing on the development of advanced energy harvesting systems backed by active investments by the respective governments. Continuous advances in the home automation and IoT space along with developments in the consumer electronics sector will bolster the regional outlook significantly.
Silex Microsystem AB, Texas Instruments, Honeywell Corporation, PI Ceramic, Boeing, Microstrain (LORD Corporation), Cymbet, Digikey, Smart Material, and NGK Electronics Devices are among the notable names in the piezoelectric energy harvesting system industry. Theese companies are adopting various growth and expansion strategies to bring new solutions to the market and expand their market presence. These include partnerships, acquisitions, and mergers, among others.
Citing an instance, in December 2019, Silex Microsystems AB had signed an agreement with ULVAC Inc. for the development of a thin-film piezoelectric (PZT) production process for MEMS sensors and actuators with improved performance, efficiency, and reliability.
The slowdown across consumer electronics sector has affected the piezoelectric energy harvesting system industry forecast to some extent. Electronics manufacturers were forced to shut down operations temporarily or operate at reduced capacity in light of strict government restrictions. In March 2020, for instance, Samsung Electronics had suspended operations at its Slovakia plant due to the spread of coronavirus.
However, the COVID-19 pandemic has had a positive impact on the home automation sector due to stay-at-home restrictions and increased usage of mobile and handheld devices. Growing advances in the building and home automation space will foster the growth of piezoelectric energy harvesting system market over 2021-2027.