Energy Harvesting System Market

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The global Energy Harvesting System Market is valued at USD 516.2 Million in 2022 and is projected to reach a value of USD 839.8 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period.

Energy harvesting or energy scavenging captures small amounts of ambient energy and converts it into electricity. The harvested energy can be used immediately or stored later for later use. The global Energy Harvesting System market is expected to grow significantly during the forecast period owing to rising applications for the Internet of Things (IoT), including smart cities, smart homes, industrial IoT, and machine-to-machine (M2M) communication. Increasing environmental concerns, supportive government policies, and a rising focus on reducing greenhouse gas emissions are expected to support incremental market growth. Rising R&D initiatives for developing new technologies will further increase the footprint of the global Energy Harvesting System market.

The global Energy Harvesting System market has a massive presence in the United States as the country has a history of early adaptability of new technologies. Over time, the U.S. has been among the early adopters of various similar technologies, such as power generation and energy harvesting. This can be attributed to multiple factors, such as the rising importance of clean energy utilization. The U.S. government has also stepped in and released various laws that will support the market's growth, thereby affecting the global Energy Harvesting System market positively. The technological developments in the market are leading toward a sustainable manner. Increased installation within inaccessible areas is further adding value to the market.

Energy Harvesting System are highly efficient and safe. Additionally, they require low maintenance. The rising adoption of wireless sensors owing to improved automation within houses and increased utilization of green technologies extends sales of the global Energy Harvesting System market. An ongoing trend of harvesting renewable or natural energy sources is expected to widen the scope of the worldwide Energy Harvesting System market. Studies have indicated that in regions wherein a huge surplus of energy is required, Energy Harvesting System go well-in-hand with the primary power sources to create an interrupted power supply. Prominent players are focused on widening their product portfolio to increase their market presence further, thereby affecting the growth trajectory of the global Energy Harvesting System market.

Economic Insights

The U.S. and European nations are the main nations affected by the recession. The effects of the recession can be seen in other nations as well. The manufacturing sector is also experiencing slow development due to rising costs brought on by a workforce shortage and supply chain disruptions. Numerous issues have resulted from Russia's invasion of Ukraine, particularly throughout the European continent. Many businesses have discontinued their ties with Russia due to this crisis. Two bearing producers declared they would close their production and sales/distribution facilities in Russia. As a result, the price of different raw materials, including iron, steel, and other metals, has changed.

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1. Adoption of Sensors in Wearable Electronics: The application of Energy Harvesting System within small consumer electronics should be more noticed. Wearable watches are an excellent opportunity for sensors to be used in activity monitoring and healthcare. Manufacturers are integrating numerous features within their products that can cater to increasing the width of the Energy Harvesting System. For instance, STMicroelectronics accelerometer sensors are used in Pebble smartwatches.

2. Surging Utilization of IoT Devices Within Home & Building Automation: The continuous development of IoT devices is driving the growth of autonomously powered, maintenance-free wireless equipment. A wireless sensor network (WSN) is the core technology used to design a wide range of IoT sensors and systems. IoT devices offer a great opportunity for automation applications within various methods, such as lighting controls, building management systems, security and access, and life safety systems. During the forecast period, an enormous need for data collection and processing will be required, thereby boosting the growth of the automation system.

3. Rising Advantageous Nature: Using Energy Harvesting System is highly advantageous as they can run long without causing significant environmental effects. The solar, thermal, and vibrational energy forms are Energy Harvesting System that use the most frequently among the various sources of ambient energy, including light, thermal, and radiofrequency energy. Supportive government policies are expected to further increase the footprint of the global Energy Harvesting System market during the forecast period.

Market Segmentation

The global Energy Harvesting System market can be categorized on the following: Technology, Component, Application, and Regions. Based on technology, the market can be categorized into light energy harvesting, vibration energy harvesting, radio frequency energy harvesting, and thermal energy harvesting. By component, the market can be segmented across energy harvesting transducer, power management integrated circuits (PMIC), and storage system. By application, the market can be fragmented across building & automation, consumer electronics, industrial, and transportation. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Technology

Vibration Energy Harvesting Segment to Account for the Largest Market Share Owing to an Optimal Production Method

The global Energy Harvesting System market is expected to account for the largest market share in revenue and sales. Vibrational or mechanical energy is produced by converting ambient vibrations into electric energy with piezoelectric, electromagnetic, electrostatic, and electrodynamic technologies. Thermoelectric generators are used for converting ambient thermal energy into electric energy. This returns a higher output value of energy when compared to other modes of power generation, fuelling the segment's growth at an incremental pace. Due to technological developments, light energy harvesting is expected to grow with the fastest-growing CAGR during the forecast period.

Based on Component

Energy Harvesting Transducer to Develop Largest Market Share Owing to Abundance of Resources

Energy harvesting transducers are expected to hold the largest market share during the forecast period in terms of sales and growth. A transducer converts energy from light, radio waves, heat, vibration, kinetic force, pressure, and other energy sources. These energy sources are widely available and are conversely easy to generate. These sensors can be integrated with wireless networks to be deployed at a rapid pace. This eliminates conventional electrical grids or primary batteries during power generation operations, fuelling the segment's growth. Prominent players, including EnOcean, Mide Technology Corporation, Lord Microstrain, Laird Plc, and IXYS Corporation, are focused on developing various application transducers. Power management integrated circuits (PMIC) will grow with the fastest growing CAGR during the forecast period owing to the rising integration of renewable energy sources.

Based on Application

Industrial to Own Largest Market Share Owing to a Wider Applicable Base

The industrial segment will dominate the global Energy Harvesting System market during the forecast period. They include Energy Harvesting System such as ambient shaking, rotation, and vibration from various machines and structures within industrial facilities and converting them into usable energy sources. The spread of industrial applications is growing immensely due to the rise of IoT devices. The next generation of the industrial revolution is expected to bring up products that far surpass the current technological scope. This is likely to contribute to the segmental growth of Energy Harvesting System. Building and automation will grow with the fastest growing CAGR during the forecast period owing to the rising urban population, increasing scope of IoT components, and higher demand for power-efficient infrastructure.

Based on Region

North America to Explore Largest Market Growth Owing to Rapid Technological Advances

The global Energy Harvesting System market is expected to be driven by the region of North America during the forecast period. Factors such as rapid technological advances, expanding infrastructure requirements, and increasing disposable income among consumers for constructing, repairing, and modifying work to their current residences are expanding the market's footprint in the region. Additionally, rising awareness among the general population and increased government support in the form of grants is expected to propel the growth of the North American Energy Harvesting System market. The market is expected to grow significantly owing to low operational costs and the inclining direction of current manufacturing players towards shifting to renewable energy resources.

Asia Pacific will grow with the fastest growing CAGR during the forecast period owing to the region's increasing purchasing power and rising tech-savvy population. Additionally, international players focus on the area and establish a significant presence, fuelling the market's growth.

Competitive Landscape

The global Energy Harvesting System market is expected to grow tremendously during the forecast period due to continuous energy demand and an ongoing population boom. Prominent leaders focus on developing systems that will produce high energy output. Additionally, supply chains are being designed for an influx of product shortly. Constant investments in the research and development department ensure a more comprehensive product portfolio, propelling towards a higher market position.

The key players in the global Energy Harvesting System market include - Cymbet Corporation (U.S), Cedrat Technologies (Saint Petersburg), Tekceleo (Austin), ZF Friedrichshafen AG (Germany), Advanced Linear Devices Inc (U.S.), Mide Technology Corporation (U.S.), Powercast (Pittsburgh), Xidas (Herzogenaurach), Analog Devices (U.S.) among others.

Recent Market Developments:

· May 2021: EnOcean presented the PTM 535BZ module, the latest addition to their range of transmitter modules for battery-free switch applications. In addition, EnOcean already has a well-established PTM 535 for wireless standards and PTM 535Z for Zigbee applications. The PTM 535BZ will be the first module that offers a combination of supported wireless standards in the 2.4 GHz radio bands.

· February 2021: STMicroelectronics announced the latest generation of extreme power-saving microcontrollers (MCUs) in STM325U series. This product launch was done to meet the demanding power/performance requirements for intelligent applications, including wearables, personal medical devices, home automation solutions, and a wide range of industrial sensors.

· February 2020: Axzon and Cymbet Corporation announced that they were combining their technologies to create the world's lowest power Internet of Things (IoT) sensor tags at a variable price point. This merger is expected to enable continuous monitoring and data logging of key environmental conditions during the logistics chain of perishable goods, such as meat, produce, and medications.

Segmentation of the Global Energy Harvesting System Market