Energy Harvesting System Market Size (2023 - 2030)
The global energy harvesting system market is expected to reach 750 USD million by 2030 with a CAGR of 9.0% from 2023 - 2030.
An energy harvesting system is a method of converting captured energy into electricity for tiny autonomous devices like laptops, satellites and etc. Energy harvesting systems are also known as power harvesting or energy scavenging. The system uses unconventional energy sources to charge the transducer that is converted into electricity and stored in battery units.
With the emergence of the Internet of Things (IoT), around four billion people join the network of connected devices in 2022, according to the Consumers International Organization.
EnOcean, a German-based company credited for delivering energy harvesting wireless technology for building automation, machine-to-machine applications, and smart homes.
COVID Impact on Energy Harvesting System Market
The recent outbreak of novel coronavirus (COVID-19) originated in Wuhan, China has spread to every corner of the world. COVID-19 impact on energy harvesting systems is limited. The instant impact is a short supply which may create slight negative pressure on the energy harvesting systems market. The building and home automation demand is likely to reduce a bit due to the COVID impact.
Market Drivers
Factors that fuel the energy harvesting systems market are the growing demand for energy-efficient products, the rising importance of harvesting renewable energy. The growth of the Internet of Things (IoT) efficiently rise the demand for wireless sensors and energy-efficient autonomous systems propels the energy harvesting market globally. The rising adoption of wireless sensor networking and IoT for control systems and implementing energy harvesting systems leaves a positive impact globally on the market. Various measures are taken by various countries to limit the carbon footprints and greenhouse gas emissions leading to the growing demand for renewable sources of energy.
Market Restrains
Some factors restraining the energy harvesting market growth are the lack of knowledge in consumers. The cost of manufacturing energy harvesting systems is expensive and technical expertise regarding the energy harvesting systems hamper the market growth globally.
ENERGY HARVESTING SYSTEM MARKET REPORT COVERAGE
| REPORT METRIC | DETAILS |
| Market Size Available | 2022 – 2030 |
| Base Year | 2022 |
| Forecast Period | 2022 – 2030 |
| Segments Covered | By Technology, Component, Energy Source, Component and Sensor Type, Application, End User, and Region |
| Regions Covered | North America, APAC, Europe, LATAM, MEA |
CLICK HERE TO DOWNLOAD SAMPLE
Segment Analysis
The research report of the energy harvesting market has been segmented and sub-segmented based on the technology, component, energy source, component, and sensor type, by application, and end-user.
Energy Harvesting System Market – By Technology
• Light Energy Harvesting
• Vibration Energy Harvesting
• Electromagnetic/Radio Frequency Energy Harvesting
• Thermal Energy Harvesting
• Kinetic Energy Harvesting
By Technology, the light energy harvesting segment held for largest market share in 2022 with the highest revenue. The segment growth is expected to grow up in the upcoming years. Factors responsible for the segment growth are growing manufacturing of solar-based products and rising capabilities of photovoltaic cells. The easy availability of light energy harvesting applications is associated with technology, especially in the solar energy sector.
The vibration energy harvesting segment is expected to grow with the quickest CAGR pace over the historical period. The vibrating energy harvesting segment generates energy to run the low-power device. The vibration energy harvesting technology is widely adopted and used in harsh environments and remote locations.
Energy Harvesting System Market - By Component
• Transducers
• Power Management IC (PMIC)
• Storage Systems
• Secondary Batteries
By component, the transducers segment leads the energy harvesting systems market. Transducers are too expensive than PMICs and batteries and can be used as a standalone device. The transducers segment growth is due to climatic changes and increasing consumer expenses on renewable energy sources.
Energy Harvesting System Market - By Energy Source
• Electric
• Gravitational
• Magnetic
• Nuclear
• Thermal
• Chemical
• Mechanical
• Radiation
Energy Harvesting System Market – By Component and Sensor Type
• IR
• Temperature
• Pressure
• Humidity
Based on the component and sensor energy harvesting systems market, the temperature segment is said to lead the market.
Energy Harvesting System Market – By Application
• Consumer Electronics
• Building and Home Automation
• Transportation
• Healthcare
• Others
By Application, the building and home automation segment is likely to dominate the energy harvesting market in terms of value, in 2022. Growing adoption of wireless sensor networking (WSN) and Internet of Things (IoT) for home automation and control systems are driving the energy harvesting market growth. The quick increase in executing and installing sensor-based technologies are fueling demand for energy-efficient power systems. Factors mentioned above are
Energy Harvesting System Market – By End-User
• Wireless switching system
• Wireless HVAC system
• Wireless sensing and telematics system
• Tire pressure monitoring system
• Asset tracking system
• Remote health monitoring system
• Regenerative energy harvesting system
Regional Analysis
Geographically, North America is dominating the energy harvesting market with the largest share in terms of revenue. The dominance is expected to continue in further upcoming years. U.S and Canada are the major contributors in the market. In the U.S.A, more than 3% of the electricity home have come from solar energy in the form of solar PV and solar thermal power. General Electric Company of the U.S., disclosed about spending 20 billion USD through 2030 for the development of next-generation autonomous and EV vehicles.
Europe is the second leading region in the energy harvesting system market and contributes a major share of 38% globally. Europe is continuously marching towards clean technology for implementing different industrial purposes. Key companies like EnOcean, Pavegen, and Micropelt are upgrading the energy harvesting solutions for various end-users which consequentially produce high income across the region.
The energy harvesting market in Asia-Pacific is to grow at the fastest rate during the period. India and China are the major contributors to the market. China is likely to lead the market. China is making considerable developments in the solar power industry. From 2015, China's total solar capacity has increased five times, as per China Photovoltaic Industry Association. India plays a major role in market growth. India accounts to add 100 GW of solar PV capacity by the end of 2022. In the year 2022, India stood 5th in the global position in solar power deployment, according to the Ministry of New and Renewable Energy of India. From 2014-2022, the solar power capacity has increased by 11 times from 2.6 GW in March 2014 to 30GW 2022.
Latin America is the second quickest growing region in the energy harvesting systems globally. Brazil and Mexico are the major contributors in the market
The Middle East & African energy harvesting systems market is said to have slow growth during the forecast period.
Top Key Companies in Energy Harvesting System Market
• STMicroelectronics
• Cymbet
• ABB
• Powercast Corp.
• EnOcean GmbH
• FUJITSU
• Analog Devices, Inc.
• Texas Instruments Incorporated
• Bionic Power Inc.
• Voltree Power, Inc.
• MAHLE GmbH
• Schneider Electric
In March 2017, Analog devices purchased Linear Technology for USD 14billion. The company expanded its product portfolio for energy harvesting systems.
In 2022, Cymbet launched its next-generation power management product for EnerChip solid-state rechargeable micro-battery. The launch of the product combines ultra-low-power with power management and power switching applications like battery-less sensors and wearable sensors.
Recent Happenings in the Energy Harvesting System Market
• On September 29, 2022, Powercast introduced a novel wirelessly powered RFID temperature scanning system which allows their business to ease and safely monitor workforce temperature.
• On February 15, 2018, Belgian manufacturer e-peas is included in the Fujitsu Electronic Europe portfolio. e-peas have developed energy harvesting solutions supporting a wider range of energy sources like photovoltaic, thermal vibration, or RF.
