Energy Harvesting System Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

The Global Energy Harvesting System Market size accounted for USD 495 Mn in 2021 and is expected to reach USD 1,183 Mn by 2030 with a considerable CAGR of 10.5% during the forecast timeframe of 2022 to 2030.

The process of collecting and converting energy from the environment into electricity is known as energy harvesting, also known as energy scavenging or ambient energy. Energy harvesting catches little amounts of renewable energy that would otherwise be lost as vibration, heat, light, and other waste. Such energy can be harnessed continuously or conserved to be used afterward. Energy harvesting as a technology is still in its early phases of development, but it is far from a solution to our energy problems. However, it has enormous potential for powering low-power gadgets. Also, the energy harvesting system market has benefited from the fast-increasing internet of things (IoT) marketplace approach.

Global Energy Harvesting System Market Dynamics

Drivers

• The widespread use of Internet of Things (IoT) devices in automation
• Increasing research and development efforts for new alternative resources
• Growing Sensor integration in wearable electronics
• Population growth has increased the demand for energy consumption

Restraints

• Limitations of remotely installed networking modules
• Standardization of communication channels

Opportunity

• Increasing use of renewable sources of energy
• Increases environmental awareness and reduces greenhouse gas emissions

Report Coverage

The widespread usage of IoT devices in automated processes, the rising demand for energy-efficient and sustainable approaches, and the abundance of alternative energy sources such as tidal, ocean, and wind energy are all contributing to the growth of the energy harvesting system market. Growing government expenditure on infrastructure and industry growth, higher knowledge of environmental energy trends, and favorable government efforts to limit CO2 emissions from structures are all expected to enhance the energy harvesting system's market shares. Furthermore, favorable socio-demographic and economic factors such as population growth, urbanization, consumer spending, and higher living standards, in combination with significant advancements in commercial aspects, are responsible for driving global energy harvesting system market trends.

Aside from that, factors such as a lack of standards and procedures, as well as the limitations of remotely deployed connectivity modules, limit the market growth.

Energy Harvesting System Market Segmentation

The global energy harvesting system market segmentation is based on technology, component, application, and region.

Market by Technology

• Lights
• Radio Frequency
• Vibration
• Thermal

In terms of technology, the light segment held the largest market share in 2021. The market for light energy harvesting is expanding due to improved photovoltaic module efficiency and the manufacture of solar-based technologies. Solar energy is a widely accessible and natural form of energy that can be easily transformed into electricity. Also, the number of key players involved in the production of solar energy-based products categorized as part of the light energy harvesting sector is increasing. This harvested energy is then used effectively in industry sectors such as smart buildings and consumer electronics. Furthermore, the vibration-based energy harvesting system will have the second-largest market share due to the use of piezoelectric transducers in a wide range of applications in the public transportation and construction industries. This trend is effectively increasing the global energy harvesting systems market revenue.

Market by Component

• Sensor
• Transducer
• Secondary/Backup Battery
• Power Management IC (PMIC)
• Others

In terms of components, the sensor segment will have the largest market share in 2021. Sensors are integral elements of an energy conversion system. They are responsible to collect and transforming different lighting sources, temperature fluctuations, kinetic motion, and pressure changes into energy. Furthermore, during the forecast period, the transducer market is expected to grow significantly. The energy harvester is the transducer, which collects and converts the energy from the source into electric power. Some common transducers used in industry include photovoltaic transducers for light, inductive transducers for magnetic fields, thermoelectric transducers for heat, RF transducers for radio waves, and piezoelectric transducers for vibration modes of energy.

Market by Application

• Consumer Technology
• Industrial
• Home & Building Automation
• Transportation
• Security

Others Based on the application, the industrial segment is expected to grow significantly in the market over the next few years. Energy harvesting systems in industrial applications collect and transform ambient spinning, shaking, and vibration from structural components to generate electricity. Industrial applications are expanding as IoT technology evolves. In most industrial settings, machinery provides inherent sources of energy with thermal and vibration, as well as many other movements for electrodynamic and electromagnetic power conversion techniques. Such applications effectively improve the performance and productivity of industries and drive the market.

Furthermore, due to the expanding building infrastructure industry and the growing development of advanced sensor connectivity and the Internet of Things (IoT) for building automation, security, and electronic systems, the building & home automation segment is expected to grow at a faster rate over the forecast period. Furthermore, rising solar technology manufacturing for household appliances, smart buildings, and security monitoring solutions in buildings is expected to drive market growth over the forecast period.

Energy Harvesting System Market Regional Overview

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         France

·         Germany

·         Spain

·         Rest of Europe

Latin America

·         Mexico

·         Brazil

·         Rest of Latin America

Asia-Pacific

·         India

·         China

·         Japan

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         South Africa

·         GCC

·         Rest of Middle East & Africa