Meticulous Research® - a leading global market research company, published a research report titled “Energy Harvesting System Market by Component (Power Management, Sensors, Transmitters), Energy Source (Solar Energy, Thermal Energy, RF Energy), Industry (Consumer Electronics, Healthcare, Automotive), Application, and Geography—Global Forecasts to 2028”.
The energy harvesting system market is expected to grow at a CAGR of 26.3% by value from 2021 to reach $15.01 billion by 2028. The rising adoption of energy harvesting systems (EHS) in rural areas, growing demand for safe, power-efficient, and durable energy systems, rising green energy trends, and favorable initiatives by the government are the key factors driving the growth of the energy harvesting systems market.
The market is segmented based on component, energy source, industry, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the energy harvesting system market is segmented into power management, sensors, transmitters, and other components. The power management segment is expected to account for the largest share of the energy harvesting systems market in 2021.However, the sensors segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing demand for low-cost integrated circuits to perform sensing, signal processing, communication, and data collection functions; and low-power wireless communications interfaces.
Based on type, the power management market is segmented into regulators, power management integrated circuits (PMIC), controllers, and converters. The PMIC segment is expected to account for the largest share and is slated to register the highest CAGR in 2021. The large market share and the high growth rate of this segment are attributed to its ability to transform extracted power into energy for the storage element and the management of its start-up sequence with sufficient energy.
Based on the energy source, the energy harvesting system market is segmented into solar energy, thermal energy, RF energy, and piezoelectric energy. In 2021, the solar energy segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is attributed to the rising need to heat homes through passive solar design, solar hot water systems, solar space heating, and electrical generation (photovoltaics or PV) across the globe.However, the thermal energy segment is expected to grow at the highest CAGR during the forecast period.
Based on industry, the energy harvesting system market is segmented into consumer electronics, military, aerospace, healthcare, automotive, industrial automation, and other industries. In 2021, the consumer electronics segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is attributed to the growing usage of solar energy-based energy harvesting solutions for consumer electronics; and the ability to allow consumer electronic products to operate where conventional power sources are not available.
Based on application, the energy harvesting system market is segmented into wireless switching systems, wireless HVAC systems, wireless sensing and telematics system, tire pressure monitoring systems, asset tracking systems, remote health monitoring systems, and regenerative energy harvesting systems. In 2021, the asset tracking systems segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is attributed to the rising need to monitor the physical location and status of movable and fixed assets across the globe. However, the remote health monitoring system segment is expected to grow at the highest CAGR during the forecast period.
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Based on geography, in 2021, North America is expected to account for the largest share of the energy harvesting systems market by value. The region’s large market share is mainly attributed to the presence of major energy harvesting companies and the rising demand for green energy across industrial, residential, and consumer sectors.
Energy harvesting systems are used across home automation, industrial, and transportation applications. For instance, California decided to run an experiment where roads that experience heavy traffic were fitted with piezoelectric transducers. These transducers convert the vibration energy generated by vehicles (both stationary and in motion) into electricity that can be used as a power source for buildings, homes, and streetlights.
The key players operating in the energy harvesting system market are ABB Ltd (Switzerland), Analog Devices, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Cymbet Corporation (U.S.), EnOcean GmbH (Germany), STMicroelectronics N.V. (Switzerland), e-peas SA (Belgium), Advanced Linear Devices, Inc. (U.S.), Piezo.com (U.S.), Cypress Semiconductor Corporation (U.S.), Powercast Corporation (U.S.), Laird Thermal Systems, Inc. (U.S.), DCO Systems Ltd (U.K.), Honeywell International Inc. (U.S.), and Drayson Technologies Ltd. (U.K.).
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