Energy Harvesting Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Energy Harvesting Market grew at a CAGR of 8.9% between 2017-2021 and is estimated to be US$ 567.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 10.5% and is expected to reach a valuation of US$ 1,540.0Mn by 2032 end.
The market is also anticipated to be driven by the expanding applications of the Internet of Things (IoT), which include, among others, smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications. Throughout the forecast period, the market is anticipated to be driven by elements like increased environmental consciousness, favorable governmental policies, aims for reducing greenhouse gas (GHG) emissions, and rising energy consumption. Increased R&D efforts to create new technologies are also anticipated to support market expansion.
SURGING IMPLEMENTATION OF IOT DEVICES IN AUTOMATION AND ENERGY HARVESTING SYSTEMS FOR BUILDING AND HOME AUTOMATION
The rise of the Internet of Things (IoT) has increased demand for wireless equipment that runs on its power and requires no maintenance. The foundational technology for creating IoT systems is the wireless sensor network (WSN). Automation applications, including lighting controls, building management systems, security, access, and fire and life safety, are made possible by IoT.
It’s conceivable that millions of devices will be permanently connected over the next few years via IoT. Due to this, there is a huge requirement for data collecting and processing, which demands a lot of automation.
The sensor network is the best data collection system for the Internet of Things. According to Intel, the global market for IoT technology was estimated to be worth USD 5.2 trillion in 2019, with USD 2.5 trillion and USD 2.3 trillion, respectively, expected to come from industry and healthcare.
LIMITATIONS OF REMOTELY INSTALLED NETWORKING MODULES
Low-power energy harvesting devices are employed in various mobile and portable markets, including military, transportation, and medical equipment. These systems are also used in applications that demand a backup battery, particularly if the battery is placed remotely or in an awkward location.
For optimal signal transmission, the transmitters and receivers in these energy harvesting devices must be positioned close to one another. Gathering data at the central receiver is challenging when the sensor devices are in remote areas.
ADOPTION OF SENSORS IN WEARABLE ELECTRONICS
Small consumer electronics applications for energy harvesting systems are seen as a viable investment prospect. One of the chances for sensors to be employed in applications like activity tracking and healthcare is through wearable watches.
The Pebble smartwatch, for instance, uses accelerometer sensors from STMicroelectronics. The Georgia Institute of Technology in the US and the Beijing Institute of Nanoenergy and Nanosystems in China have developed a hybridized nanogenerator to power a wristwatch and other wearable electronic gadgets. For efficient output, sensors need a stable power source. As a result, energy harvesting systems are being used more frequently in wearable electronics for sensors.
Market Segments Covered in Report
By Region and Country:
Which is the most preferred component of the energy harvesting market?
The energy harvesting transducers segment dominated the global market by component and is projected to expand at a CAGR of 8.1% throughout the forecast period. The primary factor fueling the demand of the worldwide market is the increase in the use of electromechanical transducers for harvesting vibration energy.
Who is the leading application in the energy harvesting industry?
The Building & Home Automation category, which generated the most revenue, is expected to expand at a CAGR of 9.0% throughout the projection period. Because there is no need for hardwiring, installing an energy harvesting system in a building or automating your home has benefits like distribution flexibility. As no battery disposal is required, installing these energy harvesting switches reduces maintenance and environmental effect.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to the existence of big corporations in all of the regions, the global market is extremely competitive. Companies that compete in the worldwide market strongly emphasize growing their global footprints to boost sales and market share. To meet the growing demands of emerging economies, businesses are expanding their services in the Asia Pacific, Central & South America, and Europe regions.
The key developments in the Global Energy Harvesting Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Technology, Component, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 10.5%.
Surging implementation of IoT devices in automation and energy harvesting systems for building and home automation.
Major global Energy Harvesting Market players are ABB, Schneider Electric, Bionic Power, Inc., STMicroelectronics, Cymbet, EnOcean GmbH, Powercast Corp., Mahle GmbH, Analog Devices, Inc., Texas Instruments, Inc.
Limitations of remotely installed networking modules.
North America is expected to account for the largest market revenue share in the Global Energy Harvesting market.
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