According
to the research report, "Energy
Harvesting System Market by Technology (Light, Vibration, RF,
Thermal), Component, Application (Building & Home Automation, Consumer
Electronics, Industrial, Transportation, Security), and Region - Global
Forecast to 2025" is projected to grow from USD 485 million in
2020 to USD 775 million by 2025; it is expected to grow at a CAGR of 9.8% from
2020 to 2025. Key factors fueling the growth of this market include the growing
demand for safe, power-efficient, and durable systems that require minimum or
no maintenance; extensive implementation of IoT in automation and energy
harvesting technology in building and home automation, increasing trend of
green energy and favorable initiatives by governments; and rising adoption of
wireless sensor networks equipped with energy harvesting system.
Light
energy harvesting accounted for largest share of energy harvesting system
market, by technology, in 2019
The
light energy harvesting technology held the largest share of the energy
harvesting system market. Photovoltaic cells are very efficient in generating
energy for small electronic components. The power generated by solar energy
harvesting technology is more than other energy sources such as vibration,
thermal, and RF. Additionally, light energy is available in abundance as
compared to other sources, which is why it is easy to continuously generate
energy. Due to this benefit, the number of companies involved in the
development of solar products for building automation, consumer electronics,
and security applications is increasing.
Market for
transducers is projected to grow at highest CAGR during forecast period
Transducers
can be used as a standalone device or can also be accompanied by other
components. Therefore, the market growth of transducers is higher than that of
PMICs and secondary batteries. A transducer converts energy from sources such
as light, radio waves, heat, vibration, kinetic, and pressure. The sensor
devices in wireless networks are currently deployed with these transducers to
eliminate the use of conventional electrical grids or primary batteries. The
market for photovoltaic transducers is expected to grow at the highest CAGR
during the forecast period. The reason for the growth of photovoltaic
transducers is the rising interest of several companies providing solar
energy-based solutions for building automation and consumer electronics
applications.
Building
and home automation accounted for largest share of energy harvesting
system market in 2019
The
largest share of building and home automation in the energy harvesting system
market can be attributed to the rising penetration of energy harvesting
solutions in smart homes and building automation. Energy harvesting is the best
solution for wireless sensor networking (WNS) and the Internet of Things (IoT)
in smart buildings. Building automation products such as wall switches,
sensors, and relay receivers can be easily interconnected without much
complexity. Energy harvesting in building automation systems can be used for
occupancy sensors, humidity sensors, window positioning systems, temperature
sensors, climate control systems, radiator control systems, and other lighting
control systems. Building automation, being the most attractive market for
energy harvesting systems, consists of many regional as well as global
companies producing numerous energy harvesting products and components for the
system.
The
Americas is expected to hold largest share of energy harvesting system market
in 2025
The
growth in the Americas is driven by factors such as the increasing use of
renewable energy sources for powering small electronic devices, growing
penetration of building automation in new construction sites, and rising use of
wireless sensor networks in the region. The increasing number of government
activities for energy harvesting in the Americas and Europe for the building
and home automation application to reduce CO2 emissions from buildings is also
expected to boost the growth of the market.
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ABB
(Switzerland), Honeywell (US), Advanced Linear Devices (US), Laird (UK),
Convergence Wireless (US), Cymbet (US), EnOcean (Germany), Fujitsu (Japan),
Greenpeak Technologies (Netherlands), Microchip Technology (US), Texas Instruments
(US), STMicroelectronics (Switzerland), Powercast Corporation (US), Cypress
Semiconductor (US), Piezo Systems (US), Mide Technology (US), IXYS Corporation
(US), Lord Microstrain (US), Linear Technology (Japan), Kinergizer BV
(Netherlands), GreenTeg (Australia), General Electric (US), Bionic Power (US),
O-Flexx Technologies (Germany), and Voltree Power (US) are the key players in
the energy harvesting system market. These players are increasingly undertaking
strategies such as product launches, expansions, agreements, partnerships,
joint ventures, collaborations, and mergers & acquisitions to increase
their market share.
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