Get
in-depth analysis of how COVID-19 is impacting the Energy Harvesting System
Market
The energy harvesting system market is projected to grow from USD 485 million in
2020 to USD 775 million by 2025, at a CAGR of 9.8%. 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 market, by
technology, in 2019
In 2019, light energy harvesting technology
held the largest share of the energy harvesting system market. The growth of
light energy harvesting is also attributed to the increasing number of
companies involved in the production of solar products for building automation,
consumer electronics, and security applications. Also, several companies are
providing solar energy-based solutions for building automation and consumer
electronics applications.
Transducers
accounted for largest share of energy harvesting market, by component, in 2019
Transducers convert ambient energy into
electricity to power electronic devices. Transducers are designed using various
technologies such as piezoelectric, photovoltaic, electromagnetic, radio
frequency, and thermoelectric. Among these, the market for photovoltaic
transducers is expected to grow at the highest CAGR during the forecast period.
The growth of photovoltaic transducers is attributed to the increasing number
of companies offering photovoltaic cells and panels to convert solar energy
into electric power. The reason for this high involvement of several companies
is the abundance of solar energy and the raw materials such as silicon wafers,
PV cells, polysilicon, ingots, Al, and Ag that are used to build solar cells.
Building
and home automation is expected to grow at highest CAGR during forecast period
The growth can be attributed to the
increasing adoption rate of wireless sensor networking (WNS) and the Internet
of Things (IoT) for home automation and control systems, which implement energy
harvesting devices and sensors. In the US, buildings accounted for a 39% share
of the country’s CO2 emissions in 2017. Thus, there is an urgent need for
improving energy management in the country. In the Americas, energy harvesting
systems are being installed in school classrooms for occupancy measurement and
temperature control, in commercial buildings for automatic lighting systems
depending on the occupancy status, in hotels for smart power control, and in
residential buildings for reducing energy consumption.
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America
is expected to hold largest share of energy harvesting system market in 2025
The growth in the Americas is driven by
factors such as 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 are also driving the growth of the market.
Key
Market Players
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) Bionic Power (US), O-Flexx Technologies
(Germany), and Voltree Power (US) are the key players in the energy harvesting
system market.
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