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. These companies have adopted both organic and
inorganic growth strategies such as product launches and developments,
agreements, partnerships, collaborations, and mergers & acquisitions to
strengthen their position in the market.
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