The energy harvesting system
market is estimated to be worth USD 468 million in 2021 and is
projected to reach USD 701 million by 2026, at a CAGR of 8.4 %. The growing
demand for safe, power-efficient, and durable systems that require minimum or
no maintenance surging implementation of IoT devices in automation and energy
harvesting systems for building and home automation increasing trend for green
energy and favorable initiatives by governments rising adoption of wireless
sensor networks equipped with energy harvesting systems are some of the
prominent factors for the growth of the energy harvesting system market
globally.
COVID-19
Impact on the Global Energy Harvesting System Market
The emergence of
COVID-19, a deadly respiratory disease that originated in China, has become a
pandemic and has spread globally at a fast pace. The impact of COVID-19 on the
energy harvesting system market is currently limited, but the adoption of
energy harvesting solutions may reduce more than expected in the short term as
many service providers and integrators are involved in managing the
unprecedented pandemic. The US is a major hub for the adoption of energy
harvesting systems in applications such as building and home and industrial
automation. Europe is home to many major players in manufacturing energy
harvesting systems. With COVID-19 still impacting many economies across the
world, it is impossible to predict the accurate impact on the energy harvesting
system market. As there are several suppliers of components and devices in
Europe, the impact of lockdown is expected to affect global players. The
disruption caused by the shortage of semiconductor components has resulted in a
delay in the development of new energy harvesting modules and products. This
has further stagnated the growth of existing orders received for energy
harvesting systems.
Light energy
harvesting technology held the major market share in the energy harvesting
system market in 2020
The light energy
harvesting technology segment, especially the solar energy harvesting
technology segment, held the largest market size in 2020, and the same trend is
likely to continue in the next few years owing to the increase in the
manufacturing of solar-based products and the growing efficiency of
photovoltaic cells. Solar energy is the most widely available natural resource
that can be easily converted into electricity. The vibration energy harvesting
segment is expected to account for the second-largest share of the market owing
to the use of products such as piezoelectric devices in various applications,
such as industrial and transportation.
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Energy
harvesting system market for building and home automation application to grow
at the highest CAGR during the forecast period
In 2020, the
building and home automation application accounted for the largest share of the
energy harvesting system market, in terms of value, owing to the increasing
adoption rate of wireless sensor networking (WNS) and Internet of Things (IoT)
for home automation and control systems, which implement energy harvesting
devices and sensors. The industrial application held the second-largest size of
the market for energy harvesting systems used in industrial sensors for
measurement and control.
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