Global Energy Harvesting System Market
As stated in our extensive report; the Global Energy Harvesting System Market accounted for USD 516.2 Billion in the year 2022 and is forecast to reach USD 839.81 Billion by 2030 at a CAGR of 7.2%.
The significant factors compelling this market’s growth are the increasing adoption of Energy Harvesting Systems (EHS) in rural areas, growing appeal for safe, power-efficient, and durable energy systems, enlarging green energy trends, and favorable initiatives by the government. Furthermore, factors such as the rising adoption of ocean energy harvesting and the growing use of sensors in wearable electronics provide significant growth opportunities for market players operating in the Energy Harvesting Systems market.
Energy Harvesting Systems are used for various applications, such as industrial applications, building, home automation, consumer electronics, and wearable devices. Solar energy harvesting technology generates more power than other energy sources such as vibration, thermal, and RF, due to which the demand for energy harvesting is increasing. In addition, there are various driving factors of energy harvesting, such as no external electricity being required to charge the device, more energy being generated, fewer wastages, and increased equipment uptime. These factors reduce maintenance costs and save overall operating costs expanding the adoption of Energy Harvesting Systems and supporting market growth.
The need for wireless sensors and the energy-efficient autonomous system is progressing globally due to the flourishing trend of IoT. Hence, this will enlarge the demand for efficient Energy Harvesting Systems, weaken the need for battery charging and reduce overall costs. This trend has restored energy-driven consumer electronic devices and encouraged the use of Energy Harvesting Systems globally. In particular, comparable to the Consumers International organization, through the Internet of Things (IoT), approximately 4 billion people coupled the network of connected devices.
Key factors influencing Energy Harvesting System Market Growth
The growth of the global Energy Harvesting Systems market can be attributable to the following:
- The market is growing for durable systems that are power efficient and safe, which require significantly less maintenance.
- There is a rise in the adoption of wireless sensor networks due to house automation and the green technology adopted by various nations.
- Machine-to-Machine (M2M) communications, among various others, are expected to drive the market.
- The U.S. is among the early adopters of energy-efficient solutions worldwide for sectors such as power generation and energy harvesting.
- The systems that help capture this energy and convert it to electrical energy are a boon. Various research and development activities in the Energy Harvesting System are leading to the growth of this market.
North America Region to Lead the Market
The North American region holds the largest global Energy Harvesting Systems market share. The USA is a dominant country in the region owing to the increased adoption of Energy Harvesting Systems in buildings and home appliances. Energy generation using renewable sources has also grown in the region. There has been growth in the industrial and automotive sectors in the country.
All these factors collectively have seen the USA emerge as the largest Energy Harvesting Systems market. In addition, the increased adoption of solar, especially in Europe, has added to the demand in the Energy Harvesting Systems market.
The government initiatives to reduce carbon emissions and increase the adoption of consumer electronics have been the driving factor for the growth of the Energy Harvesting Systems market in the Asia-Pacific region. However, Latin America and the Middle East region will see moderate growth in the Energy Harvesting Systems market by adopting renewable energy sources.
Over the last few years, self-powered wireless technology has gained traction in building and home automation applications in North America. This has resulted in unprecedented growth, allowing cutting-edge, energy-efficient, and wireless technology to completely replace obsolete technology.
Another factor escalating the growth is the suitability of self-powered wireless modules to easily fit in building automation applications; the source that powers these modules is produced by actions, such as turning the handle, pressing a button, or tiny solar cells.
Growing demand for safe, power-efficient, and durable energy augmenting the Energy Harvesting System market sales.
Some of the key players in the Global Energy Harvesting Systems Market include- Cymbet Corporation (U.S), Cedrat Technologies (Saint Petersburg), Tekceleo (Austin), ZF Friedrichshafen AG (Germany), Advanced Linear Devices Inc (U.S.) and others.