According to a report, “Energy Harvesting System Market Size, Share & Trends Analysis Report By Technology (Thermal, Vibration), By Component (Industrial, Consumer Technology), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,As per the report by Grand View Research Inc., the global energy harvesting system market is estimated to value at USD 913.8 million by 2027. It is expected to develop by a 6.5 % CAGR from 2020 to 2027. The harvesting of the energy is the method where energy resource is utilized to generate energy by means of various sophisticated techniques. The growing demand for the energy, in the user industries is expected to push the development of the market for energy harvesting system. These systems are extensively utilized in the industrial and military controls, consumer devices, medical devices, and the transport. Due to the flourishing industrial and transport sectors, the market in the U.S., is expected to observe, more than 50% development by 2027.
The development of the market can be credited to the growing implementation of the Energy Harvesting System (EHS) in the countryside areas to increase the dependability of the electrical arrangement and to avert the disruption of the power plus to increase the major resource of the electricity in an electrical circuit. The increasing expenses in the development of the industry and infrastructure are expected to have an optimistic influence on the global market for energy harvesting system during the period of the forecast.
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The greater speed of the implementation of Industrial IoT in contrast to the other nations is observed in the U.S. market this is helping in increasing the development of the market for energy harvesting system. The most important factors powering the demand for the product comprises the requirement for the power effective, safe and sturdy arrangement that doesn’t require maintenance, the method of harvesting the energy in the automation of the house & building, growing adoption of the wireless sensor networks, equipped with energy harvesting system, and the initiatives by government authorities. Increasing inclination for the energy saving machinery is expected to boost the development of the market for energy harvesting system. The proposals by different governments for the green and clean troposphere are doing an optimistic influence on the development of the business.
The energy harvesting systems utilize the remaining energy present in the troposphere to transform into convenient type of energy. Hence it is likely to increase the employment cost of such arrangements, thus, influencing the development of the global market for the energy harvesting system.
The growing demand for the safe and power effective unit with minimum maintenance will impel the demand for the product. Extensive implementation of the Internet of Things (IoT) in the automation of the buildings & homes, the technology of energy harvesting, encouraging plans by the government establishments, rising acceptance of WSN, prepared with energy harvesting system, plus growing demand for the green and clean energy, is also expected to assist in increasing the development of the market for energy harvesting system.
Effect of Covid-19:
As a result of the eruption of the Covid-19 pandemic, the financial system of China and its solar industry are whirling because of the bang of the Covid-19.In view of the fact that, the exports are not yet started with its full capacity, from China. U.S. is facing the similar situation and this is expected to restrain the development of the market for the energy harvesting system.
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Further findings from the report suggest:
- In 2019, the home & building automation sector dominated the market for the energy harvesting system, by holding the principal share.
- The Middle East & Africa is projected to record the speedy development whereas Europe is expected to be the biggest regional market during the period of the forecast.
- The consumer technology sector is projected to be the biggest plus the speedily developing part during the period of forecast.
- The thermal technology sector dominated the business in 2019 and is expected to hold its leading place during the period of forecast.
Some of the companies for Energy Harvesting System Market are:
- Schneider Electric
- Voltree Power, Inc.
- Texas Instruments Incorporated
- FUJITSU
- Power cast Corp.
- Cymbet
- MAHLE GmbH
- Bionic Power Inc.
- Analog Devices, Inc.
- EnOcean GmbH
- ABB
- STMicroelectronics
Technology Insights
The thermal technology segment accounted for the largest revenue share of over 35% in 2019. The thermal EHS captures heat, which is either wasted energy given off by engines, or readily available in the atmosphere, and also by other sources. The light EHS technology was the second-largest segment due to the growing number of manufacturers of solar products for security applications, building automation, and consumer electronics.
Also, numerous companies are providing solar energy-based solutions for consumer electronics and building automation applications. The vibration EHS technology is projected to register the fastest CAGR from 2020 to 2027. It is an emerging technique that promises to produce energy to run a low-power device. Radiofrequency energy harvesting is boosted by the progress in both broadcast and wireless communication systems technologies that have availed a propagated ambient radio frequency EHS.
Energy Harvesting System Market Segmentation
Grand View Research has segmented the global energy harvesting system market on the basis of component, technology, and region:
Energy Harvesting Systems Component Outlook (Revenue, USD Million, 2016 – 2027)
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Home & Building Automation
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Consumer Technology
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Industrial
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Transportation
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Security
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Others
Energy Harvesting Systems Technology Outlook (Revenue, USD Million, 2016 – 2027)
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Lights
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Vibration
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Radio Frequency
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Thermal
Energy Harvesting Systems Regional Outlook (Revenue, USD Million, 2016 – 2027)
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North America
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The U.S.
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Canada
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Mexico
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Europe
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Germany
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Russia
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Spain
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Italy
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The U.K.
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France
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Asia Pacific
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China
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India
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South Korea
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Australia
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Japan
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Central and South America
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Brazil
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Paraguay
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Colombia
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The Middle East and Africa
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Saudi Arabia
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UAE
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Egypt
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South Africa
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