The global energy harvesting system market is predicted to grow at 11.5% CAGR during the forecast period with the market size reaching USD 843.2 million by 2024. The market is driven by factors such as excessive demand for durable, safe and power-efficient systems that necessitate the least amount of maintenance along with increasing initiatives undertaken by government authorities towards green energy.
The market for energy harvesting system market is primarily driven by the exaggerating emphasis on energy harvesting from various sources such as wind, solar and thermal power along with excessive efforts from various government organizations to drive the utilization of renewable energy sources. The increasing procedures for diminishing of carbon footprints worldwide is another factor pertaining towards the growth of global energy harvesting system market.
On the basis of technology, the energy harvesting system market is segmented into vibration, radio frequency (RF), light and thermal. Among all these segments, light energy has been generating the largest revenue throughout the estimated period and will continue to be the most used technology during the forecast period. The large market size of light energy segment is due to massive accessibility of advanced applications and availability of sunlight in the solar energy domain across the globe.
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Based upon component, energy harvesting system market is categorized into the transducer, storage battery, and PMIC. Among all these components, the transducer is anticipated to witness the highest CAGR of 12.1% during the forecast period. The extensive growth of this segment is pertaining towards excessive utilization of IoT by several industry domains, technological enhancement in networking and power intelligence across the world. Moreover, reduced costs of actuators and sensors are another factor driving the growth of transducer that is thereby strengthening the growth of energy harvesting system globally. Transducer is further subcategorized into photovoltaic, piezoelectric, electrodynamic, electromagnetic, RF transducer and thermoelectric.
On the basis of application, energy harvesting system market is classified into Industrial, Building and Home Automation, Consumer Electronics, Security, and Transportation. Of all these applications, building and home automation is observing increasing demand in the energy harvest system market across the globe. Extensive increase in installation and execution of sensor-based techniques along with increase in demand for energy proficient power systems from commercial domain to residential domain.
Europe accounted for the major share in the Energy Harvesting System industry in 2017, globally as growth of energy harvesting system market in this region is attributed towards widespread adoption of this system in automotive domain for the establishment of both commercials as well as passengers’ car segment. Moreover, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to exaggerated growth in both manufacturing as well as construction domain in various emerging countries of this region.
Globally industry players operating in energy harvesting system market are leveraging market growth by launching new products in the market that is further enhancing their products portfolio. For instance, EnOcean GmbH launched self-powered wireless sensors in IoT for energy harvesting solutions that are based upon standardized specifications.
The key players operating in the energy harvesting system market include Fujitsu Group, Arveni, Cymbet Corporation, Convergence Wireless, Powercast Corporation, Honeywell International Inc., Texas Instruments Incorporated, STMicroelectronics N.V., ABB Ltd., Bionic Power, Inc., Energy Partners, Yantra Harvest Energy Private Limited, and EnOcean GmbH.
Global Energy Harvesting System Market Coverage
Technology Insight and Forecast 2014-2024
Component Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Energy Harvesting Market System Market by Region
Rest of the World (RoW)