WASHINGTON, April 10, 2023 (GLOBE NEWSWIRE) -- The Global Energy Harvesting System Market was valued at USD 516.2 Billion in 2022 and is projected to reach a value of USD 839.81 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period 2023-2030.
Market Overview
The market for Energy Harvesting Systems is expanding due to the increasing desire for environmentally friendly resource methods and the availability of numerous alternative energy sources like tidal, ocean, and wind energy.
We forecast that the consumer electronics category in the Energy Harvesting System market sales will account for more than 49% of total sales by 2028. In remote control devices, energy harvesting technologies are employed, and power is obtained from the force that the user applies when the button is pushed. Numerous wireless applications, medical implants, wearables, and other low-power applications can use the energy gathered.
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Market Dynamics
Growing Demand for Safe, Power-efficient, and Durable Energy Systems to Support Market Expansion
Energy Harvesting Systems are employed in various settings, including construction, home automation, consumer electronics, and wearable technology. Because solar energy harvesting technology produces more power than other energy sources like vibration, thermal, and RF, its use is becoming increasingly popular. Energy harvesting is driven by several variables, including the fact that it doesn't need external electricity to charge the device, that more energy is produced, that fewer resources are wasted, and that equipment uptime is increased. These elements boost the adoption of Energy Harvesting Systems and assist market expansion by lowering maintenance costs and saving on total operating expenses.
Increased Energy-Harvesting Wireless Sensors to Drive the Market Growth
This market's rapid expansion can be attributable to the rising need for low-cost computer chips with signal processing, communication, and data gathering capabilities and wireless interfaces with low power consumption. Wireless sensors that can gather energy are employed in smart construction applications. Machine components like heating systems, actuators, clutches and drives, air handlers, heat recovery units, steamed traps, furnaces, valves, and pipes are all measured by remote monitoring.
Top Players in the Global Energy Harvesting System Market
- Cymbet Corporation (New Brighton, U.S.)
- Cedrat Technologies (Saint Petersburg)
- Tekceleo (Austin)
- ZF Friedrichshafen AG (Germany)
- Advanced Linear Devices Inc (California, U.S.)
- Mide Technology Corporation (U.S.)
- Powercast (Pittsburgh, U.S.)
- Xidas (Herzogenaurach)
- Analog Devices (Wilmington, U.S.)
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Key Challenges Facing in Energy Harvesting System Market:
High cost of energy harvesting devices and systems. Energy harvesting devices and systems are currently very expensive to produce. This is due to the fact that they are still in the early stages of development and there is a limited market for them. As the market for energy harvesting devices and systems grows, the cost of these devices is expected to decrease.
Low efficiency of energy harvesting devices. Energy harvesting devices are not very efficient at converting energy from the environment into electrical energy. This is due to the fact that the energy sources that are available in the environment are often very weak. As energy harvesting devices become more efficient, they will be able to generate more power from the same amount of energy.
Unpredictable nature of energy sources. The energy sources that are available in the environment are often unpredictable. This means that the amount of energy that is available from these sources can vary greatly. This makes it difficult to design energy harvesting systems that can operate reliably and consistently.
Need for new materials and technologies. The development of new materials and technologies is essential for the advancement of energy harvesting systems. New materials and technologies are needed to improve the efficiency of energy harvesting devices, to make them more cost-effective, and to make them more reliable.
Lack of awareness and understanding of energy harvesting technology. There is a lack of awareness and understanding of energy harvesting technology among the general public and among businesses. This lack of awareness and understanding is a major barrier to the adoption of energy harvesting technology.
Regulatory challenges. There are a number of regulatory challenges that are facing the energy harvesting system market. These challenges include the need for new regulations to address the safety and environmental impact of energy harvesting devices.
Top Report Findings
- Based on Technology, the light energy harvesting category controls most of the Energy Harvesting System market revenue. The production of solar-powered goods and the improving efficiency of photovoltaic cells are driving the market's development for the light energy harvesting segment. Solar energy, which can be easily transformed into electricity, is a naturally occurring and easily accessible energy source.
- Based on the Component, most of the Energy Harvesting System market's revenue is controlled by the energy harvesting transducer category. The transducer, which gathers and transforms the energy from the source into electric power, is the energy harvester. Photovoltaic transducers for light, inductive transducers for magnetic fields, thermoelectric transducers for heat, RF transducers for radio waves, and piezoelectric transducers for vibration modes of energy are a few popular transducers used in industry.
- Based on Application, most of the Energy Harvesting System market's revenue is controlled by the consumer electronics category. Consumer gadgets, including wearables, cellphones, remote controls, wireless appliances, body implants, etc., are increasingly using energy-harvesting technology.
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Top Trends in Global Energy Harvesting System Market
- One trend that Vantage Market Research (VMR) predicts in the Energy Harvesting System industry is rising solar-based technologies. The production of solar-based technologies and increased photovoltaic module efficiency are driving the growth of the market for light energy harvesting. Solar energy is a readily available, clean source of energy that is simple to convert into electricity. Additionally, the number of major businesses working to produce solar energy-based goods included in the light energy harvesting industry is growing. After being captured, this energy is put to good use in commercial areas like smart buildings and electronics.
- Another trend that VMR projects will continue in the Energy Harvesting System industry is its increased adoption in the healthcare sector. The demand for numerous photovoltaic applications, such as those utilizing infrared rays, geothermal panels, and resources and energy, is what propels the development of this market.
Global Energy Harvesting System Market Segmentation
By Technology
- Light Energy Harvesting
- Vibration Energy Harvesting
- Radio Frequency Energy Harvesting
- Thermal Energy Harvesting
By Component
- Energy Harvesting Transducer
- Power Management Integrated Circuits (PMIC)
- Storage System
By Application
- Building & Automation
- Consumer Electronics
- Industrial
- Transportation
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Energy Harvesting System Market Forecast Report (2023-2030).
Consumer Electronics Category in Energy Harvesting System Market to Generate almost half the Application Segment Revenue
For better understanding, based on Application, the Energy Harvesting System market is divided into Building & Automation, Consumer Electronics, Industrial and Transportation.
During the forecast period, the market for Energy Harvesting Systems is anticipated to experience the highest CAGR for the consumer electronics category. Energy Harvesting Systems enable the use of consumer electronics in places without access to traditional power sources. Such characteristics increase the usefulness of a device and remove the requirement that it always be close to a power source. Due to such benefits, energy harvesting technologies are increasingly used in consumer electronics.
On the other hand, the industrial category is anticipated to grow significantly. Energy Harvesting Systems are used in industrial settings to catch environmental shaking, rotational, and disturbance from equipment and building structures and transform it into useful energy. The increase in industrial applications is a result of IIoT development.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 516.2 Billion |
| Revenue Forecast by 2030 | USD 839.81 Billion |
| CAGR | 7.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Cymbet Corporation, Cedrat Technologies, Tekceleo, ZF Friedrichshafen AG, Advanced Linear Devices Inc, Mide Technology Corporation |
| Customization Options | If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.vantagemarketresearch.com/energy-harvesting-system-market-2058/request-sample |
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Recent Developments in the Global Energy Harvesting System Market
- March 2021, ZF Friedrichshafen AG partnered with Schneider Electric to launch new, cutting-edge smart industrial switches. The self-powering chipset created with silicon by the energy harvesting startup Wiliot makes it feasible to collect energy from unlicensed band spectrums. This chipset will benefit the IT workstations that serve as a radio and Bluetooth waves hub.
- May 2021- EnOcean unveiled their PTM 535BZ line of transmitter modules for battery-free switch appliances. It is the first module to provide a mix of 2.4 GHz radio band-approved wireless protocols.
Key Questions Answered in Energy Harvesting System Market Report
- What is the current market size of energy harvesting systems, and what is the expected growth rate over the forecast period?
- What are the key drivers, restraints, and trends influencing the energy harvesting system market, and how are they likely to shape the market's future?
- What are the different types of energy harvesting systems available, and what are their respective market shares and growth prospects?
- What are the main application areas of energy harvesting systems, such as building automation, industrial, transportation, and consumer electronics, and what are the market shares and growth prospects of these applications?
- Who are the major players in the energy harvesting system market, what are their market shares, and what strategies are they employing to gain a competitive advantage?
- What are the major challenges and opportunities facing the energy harvesting system market, and how can companies capitalize on these to enhance their market position?
- What is the regulatory environment governing the energy harvesting system market, and how is it likely to evolve in the future?
Regional Analysis
North America Region in Energy Harvesting System Market to Generate Significant Revenue
North America region dominates the market throughout the projection period. North America has become the most important market for investments in building and home automation, which use renewable energy and increase the energy demands of harvesting systems due to the region's ongoing and rapid technological improvements. The United States provided the vast majority of the region's income. The industry is expected to grow tremendously due to the administration's goal of turning the country into an energy-independent state and the flourishing industrial and transportation sectors.
The Asia Pacific region is believed to hold the second largest market share. In Asia-Pacific, the use of energy harvesting technologies is expanding quickly. The need for Energy Harvesting Systems is expanding throughout the region due to increased demand for electricity across commercial applications and the rising demand for super-duper power devices to conserve energy.
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