Energy Harvesting System Market Size to Reach USD 817.2 Million by 2026 - Report by Market Research Future (MRFR)

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New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Analysis:
According to a comprehensive research report by Market Research Future (MRFR), “Energy harvesting Systems Market Information by Sensor, by Component, by Application - Forecast 2027”, market size to reach USD 817.2 million by 2026.

Market Scope:
The report on the global energy harvesting system market by Market Research Future (MRFR) covers trends in energy conservation for the industry for the forecast period (2019-2027). The effects of the COVID-19 pandemic on the market value are discussed in high detail. They are being adopted by renewable energy plants due to shift in energy conservation schemes and efforts to tackle global warming.

Competitive Analysis:

  • Arverni
  • Levent Power Corporation
  • STMicroelectronics Inc
  • MicroGent Technologies
  • G24 Innovations Inc
  • Honeywell International Inc
  • Marlow Industries
  • Microchip Technology
  • ABB Limited Inc
  • Cypress Semiconductor Corp
  • Green Peak Technologies

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Market USP Exclusively Encompassed:
Energy-efficient Systems to Drive Market Demand:
Devices powered by harvested energy are used in consumer electronics, and wearable devices. Its advantage over conventional cabling systems can drive the market demand. Portable industrial applications, building and home automation, power equipment such as lithium-ion, magnesium-ion, and lead-acid batteries have a short lifespan and are more prone to damage.  Effective research undertaken by institutes have propounded on the high potential for energy harvesting techniques. Efforts of companies to curb their energy costs as well as rising crude oil prices can bode well for the market.

Energy harvesting requires no external power source in charging the device. Thus, there is no need to power the device externally, either by cables or by portable batteries, which leads to savings in maintenance cost. Several companies are working on enhancing energy harvesting technology to reduce the cost of the devices and save energy.  For instance, EnOcean has installed several wireless and self-powered switches to save 40% of energy costs by automatically controlling the lighting in buildings. Since there is no need for additional battery; no replacements or maintenance is required. Perpetuum manufactures electrodynamic vibration harvesters capable in powering systems and extending their lifespan by 18 to 20 years.

Adoption of Sensors in Wearable Electronics:
The huge sales of luxury and electric vehicles owing to attractive government schemes and subsidies can offer a lucrative opportunity to the energy harvesting system market. Inclination towards SUVs and high purchasing power of individuals can bode well for the market.

Remotely Installed Modules to Hamper Market Growth:
The high investments and maintenance & repair costs of energy harvesting systems can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects. Lack of quality raw materials and adherence to international standards can limit the scope of the market.

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Segmentation Analysis:
Photovoltaic Method to be Prime till 2027:
As per the method, the energy harvesting market is segmented into thermal, vibration, photovoltaic, and others. The photovoltaic method can dominate market growth due to demand for photovoltaic panels and its energy efficiency. Adoption of solar energy and related schemes can drive segment demand.

Industrial to be Leading Application:
The global market is segmented into various applications such as industrial, transportation, consumer electronics, automotive, and others. The industrial application is expected to perform exceptionally over the forecast period due to increasing scope of IoT components, home automation, and trend of renewable energy integration. Evolution of IIoT, rise of urban spaces, and capture of energy from vibration and shaking of machines can be opportune for the market.

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Regional Analysis:
North America to Lead in Global Energy Harvesting System Market:
North America is estimated to lead in the global energy harvesting system market owing to economic developments and efforts made by companies to conserve energy. The coal shortage and aversion to fossil fuels to limit carbon emission levels can drive demand for renewable energy projects and in turn energy harvesting systems. Modernization of grids as well as adoption of new energy standards can bode well for the market.

COVID-19 Impact:
The COVID-19 pandemic had initially severely affected the energy harvesting system market caused due to the lockdown. Radiofrequency fueled devices have leveraged on energy harvesting methods to conserve energy and power wireless devices. Recently, Powercast has partnered with Microchip to develop a fob capable of scanning temperatures and capturing energy from wireless power transmitters. It has been used in contact tracing of employees with above normal temperatures.

Industry Update:
Engineers at the University of California have developed a new wearable capable of generating and harvesting energy through an individual’s sweat. It can generate power through texting, playing, and tapping.

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