San Francisco, 02 May 2024: The Report Energy Harvesting System Market Size, Share & Trends Analysis Report By Technology (Lights, Vibration), By Vibration Technology (Piezoelectric, Electrostatic), By Component, By Application, And Segment Forecasts, 2020 - 2028

The global energy harvesting system market size is expected to reach USD 986.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.2% from 2020 to 2028. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global market over the projected period.

The COVID-19 pandemic has caused many disruptions in the market. However, mobility and economic activity are likely to accelerate with time. This is expected to increase commercial and industrial demand for Internet of Things (IoT) projects deployment, which will increase the demand for energy harvesting systems in the future.

IoT has gained widespread momentum across all industrial sectors including automotive, energy, defense, consumer electronics, and healthcare, among others. The increasing preference towards offering data-centric, personalized experiences to the customers is pushing companies to connect as many devices as possible to gather more consumer-related data.

Europe accounted for the maximum share of the global revenue in 2020 due to supporting policies by the European Union. European countries are investing in and focusing on the maximum utilization of IoTs to drive the technology’s advancement across various end-use sectors in the region, such as building & home automation, lighting, industrial, and automated meter reading.

The growing applications of the Internet of Things (IoT) including smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications, among various others are further expected to drive the market. Factors, such as growing environmental awareness, supportive government policies, and Greenhouse Gas (GHG) emission reduction targets, and rising demand for energy are expected to drive the market over the forecast period. Increasing R&D initiatives for the development of new technologies are also expected to augment the market growth.

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The U.S. accounted for the largest share of the North American regional market in 2020. The U.S. is among the early adopters of energy-efficient solutions in the world for sectors, such as power generation and energy harvesting. This can be attributed to the increased importance given to clean energy solutions as per the energy act introduced by the U.S. government.

Energy Harvesting System Market Report Highlights

• The market is highly fragmented as it has different categories of technology, application, and service providers
• The industrial application type segment accounted for the largest revenue share of more than 30% in 2020
• The vibration technology segment led the global market in 2020 with a revenue share of over 32%
• Government schemes aim to promote product installation across industrial, residential, and commercial applications
• These systems can be operated on-grid as well as off-grid depending on the application and location
• Moreover, the multiple benefits of these systems over conventional power generation methods are expected to fuel the market growth

North America, led by the U.S., Mexico, and Canada, accounted for the second-largest revenue share of the global market in 2020 owing to the presence of intelligent building and building automation vendors. Favorable policies and regulations regarding increasing energy efficiency of buildings and high awareness regarding green buildings have driven the market growth.

The COVID-19 pandemic is expected to hinder the market growth to some extent owing to reduced demand from various end-users. The product manufacturers have taken subsequent steps to provide services to end-users that have signed long-term contracts with them.

The vibration technology segment led the market in 2020. The segment accounted for the maximum revenue share of more than 32% of the global market in 2020. Vibration or mechanical energy harvesting is done by converting the ambient vibrations into electric energy with the help of piezoelectric, electromagnetic, electrostatic, and electrodynamic technologies.

Energy Harvesting System Market Report Scope

Thermoelectric Generators (TEGs) are used to convert ambient thermal energy into electric energy. These devices consist of thermopiles, which further consist of n-type and p-type junction that allows heat flow between these terminals and leads to electricity generation. The light technology segment is projected to record the fastest CAGR of more than 10.5% during the forecast years.

List of Key Players of Energy Harvesting System Market

• ABB
• Schneider Electric
• Bionic Power, Inc.
• STMicroelectronics
• Cymbet
• EnOcean GmbH
• Powercast Corp.
• Mahle GmbH
• Analog Devices, Inc.
• Texas Instruments, Inc.