Global Energy Harvesting System Market Overview
The global energy harvesting system market is estimated to be valued at $358.5 million in 2017 and is forecasted to witness a CAGR of 11.0% during 2018–2023.The green energy trend along with the rising adoption of wireless sensor networks equipped with energy harvesting system are some of the key factors driving the growth of the energy harvesting system market.
GLOBAL ENERGY HARVESTING SYSTEM MARKET, BY TECHNOLOGY, $M (2013 - 2023)
On the basis of technology, the energy harvesting system market is categorized into light, vibration, thermal, and electromagnetic/RF. Of these, light energy harvesting is estimated to contribute the largest revenue to the market, with more than 40% contribution in 2017. The high revenue generation is attributed to the global mass availability of sunlight and advanced applications in the solar energy sector.
In terms of components, market is categorized into transducer, PMIC, and storage systems. Of all components in the energy harvesting system market, the fastest growth during the forecast period will be witnessed by transducer. The market for transducer is estimated to be valued at $203.4 million in 2017, which is expected to register a CAGR of 11.4% during the forecast period. The high growth of the category is expected to be driven by a rapid increase in the adoption of IoT by various industries, decreasing cost of sensors and actuators, and technological evolution in power intelligence and networking.
During the forecast period, the energy harvesting system market will witness robust growth in North America and Asia-Pacific. High growth in both the regions is expected due to increase in the demand of low power consumption components from the industrial sector; development of advanced energy harvesting systems, particularly in developing countries such as India and China.
Global Energy Harvesting System Market Dynamics
One of the major trends shaping the global energy harvesting system market is the increasing use of hybrid methodologies to generate more output power. For example, the combination of solar and wind projects is increasingly gaining popularity due to the natural synergies of the sun and wind. As these projects are more efficient in power generation and offer advantages over conventional products, they are expected to propel the growth of the market.
Presently, the energy harvesting system market is fragmented with the presence of a number of regional and local players but is gradually moving toward consolidation. Companies operating in this market are joining their hands to create industry standards and promote interoperability. The recent news about the acquisition of Elster division of Melrose Industries PLC by Honeywell International, is a step toward a unified energy harvesting devices ecosystem.
The increasing focus on energy harvesting from a variety of sources such as solar power, wind power and thermal power, along with increasing government push for using renewable energy sources are some of the major factors boosting the growth of the energy harvesting system market, globally.
Overloading the atmosphere with carbon has adverse effects for people across the globe. When CO2 and other heat-trapping emissions are released into the air, they cause global warming. It is necessary to significantly reduce the amount of heat-trapping emissions to address global warming; thus, governments of many countries are making efforts to reduce the dependence on fossil fuels and promote the use of renewable sources of energy.
Growing measures to reduce carbon footprints across the globe is another major factor bolstering the growth of energy harvesting system market. Shifting rainfall patterns and rising temperatures are also altering the budding patterns of plants. Rising carbon footprints is one of the major factors likely to pose a significant threat to the environment. Due to these negative effects of carbon footprints, governments and individuals across the globe are focusing on reducing their carbon footprints; thereby driving the growth of the energy harvesting system market.
Some of the major factors restraining the growth of energy harvesting system market are the lack of consumer awareness, and lack of standardization. Though there have been some augmented marketing activities by major energy harvesters in recent years, the effect of this increased exposure on the sales of such products has been less than expected.
Lack of awareness among people about the availability and usage of devices based on harvested energy is a barrier to the mass-adoption of such products. Moreover, the availability of numerous closed ecosystems and devices makes the energy harvesting system industry less user-friendly, which is constraining the growth of the overall market.
With the rapid growth of device miniaturization, massive efforts have been directed at integrating nanodevices with differentiated functionalities. The use of these systems to garner energy from the environment and converting it into usable electric power to support magnetic nanostructures (MNSs), is the most promising strategy to overcome the current hurdles and challenges offered by conventional powering devices. Ample growth opportunities are arising in the energy harvesting system market with advancements in nanotechnology. Nanotechnology reduces the size of energy harvesting devices and makes them portable, which increases their adoption and enhances the market growth.
There is a moderate number of regional and international players operating in this market, which makes the intensity of rivalry moderate. Some of the key players in the energy harvesting system market are Arveni, Convergence Wireless, Cymbet Corporation, Powercast Corporation, Texas Instruments Incorporated, Fujitsu Group, ABB Ltd., Honeywell International Inc., STMicroelectronics N.V., EnOcean GmbH, Voltree Power, Inc., Bionic Power, Inc., Energy Partners, and Yantra Harvest Energy Private Limited.