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Energy Harvesting System Market Overview
The global energy harvesting system market was valued at $358.5 million in 2017 and is projected to advance at a CAGR of 11.0% during the forecast period (2018–2023). The growing need to reduce dependency on fossil fuels for power generation in addition to curbing carbon emissions is the primary factor driving the growth of the market.
GLOBAL ENERGY HARVESTING SYSTEM MARKET, BY TECHNOLOGY, $M (2013 - 2023)
Based on technology, the energy harvesting system market is categorized into light, vibration, thermal, and electromagnetic/radio frequency (RF). Among these, light technology held the largest share in the market, accounting for around 44% revenue in 2017. The high revenue generation from this category can be attributed to the easy availability of the light energy harvesting technology and its advanced applications, particularly in solar energy sector. However, in terms of market growth, vibration technology is expected to witness the highest CAGR during the forecast period. This can be attributed to the growing adoption of the technology for energy harvesting, particularly in harsh environments and remote locations.
On the basis of component, the energy harvesting system market is categorized into transducers, power management integrated circuits (PMICs), and storage systems. Among these, transducers generated the highest revenue in the market in 2017. Transducers are further categorized as photovoltaic, piezoelectric, thermoelectric, and electro-dynamic, of which the photovoltaic category accounted for around 41% revenue in the market in 2017. This can be attributed to climatic changes and rising consumer spending on renewable energy sources. Moreover, the increasing focus on renewable and eco-friendly energy sources is driving the market growth in this category.
Based on application, the energy harvesting system market is categorized into building & home automation, consumer electronics, industrial, transportation, and security. Of these, building & home automation contributed the highest revenue to the market in 2017. The market for this application is also expected to witness the fastest growth during the forecast period. This is due to the rapid increase in the implementation and installation of sensor-based technologies and increase in demand for energy-efficient power systems, backed by the growth in the residential and commercial sectors.
Among all regions, North America is expected to be the fastest-growing energy harvesting system market. Besides, APAC is expected to demonstrate robust growth as a market. The market in these regions is mainly driven by the increase in demand for energy-efficient components and peripherals from the industrial sector; development of advanced energy harvesting systems, particularly in developing countries such as India and China; and huge spending by regional governments to drive the adoption of energy harvesting systems in public and private spaces.
Energy Harvesting System Market Dynamics
Rising need to curb carbon emissions is a major driver for the global energy harvesting system market. One of the simplest ways to reduce carbon footprint is to minimize energy wastage. Moreover, consumers are contemplating the use of devices based on energy harvesting technology for various benefits, as the energy harvested from renewable energy sources dramatically lowers electricity bills and shrinks individual contribution to carbon footprint. Thus, the growing focus on carbon footprint reduction is expected to continue pushing the demand of devices based on energy harvesting technologies.
Lack of awareness among consumers is observed to hinder the energy harvesting system market growth. Though there have been some noticeable marketing activities by major energy harvesters in recent years, the effect on the sales of such products has been less than expected. Thus, limited consumer awareness on the availability and usage of the devices based on harvested energy is one of the key barriers to the mass-market acceptance of such products.
Energy Harvesting System Market Competitive Landscape
The energy harvesting system market is growing at a considerable pace, offering numerous opportunities to original equipment manufacturers (OEMs) in emerging markets such as China, India, Indonesia, and Brazil. Some of the key companies operating in the market are Arveni, Convergence Wireless, Cymbet Corporation, Powercast Corporation, Texas Instruments Incorporated, Fujitsu Limited, ABB Ltd., Honeywell International Inc., STMicroelectronics N.V., EnOcean GmbH, Voltree Power Inc., Bionic Power Inc., and Energy Partners.
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