Published: January 2023 | Report Code: 10724 | Available Format: PDF | Pages: 160
The energy harvesting system market is estimated at USD 528 million in 2022, and it is expected to grow at a CAGR of 9.3% during 2022–2030, to reach USD 1,076 million by 2030.
Over the forecast period, the growth is likely to be driven by factors, such expanding environmental awareness, favorable governmental policies, targets for reducing greenhouse gas (GHG) emissions, and rising power consumption. While increasing R&D efforts to create new technologies will accelerate the expansion.
Moreover, the demand for such systems is expected to witness the fastest growth in North America during forecast period and it will be followed by the APAC. There is an increase in the demand for low power consuming components and peripherals from the industrial sector, development of advanced technologies, particularly in developing countries, such as India, and China, and huge spending by regional governments to drive the adoption in public and private places.
Europe will contribute the largest revenue share. It is mainly attributed to the increase in automation of buildings and homes, and rapid growth of the industrial automation sector in these regions.
The increasing amount of GHG emissions, comprising largely of carbon dioxide and the following surge in carbon footprint are the key factors accountable for climate change. Shifting rainfall patterns and rising temperatures are also altering the growing patterns of plants. Rising carbon footprints will pose a significant threat to the global economic system.
It is mostly affecting the local economies, dependent on land and natural resources. Due to these negative effects, governments and individuals across the globe are focusing on reducing carbon footprints.
One of the simplest ways to reduce carbon footprint is to minimize the wastage of energy. Such systems have a great potential to minimize the wastage, as it accumulates the wasted energy and converts it into electric current. Consumers might use the tech-based devices for financial benefits, such as the power harvested from renewable sources dramatically lowers electricity bills and shrinks the carbon footprint of an individual.
Thus, the growing measures to reduce carbon footprints are expected to push the demand of devices based on these technologies.
Light technology generated the highest revenue in the European market in 2022. In Europe, Germany, Italy, France, Spain, and the U.K. were the major countries to have abundant solar energy.
Light is the most common source being used by harvesters to convert solar into electrical power. However, the massive amount of energy from the spectrum of sunlight is not completely harvested. The sun flashes out nearly 50% in the spectrum band of infrared (IR), but solar cells only harvest visible light. Consequently, solar plates only convert around 20% of solar energy to electricity. Due to this, the harvesters in the region are continuously developing rules to resourcefully manage the power attained from the environment.
Energy harvesters in the region are reviewing, testing, and organizing innovative technologies that empower sensors to use light, thermal, vibration, and electromagnetic energies to power themselves. These are also focusing on hybrid projects to integrate multiple power harvesting and sensing circuitry into individual devices.
Furthermore, one of the recent progresses in the revolutionary growth of solar PV electricity is the advance of floating solar technology. From 72GW in the year 2011 to 843GW in 2021, the capacity of solar PV systems has nearly doubled in the last decade.
In fact, the International Energy Agency estimates that for the world to achieve net zero emissions by 2030, solar power capacity must increase by six times from where it is today. For example, the European Union has advocated a major increase in renewable sources, as a way to lessen its dependency on gas and oil.
Vibration category is expected to be the most promising technology during the forecast period, with 10.1% CAGR. Researchers from European Research Council are actively practicing new engineering techniques to extract and store power from vibrations as little as the beating of a human heart, opening the way for self-powered pacemakers. Technological developments, both in low-power electronics and communication protocols are enabling wireless sensor networks to be autonomously powered by such technologies.
Overloading of the atmosphere with carbon has adverse effects for people across the globe. When CO2 and other emissions are released into the air, they cause global warming. The primary reason of global warming is human action, chiefly the burning of fossil fuels to generate electricity, drive cars, and operate homes and businesses. It is necessary to reduce the amount of emissions to address global warming. With the usage of renewable sources the only way to tackle global warming, the dependence on fossil fuels is decreasing.
Increasing focus on solar power, wind power and thermal power, along with increasing government initiatives for using renewable sources are the major factors positively impacting the growth, globally. The favorable regulatory framework across geographies, such as new building codes in the European Union, which necessitate augmented insulation practice to diminish energy consumption, have also supported system providers to expand their foothold in the market.
The soaring prices of fossil fuels and expanding use of electric vehicle infrastructure will further lower the dependence of consumers on fossil fuels and likely to bolster the demand of such systems in the coming years.
Transducer has been the dominant component category with 57.8% share in 2022. Transducers necessitate the use of suitable high efficiency energy-conversion electronics.
The cost of such transducers is also decreasing and in the coming years, these transducers are expected to replace battery-powered wireless sensors.
Photovoltaic was the largest transducer category, with significant share in 2022. The largest revenue was from the sales of photovoltaic transducer is boosted by the rising consumer spending on renewable sources and deviations in climatic circumstances.
Moreover, the increasing significance of renewable and eco-friendly sources, such as solar PV technology is driving the growth. The demand for photovoltaic transducer is expected to witness continuous improvements with respect to ingredients utilized in the engineering of photovoltaic components and techniques.
Technological progressions within the domains of internet of things (IoT) and big data are pushing the demand of low-maintenance autonomously driven wireless sensing devices. Such techniques have the potential to address the demand for such devices. Businesses across various industries are increasingly involved in accumulating and analyzing all categories of real-time customer data.
Energy harvesting is developing well, and IoT and big data concepts have given it a real impetus. It is generally considered as the abstraction of operational power from the atmosphere to decrease or disregard the requirement of external power sources or batteries. Generally, electricity is utilized to achieve some active sensing and to interconnect the sensor data wirelessly over local area network (LAN) or wide-area network (WAN), and wireless communication is being considered as an intrinsic part of the harvesting design. In the coming years, lot of devices are going to be connected to the internet.
Building & home automation had the highest revenue globally, with USD 191 million in 2022. The market for this application is also expected to witness fastest growth during the forecast period. This is due to the rapid increase in implementation and installation of sensor-based technologies, and growth in the demand for efficient systems, backed by the rising residential and commercial sectors.
Also, from the last few years, self-powered wireless technology has been gaining traction in building and home automation applications in Europe and North America. This has resulted in an unprecedented growth in allowing cutting edge, energy efficient, and wireless technology completely replacing the obsolete technology.
Another factor escalating the growth is the suitability of self-powered wireless modules to easily fit in building automation applications. The source that powers these modules is produced by actions, such as turning of a handle, pressing a button, or from tiny solar cells.
Market Size in 2022
USD 528 Million
Revenue Forecast in 2030
USD 1,076 Million
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Technology; By Component; By Application; By Geography
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With increased understanding of the potential pitfalls and feasibilities, the industry is rapidly maturing. The surging role of safe, power-efficient, and robust systems is another key factor facilitating the growth of the market.
Rising demand for alternate bases of power wireless sensing devices has led to many power-foraging solutions from renewable sources. As the technology balances and the supply voltage drops, the intricacy of power foraging circuits rises. It is a key technology for a variety of wireless systems that have limited access to reliable electricity supply. It uses microelectromechanical systems (MEMS) technology, along with a super-diode to convert the power obtained from conventional sources into electrical energy competently.
A unified MEMS actuator is used to eradicate the loss of efficacy due to the threshold of diodes used to implement electrostatic transducers. A super-diode discards the need for harmonization while snowballing the overall efficiency. For most applications, the MEMS based power systems is a better choice, as it delivers a steadier energy performance over a longer life cycle. All such benefits associated with energy harvesting techniques eventually lead to the high demand for the devices based on these techniques.
The report analyzes the impact of the major drivers and restraints on the market, to offer accurate market estimations for 2017–2030.
Based on Technology
Based on Component
Based on Application
The total size of the energy harvesting systems market was USD 528 million in 2022.
North America dominated the energy harvesting systems industry.
North America was the fastest growing region in the energy harvesting systems market.
Home and Automation sector had the largest revenue in the energy harvesting systems industry.
Device miniaturization is trending in the energy harvesting systems market.
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