The global energy harvesting system market is expected to reach $659.6 million by 2023, registering a CAGR of 11.0% during the forecast period. Factors such as the increasing need to reduce carbon footprint and growing demand for energy-efficient systems are observed as the major drivers for the market.
Insights into the market segments
Among various technologies, light energy harvesting technology was the largest category in the market, with more than 40% revenue contribution in 2017. This can be attributed to easy availability of the light energy harvesting technology and its advanced applications, particularly in the solar energy sector. In terms of CAGR, however, the energy harvesting system market is projected to register the fastest growth in demand for vibration technology during the forecast period.
Under segmentation by component, transducers constituted the largest revenue-generating category, accounting for over 55% share, in the global energy harvesting system market in 2017. It is also projected to be the fastest-growing market category during the forecast period. The market in this category is expected to be driven by the rapid increase in adoption of IoT by various industries, decreasing cost of sensors and actuators, and technological evolution in power intelligence and networking. These factors are contributing to the demand for advanced and energy-efficient transducers among industries, including building & home automation, consumer electronics, oil & gas, IT & telecom, and manufacturing.
Growing demand for power-efficient systems is a major market driver
Rising demand for power-efficient systems is a key factor driving the growth of the energy harvesting system market. A unified microelectromechanical system (MEMS) actuator is used to eliminate the energy loss due to the threshold power of diodes frequently used to implement electrostatic transducers. A super-diode obviates the need of harmonization while snowballing the overall efficiency. For most applications, MEMS-based energy harvesting is a better choice, as it delivers more steady energy performance over a longer life cycle. All these benefits associated with MEMS lead to the high demand of devices based on this technology.
Moreover, with the growing trend of device miniaturization (shrinking device dimensions for better operating speed as per Moore’s law), efforts have been directed toward integrating nanodevices into energy harvesting systems. The development of nanotechnology for garnering energy from the environment and converting it into usable electric power to support autonomous maneuvering of magnetic nanostructures (MNSs) has proved efficient in overcoming the challenges imposed by conventional power devices. Thus, it can be construed that several growth opportunities are arising in the energy harvesting system market with advancements in nanotechnology.
Energy Harvesting System Market Competitive Landscape
The energy harvesting system market is at its nascent stage, offering a plethora of growth 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.
Energy Harvesting System Market Segmentation