The energy harvesting system market size is expected to advance at a CAGR of 9.3% during 2022–2030, to reach USD 1,076 million by 2030.
Due to the increasing threat of global warming, pollution, and energy calamities triggered by the strong reliance of consumers across the globe on the diminishing supply of non-renewable fossil fuels, the pursuit for alternate energy resources is one of the key advancements for humans.
Governments across the globe are continuously investing in R&D to explore sustainable energy resources, such as solar energy, geothermal power, biomass/biofuel and hydrogen energy. Though it is advisable to use renewable energy sources for comprehensive supply of power, the energy garnered from these sources is still largely utilized for only a handful powering applications.
With the trend of device miniaturization (reducing device dimensions for faster operating speed as per Moore’s law), a lot of efforts have been directed at integrating nanodevices with different functionalities. The development of technology for garnering energy from the environment and converting it into electric power to support the autonomous maneuver of magnetic nanostructures (MNSs) is the most promising strategy to overcome the hurdles and challenges posed by conventional powering devices.
Nanotechnology will reduce the size of energy harvesting devices and make them portable, which enhances the market growth. Ample growth opportunities are arising with advancements in nanotechnology.
Majority of wearables available in the market are fitness trackers. As wearables are becoming more preferred among consumers, the demand for energy to drive them is also increasing. Energy harvesting is emerging as a way to supply extra battery power in wearables. Energy harvesting also empowers the devices to make use of energy when the battery is exhausted and there is no availability of power supply.
Commonly, researchers have their hopes pinned on energy-harvesting to drive wearable devices and ultra-low power devices, that comparatively require less amount of power.
A team of researchers at Georgia Institute of Technology developed the ways to produce mechanical energy from movements of the human body not only in standalone devices but also by integrating the technology into fabrics. The emergence of new energy harvesting techniques will drive energy in ultra-low power applications. This provides a lot of growth opportunities to the energy harvesting systems market across the globe.
The sales of energy harvesting systems have been consistently higher in the U.S. The U.S. is expected to be a faster growing market at 10.2% CAGR during the forecast period, due to considerable fundings being offered by U.S. based business organizations to various universities and research institutes for designing and developing smart energy harvesting materials. Some of the funding organizations, include Air Force Research Laboratories, Naval Research Laboratory, National Aeronautics and Space Administration, and Naval Research Laboratory.
Additionally, similar research initiatives have been taken by large aerospace, manufacturing, automation, and electronics companies. This has further given rise to start-ups and small organizations in the field of energy harvesting systems.
Moreover, many large organizations are also entering the energy harvesting space through strategic partnerships and agreements. Such developments are expected to escalate this market in the U.S. in near future.
The most-significant energy harvesting system market players are Cymbet Corporation, Convergence Wireless, Powercast Corporation, Texas Instruments Incorporated, Fujitsu Limited, ABB Ltd., STMicroelectronics N.V, EnOcean GmbH, and Voltree Power Inc.