The Energy Harvesting System Market is expected to reach a value of $15.01 billion by 2028, at a CAGR of 26.3% during the forecast period 2021–2028. The major factors driving this market's growth are the rising adoption of energy harvesting systems (EHS) in rural areas, growing demand for safe, power-efficient, and durable energy systems, increasing green energy trends, and favorable initiatives by the government.
Furthermore, factors such as the rising adoption of ocean energy harvesting and the growing use of sensors in wearable electronics provide significant growth opportunities for market players operating in the energy harvesting systems market.
Impact of COVID-19 on the Energy Harvesting System Market
The outbreak of the COVID-19 pandemic towards the beginning of 2020 made a massive impact on investments and technological advancements across different end-verticals. The COVID-19 pandemic negatively affected several end users and industries, causing economic slowdowns, closures of manufacturing industries, and disruptions in the supply chain. The pandemic severely affected numerous industries, such as automotive, manufacturing, construction, and energy. However, the healthcare sector witnessed a positive impact during the COVID-19 pandemic.
Piezo and pyroelectric wearable sensors are used in hospitals to detect physiological signals in patients infected by the SARS-CoV-2 virus. The early detection of infected patients using non-invasive wearable sensors plays a vital role in non-contact-based physiological data collection during the COVID-19 pandemic. The remote monitoring of physiological signals such as temperature, respiration, heart rate, and other data is considered one of the biggest advantages of adopting energy harvesting systems in hospitals.
Various government initiatives and partnerships by healthcare companies have resulted in the adoption of energy harvesting systems to combat the COVID-19 outbreak worldwide. For instance, in June 2021, the IKEA Foundation donated €2 million to SELCO Foundation to help combat the devastating second wave of the COVID-19 pandemic in India. SELCO's nine-month program will use renewable energy innovations to provide relief and help 500,000 people recover from the crisis and build resilience. SELCO will benefit 46,000 people from decentralized healthcare and testing services such as 60 portable solar-powered COVID-19 care hospitals, mobile testing kiosks, vans, and isolation centers. Also, SELCO and its partners use renewable energy to power essential healthcare facilities and help small farmers and entrepreneurs weather the crisis.
Although some of the segments of energy harvesting systems witnessed a spike in demand, the overall market still experienced a decline in revenue in 2020 due to a decline in demand for overall energy harvesting systems services.
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Growing Demand for Safe, Power-efficient, and Durable Energy Systems
Energy harvesting systems are used for various applications, such as industrial applications, building, home automation, consumer electronics, and wearable devices. Solar energy harvesting technology generates more power than other energy sources such as vibration, thermal, and RF, due to which the demand for energy harvesting is increasing. There are various driving factors of energy harvesting, such as no external electricity being required to charge the device, more energy being generated, fewer wastages, and increased equipment uptime. These factors reduce the maintenance costs and save overall operating costs increasing the adoption of energy harvesting systems and supporting market growth.
Furthermore, the need for wireless sensors and the energy-efficient autonomous system is increasing globally due to the growing trend of IoT. Hence, this will increase the need for efficient energy harvesting systems, reduce the need for battery charging and minimize overall costs. This trend has changed the energy-driven consumer electronic devices and encouraged the use of energy harvesting systems globally. For instance, according to the Consumers International organization, through the Internet of Things (IoT), approximately 4 billion people joined the network of connected devices.
Key Findings in the Energy Harvesting System Market Study:
Sensors Segment Projected to Grow at Highest CAGR During Forecast Period
Based on component, the sensors segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the growing demand for low-cost integrated circuits for signal processing, communication, and data collection functions; and low-power wireless communications interfaces. The energy harvesting wireless sensors are used for smart building applications. Wireless sensors are used to measure elements within machines, such as heat exchangers, actuators, motors and drives, air handlers, heat recovery units, steam traps, boilers, valves, and pipework.
Power Management Integrated Circuits (PMIC) Segment Projected to Grow at Highest CAGR During Forecast Period
Based on type, the power management integrated circuits (PMIC) segment is expected to grow at the highest CAGR during the forecast period. Factors such as the transformation of extracted power into energy for the storage element and management of its start-up sequence with sufficient energy present are driving the growth of this segment.
Thermal Energy Segment Projected to Grow at Highest CAGR During Forecast Period
Based on the energy source, the thermal energy segment is expected to grow at the highest CAGR during the forecast period. Factors such as recovering waste heat from engines, machines, and the human body for charging wearables, industrial and domestic devices have increased the demand of this segment globally. Leading companies operating in thermal energy harvesting are collaborating to promote the use of thermal energy harvesting in IoT applications. For instance, in September 2019, MATRIX Industries, a Silicon Valley pioneer of thermoelectric energy harvesting solutions, and Torex Semiconductor Ltd signed a partnership to deliver a tile-shaped energy-harvesting platform, measuring about 100x100x25mm and capable of average power output over 1mW, with peak outputs up to 8mW.
Healthcare Segment to Grow at a Significant Pace During Forecast Period
Based on the industry, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The demand for various types of energy harvesting applications in the healthcare industry, including human energy harvesting, solar energy harvesting, and infrared radiation harvesting, drives the growth of this segment.
Remote Health Monitoring System Segment is Projected to Grow at the Highest CAGR During Forecast Period
Based on the application, the remote health monitoring system segment is expected to grow at the highest CAGR during the forecast period. The rising demand for remote health monitoring systems across patients and healthcare professionals to monitor health conditions such as heart conditions, diabetes, and blood pressure are the key factors driving the growth of this segment.
Asia-Pacific Projected to Witness the Fastest Market Growth Rate by Value
The adoption of energy harvesting systems is rapidly growing in Asia-Pacific. Factors such as the rising demand for electricity across industrial applications and increasing demand for ultra-low power devices to conserve energy drive the demand for energy harvesting systems across the region.
Countries such as China, Japan, India, and South Korea are the leading adopters of energy harvesting systems. The countries in the Asia Pacific have started setting renewable energy targets for medium- to long-term periods to promote the use of renewable energies for electricity generation.
According to the ASEAN Plan of Action for Energy Cooperation (APAEC) Target Scenario, renewable energy will increase to 22% in 2030 and 26% in 2040 of the Total Final Energy Consumption (TFEC). Also, for the financing requirements based on the APAEC scenario, the power sector investment will have approximately $350 billion, of which 75% comes from renewable energy investment. The scenario expects to have 223 thousand job creation in the renewable energy sector by 2025. Moreover, with more robust renewable energy promotion policies, employment in the region will increase up to 300 thousand by 2040.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the energy harvesting systems market over the last four years. The key players profiled in the energy harvesting systems market are ABB Ltd (Switzerland), Analog Devices, Inc. (U.S.), Texas Instruments Incorporated (U.S.), Cymbet Corporation (U.S.), EnOcean GmbH (Germany), STMicroelectronics N.V. (Switzerland), e-peas SA (Belgium), Advanced Linear Devices, Inc. (U.S.), Piezo.com (U.S.), Cypress Semiconductor Corporation (U.S.), Powercast Corporation (U.S.), Laird Thermal Systems, Inc. (U.S.), DCO Systems Ltd (U.K.), Honeywell International Inc. (U.S.), and Drayson Technologies Ltd. (U.K.).
Scope of the Report
Energy Harvesting System Market, by Component
- Power Management
- Regulators
- Power Management Integrated Circuits (PMIC)
- Controllers
- Converters
- Sensors
- Transmitters
- Other Components
Energy Harvesting System Market, by Energy Source
- Solar Energy
- Thermal Energy
- RF Energy
- Piezoelectric Energy
Energy Harvesting System Market, by Industry
- Consumer Electronics
- Military and Aerospace
- Healthcare
- Automotive
- Industrial Automation
- Other Industries
Energy Harvesting System Market, by Application
- Wireless Switching Systems
- Wireless HVAC Systems
- Wireless Sensing and Telematics Systems
- Tire Pressure Monitoring Systems
- Asset Tracking Systems
- Remote Health Monitoring Systems
- Regenerative Energy Harvesting Systems
Energy Harvesting System Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Key Questions Answered in the Report: