Energy Harvesting System Market Size, Share, system and Industry Analysis and Market Forecast

The energy harvesting system market is projected to grow from USD 485 million in 2020 to USD 775 million by 2025, at a CAGR of 9.8%. Key factors fueling the growth of this market include the growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance; extensive implementation of IoT in automation and energy harvesting technology in building and home automation; increasing trend of green energy and favorable initiatives by governments; and rising adoption of wireless sensor networks equipped with energy harvesting system.

Light energy harvesting accounted for largest share of energy harvesting market, by technology, in 2019

In 2019, light energy harvesting technology held the largest share of the energy harvesting system market. The growth of light energy harvesting is also attributed to the increasing number of companies involved in the production of solar products for building automation, consumer electronics, and security applications. Also, several companies are providing solar energy-based solutions for building automation and consumer electronics applications.

Transducers accounted for largest share of energy harvesting market, by component, in 2019

Transducers convert ambient energy into electricity to power electronic devices. Transducers are designed using various technologies such as piezoelectric, photovoltaic, electromagnetic, radio frequency, and thermoelectric. Among these, the market for photovoltaic transducers is expected to grow at the highest CAGR during the forecast period. The growth of photovoltaic transducers is attributed to the increasing number of companies offering photovoltaic cells and panels to convert solar energy into electric power. The reason for this high involvement of several companies is the abundance of solar energy and the raw materials such as silicon wafers, PV cells, polysilicon, ingots, Al, and Ag that are used to build solar cells.

Building and home automation is expected to grow at highest CAGR during forecast period

The growth can be attributed to the increasing adoption rate of wireless sensor networking (WNS) and the Internet of Things (IoT) for home automation and control systems, which implement energy harvesting devices and sensors. In the US, buildings accounted for a 39% share of the country’s CO2 emissions in 2017. Thus, there is an urgent need for improving energy management in the country. In the Americas, energy harvesting systems are being installed in school classrooms for occupancy measurement and temperature control, in commercial buildings for automatic lighting systems depending on the occupancy status, in hotels for smart power control, and in residential buildings for reducing energy consumption.

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America is expected to hold largest share of energy harvesting system market in 2025

The growth in the Americas is driven by factors such as increasing use of renewable energy sources for powering small electronic devices, growing penetration of building automation in new construction sites, and rising use of wireless sensor networks in the region. The increasing number of government activities for energy harvesting in the Americas and Europe for the building and home automation application to reduce CO2 emissions from buildings are also driving the growth of the market.

Key Market Players

ABB (Switzerland), Honeywell (US), Advanced Linear Devices (US), Laird (UK), Convergence Wireless (US), Cymbet (US), EnOcean (Germany), Fujitsu (Japan), Greenpeak Technologies (Netherlands), Microchip Technology (US), Texas Instruments (US), STMicroelectronics (Switzerland), Powercast Corporation (US) Bionic Power (US), O-Flexx Technologies (Germany), and Voltree Power (US) are the key players in the energy harvesting system market. These companies have adopted both organic and inorganic growth strategies such as product launches and developments, agreements, partnerships, collaborations, and mergers & acquisitions to strengthen their position in the market.

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