Redding, California, Jan. 03, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled "Energy Harvesting System Market by Component (Power Management, Sensors, Transmitters), Energy Source (Solar Energy, Thermal Energy, RF Energy), Industry (Consumer Electronics, Healthcare, Automotive), Application, and Geography—Global Forecasts to 2028", the energy harvesting system market is expected to grow at a CAGR of 26.3% by value to reach $15.01 billion by 2028.
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Energy harvesting is the process of converting ambient energies present in the environment into electrical energy for use in powering autonomous electronic devices. Ambient energies such as solar, thermal, piezoelectric, radiofrequency, and kinetic are captured and stored to charge low-power devices used in wearable electronics and wireless sensor networks. Components such as regulators, controllers, converters, sensors, transmitters, power management integrated circuits (PMIC) offer safe, secure, and effectively turn waste heat into usable electrical energy. Companies are using energy harvesting systems across various industries, such as consumer electronics, military & aerospace, automotive, and healthcare. Additionally, the development of advanced energy harvesting systems contributes to the industrialization of energy harvesting technology.
Rising adoption of energy harvesting systems (EHS) in rural areas; growing demand for safe, power-efficient, and durable energy systems; increasing trends for green energy; and favorable initiatives by the government are the major factors driving the growth of the energy harvesting system market.
Moreover, factors such as the adoption of ocean energy harvesting and the adoption of sensors in wearable electronics are further driving the growth of this market.
Impact of COVID-19 on the Energy Harvesting System Market
The COVID-19 pandemic severely affected numerous industries, such as automotive, healthcare, manufacturing, construction, and energy. The pandemic caused a major impact on energy systems worldwide, curbing investments and threatening to slow the expansion of key clean energy technologies worldwide.
Countries such as the U.S., the U.K., China, and India have been negatively affected by the COVID-19 pandemic and have experienced a decline in energy demand due to strict lockdowns and restrictions imposed by their respective governments.
In addition, factors such as reduced production rate, closure of manufacturing sites, and the slowdown of R&D investment have negatively impacted the growth of the energy harvesting system market globally.
However, the healthcare sector witnessed a positive impact during the COVID-19 pandemic. Healthcare resources have been prioritized to cater to patients affected by the SARS-CoV-2 virus. The COVID-19 pandemic increased the demand for accurate, safe, and instant medical testing and diagnosis systems.
Furthermore, the utilization of low-power electronic devices in the healthcare industry continuously drives the demand for energy harvesting systems worldwide. The medical devices used to monitor blood sugar, heart rate, oxygen levels, and blood pressure by converting waste energy into electrical energy have encouraged various healthcare companies to adopt energy harvesting systems.
The steep decline in investments and developments in the energy sector has lowered electricity demand globally. According to the International Energy Agency (IEA), the nationwide lockdowns reduced electricity demand by over 20%, with smaller effects for partial lockdowns. The complete lockdowns reduced daily electricity demand by at least 15% in countries such as France, India, Italy, Spain, the U.K., and the U.S. Furthermore, the electricity demand of Italy fell by over 25% due to the lockdowns induced by the COVID-19 pandemic.
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Energy Harvesting System Market Overview
The energy harvesting system market is segmented based on component, energy source, industry, application, and geography. This study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the energy harvesting system market is segmented into power management, sensors, transmitters, and other components. In 2021, the power management segment is expected to account for the largest share of the energy harvesting system market. The large market share of this segment is attributed to the growing usage of highly efficient power management devices across the globe. However, the sensors segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing demand for low-cost integrated circuits to perform sensing, signal processing, communication, and data collection functions; and low-power wireless communications interfaces.
Based on type, the power management market is segmented into regulators, power management integrated circuits (PMIC), controllers, and converters. In 2021, the PMIC segment is expected to account for the largest share and register the highest CAGR of the energy harvesting power management market. The large market share of this segment is attributed to its ability to transform extracted power into energy for the storage element and the management of its start-up sequence with sufficient energy.
Based on the energy source, the energy harvesting system market is segmented into solar energy, thermal energy, RF energy, and piezoelectric energy. In 2021, the solar energy segment is expected to account for the largest share of the overall energy harvesting system market. The large market share of this segment is attributed to the rising need to heat homes through passive solar design, solar hot water systems, solar space heating, and electrical generation (photovoltaics or PV) across the globe. However, the thermal energy segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the need for recovering waste heat from engines, machines, and the human body for charging wearables, industrial and domestic devices.
Based on industry vertical, the energy harvesting system market is segmented into consumer electronics, military & aerospace, healthcare, automotive, industrial automation, and other industries. In 2021, the consumer electronics segment is expected to account for the largest share of the energy harvesting system market. The large market share of this segment is attributed to the growing usage of solar energy-based energy harvesting solutions for consumer electronics and its ability to allow consumer electronic products to operate where conventional power sources are not available. However, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the ability to harvest energy from the human body and convert it into electricity, which can be supplied to electronic medical devices.
Based on application, the energy harvesting system market is segmented into wireless switching systems, wireless HVAC systems, wireless sensing and telematics systems, tire pressure monitoring systems, asset tracking systems, remote health monitoring systems, and regenerative energy harvesting systems. In 2021, the asset tracking system segment is expected to account for the largest share of the energy harvesting system market. The large market share of this segment is attributed to the rising need to monitor the physical location and status of movable and fixed assets across the globe. However, the remote health monitoring system segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the rising demand for remote health monitoring systems among both patients and healthcare professionals to monitor health without any clinical settings.
Based on geography, in 2021, North America is expected to account for the largest share of the energy harvesting system market by value. The region’s large market share is attributed to the presence of major energy harvesting companies and the rising demand for green energy across industrial, residential, and consumer sectors.
According to the center for climate and energy solutions, solar generation is expected to climb from 11% of total U.S. renewable generation in 2017 to 48% by 2050, making it the fastest-growing electricity source in North America.
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In addition, Canada has set a goal of increasing the share of zero-emitting sources such as conventional hydropower, wind, solar, and nuclear to 90% by 2030. For instance, in January 2019, Natural Resources Canada’s Emerging Renewable Power Program started funding the Suffield Solar Project. The program has committed $15.3 million over two years for the $49 million solar project, and the $200 million program, which is part of the Government of Canada’s more than $180 billion ‘Investing in Canada’ infrastructure plan. Such goals and developments are expected to increase the demand for energy harvesting systems over the coming years.
In 2021, Europe is expected to hold the second position in terms of market share in the energy harvesting system market by value. The region’s large market share is attributed to the growing adoption of energy harvesting systems by countries such as the U.K., Germany, France, Spain, and Italy.
The European Commission has started funding various projects to support the adoption of energy harvesting across Europe. For instance, the European Commission is funding GreEnergy, a new project funded through the Horizon 2020 Programme, which aims to develop optical nano-antennas as cost-effective solar energy harvesters for a greener future. Also, in June 2021, the European Union funded €3.18 million ($3.8 million) towards the LIGHT-CAP project. The main aim of this project is to develop innovative approaches for solar energy harvesting, conversion, and storage.
The key players operating in the global energy harvesting system 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.) among others.
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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 System
- Wireless HVAC System
- Wireless Sensing and Telematics System
- Tire Pressure Monitoring System
- Asset Tracking System
- Remote Health Monitoring System
- Regenerative Energy Harvesting System
Energy Harvesting System Market, by Geography
- North America
- U.S.
- Canada
- 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
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