Energy Harvesting System Market Worth USD 1.2 Billion at a CAGR of 12.00% by 2030- Report by Market Research Future (MRFR)

New York, USA, June 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Energy Harvesting System Market Information By Sensor, By Application, by Component, and Region - Forecast till 2030”, Energy Harvesting System Market could thrive at a rate of 12.00% between 2023 and 2030. The market size will be reaching around USD 1.2 Billion by the end of the year 2030

Energy Harvesting System Market Key Players 

Eminent industry players profiled in the global Energy Harvesting System market report include

• Honeywell International Inc
• ABB limited Inc
• STMicroelectronics Inc.
• Levent power corporation
• Microchip technology
• Energous Corporation
• Marlow Industries
• G24 Innovations Inc.
• Micro
• Gent technologies
• Green peak technologies
• Cypress semiconductor corp. 

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Report Scope:

The Energy Harvesting System market refers to the technology that captures and stores energy from various sources such as solar, thermal, vibration, and electromagnetic fields. It enables the generation of sustainable and renewable power to be used in various applications. Energy Harvesting Systems have gained significant attention in recent years due to their potential to power small electronic devices, sensors, and wireless networks in a self-sustaining manner, reducing the need for battery replacement or external power sources.

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Energy Harvesting Systems find applications in various fields, including building automation, consumer electronics, transportation, industrial monitoring, and healthcare. In building automation, these systems can power wireless sensors for environmental monitoring and energy management. In consumer electronics, they can be used to recharge wearable devices or small gadgets. In transportation, energy harvesting can power wireless tire pressure monitoring systems or vehicle tracking devices. Industrial monitoring applications include powering wireless sensors for condition monitoring or asset tracking. In healthcare, energy harvesting systems can be used to power implantable medical devices or remote patient monitoring systems.

Energy Harvesting System Market Dynamics

Drivers 

Growing demand for sustainable and self-powered IoT devices: The increasing adoption of Internet of Things (IoT) devices across various industries requires power sources that are sustainable and long-lasting. Energy Harvesting Systems provide an attractive solution by harnessing ambient energy to power these devices, reducing the need for frequent battery replacements or wired connections. Rising focus on energy efficiency and environmental sustainability: With the growing concern for energy conservation and reducing carbon emissions, there is a strong emphasis on utilizing renewable energy sources. Energy Harvesting Systems align with this focus by enabling the efficient capture and utilization of ambient energy, contributing to environmental sustainability. Advancements in energy harvesting technology: Continuous advancements in energy harvesting technologies, such as improved efficiency, miniaturization, and the development of new materials, are driving the market. These advancements enhance the capabilities and reliability of energy harvesting systems, opening up new possibilities for their application in various industries.

Restraints and Challenges 

There are market restraints that need to be considered for the Energy Harvesting System market. These include the relatively high initial cost of implementing energy harvesting systems compared to traditional power sources. The efficiency of energy harvesting technologies can still be further improved to maximize energy conversion and storage capabilities. Additionally, the unpredictable nature of ambient energy sources, such as solar or vibration, may pose challenges in maintaining a consistent power supply, especially in certain environments or geographical locations.

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Energy Harvesting System Market Segmentation 

• By Sensor- By sensor in the market includes IR, Temperature, Pressure, Humidity
• By Component- By component in the market includes Controller, Transistor, Capacitor, Battery
• By Application- By Application in the market includes Industrial, Automation, Transportation, Consumer electronics 

COVID-19 Analysis 

The COVID-19 pandemic had both positive and negative impacts on the Energy Harvesting System market. On one hand, the increasing focus on remote monitoring and automation in industries such as healthcare and manufacturing drove the demand for wireless and self-powered devices, creating opportunities for energy harvesting systems. On the other hand, the pandemic disrupted global supply chains and led to economic uncertainties, which affected investment in new technologies and slowed down market growth to some extent.

Looking ahead, the post-COVID scenario presents opportunities for the Energy Harvesting System market. The increasing emphasis on sustainability and the need for energy-efficient solutions in a recovering global economy will drive the adoption of energy harvesting systems across various industries. Furthermore, advancements in energy harvesting technologies and ongoing research and development efforts will lead to improved performance, reliability, and cost-effectiveness, further boosting market growth.

Regional Analysis 

North America holds a significant share in the Energy Harvesting System market. The region's dominance can be attributed to several factors. Firstly, North America has a well-established technological infrastructure and is home to key players in the energy harvesting industry, such as Honeywell International Inc. and Microchip Technology. These companies drive innovation and technological advancements in the region. Additionally, North America has a strong focus on sustainability and renewable energy, which aligns with the principles of energy harvesting systems. The increasing adoption of IoT devices and smart home automation further fuels the demand for energy harvesting solutions in the region.

Europe closely follows North America in the Energy Harvesting System market. The region is characterized by its stringent environmental regulations and the growing emphasis on energy efficiency. European countries, including Germany, the UK, and France, have made substantial investments in renewable energy sources and sustainable technologies. This creates a favorable environment for the growth of the energy harvesting market. Moreover, Europe has a robust automotive industry, and energy harvesting systems find applications in powering sensors and monitoring systems in electric vehicles. The region's focus on reducing carbon emissions and achieving sustainable development acts as a driving force for the adoption of energy harvesting solutions.

Asia Pacific is experiencing rapid growth in the Energy Harvesting System market. The region's expanding consumer electronics industry, especially in countries like China, Japan, and South Korea, drives the demand for energy-efficient and self-powered devices. The rising urbanization and increasing deployment of IoT technologies in sectors such as healthcare, manufacturing, and transportation create opportunities for energy harvesting systems. Additionally, governments in the region are focusing on clean energy initiatives and promoting the adoption of renewable energy sources. This further boosts the market for energy harvesting systems in Asia Pacific. The presence of major semiconductor manufacturers, such as Samsung Electronics and Toshiba, also contributes to the growth of the market in the region.

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Industry Updates 

May 2021 - Honeywell International Inc. introduced a new energy harvesting solution for buildings. The solution utilizes advanced sensors and energy harvesting technology to enable wireless and battery less environmental monitoring and control systems in commercial buildings. This development showcases the ongoing innovation in the market and the integration of energy harvesting systems into building automation applications.

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