“Energy harvesting systemmarket is projectedto grow at CAGR of 9.8%from 2020to 2025”
The energy harvesting systemmarket is projected to grow from USD 485 million in 2020 to USD 775 million by 2025, at a CAGR of 9.8% from 2020 to 2025. 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 for green energy and favorable initiatives by the governments; and rising adoption of wireless sensor networks equipped with energy harvesting system.
“Market for light energy harvesting is projected to grow at highest CAGR during forecastperiod among all technologysegments”
The light energy harvesting technology is expected to grow at the highest CAGRfrom 2020–2025. Photovoltaic cells are very efficient in generating energy for small electronic components. The power generated by solar energy harvesting technology is more than other energy sources such as vibration, thermal, and RF. Additionally, the light energy is available in abundance as compared to other sources, which is why it is easy to continuously generate energy. Due to this benefit, the number of companies that are developing solar products for building automation, consumer electronics, and security applications is increasing.
“ Market for photovoltaictransducersis projected to grow at highest CAGR during 2020–2025”
Transducers can be used as a standalone device or can be accompaniedby other components. Therefore, the market growth of transducers is higher than that of PMICs and secondary batteries. A transducer converts energy from sourcessuch as light, radio waves, heat, vibration, kinetic, and pressure. The sensor devices in wireless networks are currently deployed with these transducers to eliminate the use of conventional electrical grids or primary batteries. Photovoltaic transducersare expected to grow at the highest CAGR during the forecast period. The reason for the growth of photovoltaic transducers is the rising interest of several companies in providing solar energy-based solutions for building automation and consumer electronics applications.
“Building and home automation accounted for largest share of energy harvesting system market in 2019”
The largest market of energy harvesting systems for building and home automation can be attributed to the rising penetration of energy harvesting solutions in smart homes and building automation. Energy harvesting is the best solution for wireless sensor networking (WNS) and the Internet of Things (IoT) in smart buildings. Building automation products such as wall switches, sensors, and relay receivers can be easily interconnected without much complexity. Energy harvesting in building automation systems can be used for occupancy sensors, humidity sensors, window positioning systems, temperature sensors, climate control systems, radiator control systems, and other lighting control systems. Building automation, being the most attractive market for energy harvesting systems, consists of many regional as well as global companies producing numerous energy harvesting products and components for building automation systems.
“Americasis expected to hold largestshare of energy harvesting systemmarket in 2025”
The growth in the Americasis 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 useof 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 in the buildingsis also expected to boost the growth of the market.
Breakdown ofprofiles of primary participants:
- By Company: Tier 1 =20%, Tier 2 =55%, and Tier 3 =25%
- By Designation: C-level Executives = 50%, Directors= 25%, and Others (Managers, Scientists, and University Researchers) =25%
- By Region: Americas=60%, Europe=20%,APAC = 10%, and RoW = 10%
Major players profiled in this report:
- Convergence Wireless
- Powercast Corporation
- Linear Technologies
- Texas Instruments
This report offers detailed insights into theenergy harvesting system market based ontechnology, component, application, and region. Based on technology, the energy harvesting system market has been segmented into light energy harvesting, vibration energy harvesting, electromagnetic/radio frequency (RF) energy harvesting, and thermal energy harvesting. Based oncomponent, the market has been dividedinto transducers, PMIC, and secondary batteries.Based onapplication, the energy harvesting system market has been classified intobuilding &home automation, consumer electronics, industrial, transportation, and security.The market has been studied forthe Americas,Europe,Asia Pacific (APAC),andRest of the World (RoW).
Reasons To Buy the report
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments theenergy harvesting system market comprehensively and provides the closest approximations of the overall size of the market, as well as its segments and subsegments.
- The report is expected tohelp stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
- This report aims at helping stakeholders in obtaining an improved understanding of their competitors and gaining insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem of the market,as well asgrowth strategies such asproduct launches, expansions, agreements, joint ventures, partnerships, collaborations, and mergers & acquisitionsadoptedby major market players.