The latest report by IMARC Group, titled “Energy Harvesting System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global energy harvesting system market reached a value of US$ 425.7 Million in 2021. An energy harvesting system can produce energy from different sources using advanced techniques. It converts ambient energy into electrical energy, which can beused to power various devices, including consumer electronics, implantable biosensors, wireless sensor nodes, and military equipment. It also finds utilization in low-power electrical products, such as sensors, watches and home appliances, as itprovides an efficient alternative to conventional power sources. In recent years, energy harvesting systems have gained traction as they can easily power remotely located electronic devices, sensor networks, and wearable electronics.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Energy Harvesting System Market Trends:
The market is primarily driven by the extensive implementation of Internet of Things (IoT) devices. Rapid urbanization and the rising demand for safe, power-efficient and durable systems have further escalated the need for energy harvesting systems in home automation and buildings since they need no maintenance and are cost-effective in nature. In addition to this, the emergence of tire pressure management systems (TPMS) in the automotiveindustry has necessitated the use of energy harvesting systems to power small electric components. Besides this, governments of various nations are promoting green and sustainable energy sources, which has resulted in the shift toward energy-saving technology. This is facilitating the adoption of energy harvesting systems in rural areas to avoid power interruptions and supplement the main source of electricity in the circuit. Looking forward, the market is expected to grow at a CAGR of 12.8% during the forecast period (2022-2027).
- Basedon the technology, the market has been segmented into light, vibration, electromagnetic/radio frequency (RF), thermal, and others.
- On the basis of the component, the market has been classified into transducers, power management IC (PMIC) and storage units.
- The market has been categorized based on the application into consumer electronics, building and home automation, transportation, healthcare, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being ABB Limited, Analog Devices Inc., Cymbet Corporation, Cypress Semiconductor Corporation (Infineon Technologies AG), EnOcean GmbH, Fujitsu Limited (Furukawa Electric Co. Limited), Honeywell International Inc., Microchip Technology Inc., Powercast Corporation, STMicroelectronics International N.V., and Texas Instruments Incorporated.
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