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energy harvesting market

Global Energy Harvesting Market is expected to foresee significant growth. North America to Hold Significant Share!

Energy harvesting is the process in which energy is captured from a system’s environment and converted into usable electric power. Energy harvesting allows electronics to operate where there’s no conventional power source, eliminating the need to run wires or make frequent visits to replace batteries. They’re mostly found in low-power electrical devices like sensors, watches, and household appliances. These devices offer a cost-effective alternative to traditional power sources such as batteries. Furthermore, the increasing implementation of Internet of Things (IoT) devices for building and home automation coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for energy harvesting during the forecast period. Thus, the global energy harvesting market is expected to witness a CAGR of around 9% during the forecast period (2021–2027).

However, industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across sectors such as manufacturing, power generation, renewables, and oil and gas. The outbreak and the resulting economic slowdown have had an intermediate impact on the energy harvesting industry. Further, the COVID-19 pandemic negatively impacted the semiconductor manufacturing equipment market in 2020 and 2021, resulting in a decline in the revenues for market players. However, the market is expected to remain robust due to the rise in demand for consumer electronic devices, smart home devices, electric vehicles, and smart and connected medical devices, among others.

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Based on technology, the market is classified into light energy harvesting, vibration energy harvesting, radiofrequency energy harvesting, and thermal energy harvesting. Amongst them, the light energy harvesting category held a significant market share in 2020. This is mainly ascribed to the growing trend for green energy and favorable government initiatives for the adoption of renewable sources for power generation coupled with the increase in the manufacturing of solar-based products. Furthermore, continuous technological advancements and the growing efficiency of photovoltaic cells are expected to drive the market. Small solar cells are frequently used in consumer and industrial applications, including street lighting controls, portable power supplies, and satellites. Since light sources tend to be intermittent, solar cells are used to charge batteries and/or supercapacitors to provide a stable energy source.

Based on application, the market is categorized into consumer electronics, building and home automation, industrial, transportation, and others. During the forecast period, the building and home automation category is expected to witness significant growth in the market. This is mainly due to the increasing requirement for energy-efficient facilities coupled with advancements in wireless communication technologies. The combination of IoT and building automation has also enabled the exchange of information among several electronic devices and the cloud without the need for direct human intervention that makes buildings smart and implements energy harvesting devices and sensors.

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For a better understanding of the market adoption of the Energy Harvesting industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. In 2020, North America, accounted for a significant share in the market owing to high investment and active deployment of the advanced technologies in the region. Furthermore, due to its well-developed information communication technology (ICT) infrastructure and higher number of connected device adoptions, North America is expected to hold a dominant position in the market. North America’s economic strength and well-established technical infrastructure provide a solid foundation for the IoT market’s growth. In addition, factors such as the increasing number of connected devices, the increasing internet penetration rate in the region coupled with rising deployment of smart energy projects, building and home automation systems and devices, and focus on smart manufacturing.

Some of the major players operating in the market include ABB Limited, Analog Devices Inc., Convergence Wireless Inc., Cymbet Corporation, EnOcean GmbH, Fujitsu Limited, Powercast Corporation, STMicroelectronics NV, Texas Instruments Incorporated, and Microchip Technology Inc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions. For instance, In January 2019, Convergence Wireless partnered with Texas Instruments Incorporated (US), to provide its patented technology on wireless networking. This technology can be used in a 32-bit microcontroller low-power radio-based product line.

Global Energy harvesting Market Segmentation

Market Insight, by Technology

  • Light Energy Harvesting
  • Vibration Energy Harvesting
  • Radio Frequency Energy Harvesting
  • Thermal Energy Harvesting

Market Insight, by Application

  • Consumer Electronics
  • Building and Home Automation
  • Industrial
  • Transportation
  • Others

Market Insight, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • ABB Limited
  • Analog Devices Inc
  • Convergence Wireless Inc.
  • Cymbet Corporation
  • EnOcean GmbH
  • Fujitsu Limited
  • Powercast Corporation
  • STMicroelectronics NV
  • Texas Instruments Incorporated
  • Microchip Technology Inc.

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