Energy Harvesting System Market Growth Drivers, Vendor Landscape and Raw Material Outlook

Energy Harvesting System Industry Overview

The global energy harvesting system market size is expected to reach USD 986.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.2% from 2020 to 2028. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global market over the projected period. 

The COVID-19 pandemic has caused many disruptions in the market. However, mobility and economic activity are likely to accelerate with time. The growing applications of the Internet of Things (IoT) including smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications, among various others are further expected to drive the market. Factors, such as growing environmental awareness, supportive government policies, and Greenhouse Gas (GHG) emission reduction targets, and rising demand for energy are expected to drive the market over the forecast period. Increasing R&D initiatives for the development of new technologies are also expected to augment the market growth.

Energy Harvesting System Market Segmentation

Grand View Research has segmented the global energy harvesting system market based on technology, vibration technology, component, application, and region:

Based on the Technology Insights, the market is segmented into Lights, Vibration, Radio Frequency, and Thermal.

• The vibration technology segment led the market in 2020. The segment accounted for the maximum revenue share of more than 32% of the global market in 2020.
• The light technology segment is projected to record the fastest CAGR of more than 10.5% during the forecast years.

Based on the Vibration Technology Insights, the market is segmented into Piezoelectric, Electromagnetic, Electrostatic, and Electrodynamic.

• The piezoelectric vibration technology segment led the market in 2020 and accounted for a revenue share of more than 48%.
• The electrostatic vibration technology segment is estimated to register the fastest CAGR over the forecast period.

Based on the Component Insights, the market is segmented into Sensor, Transducer, Power Management IC (PMIC), Secondary/Backup Battery, and Others.

• The sensor component segment led the market in 2020 with a revenue of more than 34.5%. On the basis of components, the global market has been divided into sensor, transducer, Power Management IC (PMIC), secondary/backup battery, and others. Sensors are one of the most crucial components of an energy harvesting system.
• The secondary/backup battery segment is estimated to register the fastest CAGR over the forecast period. Cymbet is one of the leading innovators in offering secondary/backup batteries.
• Other components include resistors, capacitors, transistors, diodes, and others, which are required to assemble a complete energy harvesting unit.

Based on the Application Insights, the market is segmented into Consumer Technology, Home & Building Automation, Industrial, Transportation, Security, and Others.

• The industrial segment led the global market in 2020 with a maximum revenue share of more than 30.5%. Industrial applications are growing due to the evolution of IIoT.
• Home & building automation is estimated to be the largest application segment by 2028 growing at the fastest CAGR over the forecast period.
• Factors, such as the growing urban population, rising scope of application of IoT components in automation, high demand for power-efficient, safe, and durable systems, an emerging trend of renewable energy integration, and high product penetration in building and home automation applications, are driving the segment.

Energy Harvesting System Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global market is highly competitive due to the presence of major companies across the regions. Companies operating in the global market are emphasizing expanding their global footprints to increase revenue and market share. Companies are expanding their services in the Asia Pacific, Central & South America, and Europe regions to cater to the rising needs of the emerging economies.

Some of the prominent players in the global energy harvesting system market include:

• ABB
• Schneider Electric
• Bionic Power, Inc.
• STMicroelectronics
• Cymbet
• EnOcean GmbH
• Powercast Corp.
• Mahle GmbH
• Analog Devices, Inc.
• Texas Instruments, Inc.

Order a free sample PDF of the Energy Harvesting System Market Intelligence Study, published by Grand View Research.