DUBLIN--(BUSINESS WIRE)--The "Energy Harvesting System Market by Technology (Light, Vibration, RF, Thermal), Component, Application (Building & Home Automation, Consumer Electronics, Industrial, Transportation, Security), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The energy harvesting system market 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 forecast period among all technology segments
The light energy harvesting technology is expected to grow at the highest CAGR from 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 photovoltaic transducers is projected to grow at highest CAGR during 2020-2025
Transducers can be used as a standalone device or can be accompanied by other components. Therefore, the market growth of transducers is higher than that of PMICs and secondary batteries. A transducer converts energy from sources such 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 transducers are 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.
Americas is expected to hold largest share of energy harvesting system market in 2025
The growth in the Americas is 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 use of 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 buildings is also expected to boost the growth of the market.
- Growing Demand for Safe, Power-Efficient, and Durable Systems That Require Minimum Or No Maintenance
- Extensive Implementation of Iot Devices in Automation and Energy Harvesting Technology in Building and Home Automation
- Increasing Trend for Green Energy and Favorable Initiatives by Governments
- Rising Adoption of Wireless Sensor Networks Equipped With Energy Harvesting System
- Limitations of Remotely Installed Networking Modules
- Higher Initial Cost Associated With Energy Harvesting System Curtails Market Growth in Developing Countries
- Use of Sensors in Wearable Electronics
- Use of Human Energy Harvesting for Implantable Biomedical Devices
- Ocean Energy Harvesting
- Standardization of Communication Protocols
- Environmental Damages to Energy Harvesting Device
- Linear Technology (Analog Devices)
- Convergence Wireless
- Powercast Corporation
- Texas Instruments
- Microchip Technology
- Greenpeak Technologies (Qorvo)
- Voltree Power
- Cypress Semiconductor
- Laird (Advent International)
- Mide Technology
- Lord Microstrain
- Ixys Corporation (Littlefuse Inc.)
- Bionic Power
- O-Flexx Technologies (Mahle)
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