Increase in demand for light energy harvesting and vibration energy harvesting along with technological advancements drive the growth of the global energy harvesting system market.
PORTLAND, Ore., Oct. 5, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Energy Harvesting System Market by Technology (Light Energy Harvesting, Vibration Energy Harvesting, Radio Frequency Energy Harvesting, and Thermal Energy Harvesting), Component (Energy Harvesting Transducers, Power Management Integrated Circuits (PMIC), and Storage System), and Application (Building & Home Automation, Consumer Electronics, Industrial, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global energy harvesting system market generated $511.6 million in 2020, and is expected to reach $1.05 billion by 2030, witnessing a CAGR of 7.5% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in demand for light energy harvesting and vibration energy harvesting along with technological advancements in sensor-based energy harvesting systems drive the growth of the global energy harvesting system market. However, disadvantages associated with energy harvesting techniques hinder the market growth. On the other hand, ongoing research & development activities and demand for energy harvesting system in building & home automation create new opportunities in the coming years.
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Owing to lockdown measures, production facilities of the energy harvesting systems have been closed partially or completely due to unavailability of the workforce, lockdown measures, and disrupted supply chain. This led to reduced production volumes.
The demand from applications sectors such as building & construction, automotive, consumer electronics, industrial, and transportation reduced considerably due to stoppage of daily operations during the lockdown. However, the demand is expected to recover during the post-lockdown.
Market players have been assessing their business strategies to enable continuity and adopt quick response strategies to regulate the supply chain to ensure raw material availability and efficient distribution.
The light energy harvesting segment to maintain its lead position throughout the forecast period
Based on technology, the light energy harvesting segment contributed to the highest share in 2020, accounting for more than one-third of the global energy harvesting system market, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 7.9% from 2021 to 2030. This is attributed to availability of advanced technologies and systems along with lessened need for disposable batteries. This type of technology can also be utilized in situations where replacement of batteries is unfeasible, risky, and expensive. The research also analyzes the segments including vibration energy harvesting, radio frequency energy harvesting, and thermal energy harvesting.
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The building & home automation segment to continue its leadership status during the forecast period
Based on application, the building & home automation segment held the largest share in 2020, accounting for more than one-fourth of the global energy harvesting system market, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the fastest CAGR of 8.1% from 2021 to 2030. This is due to advantages such as flexibility in distribution as there is no need for hardwiring. The research also analyzes the segments including consumer electronics, industrial, transportation, and others.
Europe, followed by North America, to maintain its lead position by 2030
Based on region, Europe, followed by North America, accounted for the highest market share in 2020, contributing to nearly two-fifths of the global energy harvesting system market, and is estimated to maintain its lead position by 2030. This is due to increased adoption in the transportation sector and rise in consumer demand for private and public electric vehicles. However, Asia-Pacific is projected to portray the highest CAGR of 8.2% during the forecast period, due to increase in demand from consumer electronics and the transportation sectors.
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Leading Market Players
Cedrat Technologies SA
ZF Friedrichshafen AG
Physik Instrumente (PI) GmbH & Co. KG
Advanced Linear Devices Inc.
Mide Technology Corporation
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