The energy harvesting system market is projected to grow from USD 485 million in 2020 to USD 775 million by 2025; it is expected to grow 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 of green energy and favorable initiatives by governments; and rising adoption of wireless sensor networks equipped with energy harvesting system.
Energy harvesting refers to the use of free or ambient energy in the environment to charge low-power devices or to store the energy for later use. The harvesters are integrated with power management integrated circuits (PMICs) and networking booster to control the flow of generated power. The energy harvesting system not only provides free energy but also helps reduce energy consumption by automating electric systems, namely, heaters, lighting systems, air conditioners, and other electronic devices. Energy harvesting systems are largely implemented in the building and home automation application for powering wireless devices in wireless sensor networking. Wireless sensor networking requires network protocols to integrate the devices and systems at homes as well as in building environments so that the entire network can be controlled and managed centrally or remotely.
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In 2019, the light energy harvesting technology held the largest share of the energy harvesting system market. The demand for light energy harvesting is expected to increase further, owing to the increase in the manufacturing of solar-based products and the growing efficiency of photovoltaic cells. The growth of light energy harvesting is also attributed to the increasing number of companies involved in the production of solar products for building automation, consumer electronics, and security applications. Also, several companies are providing solar energy-based solutions for building automation and consumer electronics applications.
Among components, transducers are expected to witness the highest CAGR in the energy harvesting system market during the forecast period. Transducers convert ambient energy into electricity to power electronic devices. Transducers are designed using various technologies such as piezoelectric, photovoltaic, electromagnetic, radio frequency, and thermoelectric. Among these, the market for photovoltaic transducers is expected to grow at the highest CAGR during the forecast period. The growth of photovoltaic transducers is attributed to the increasing number of companies offering photovoltaic cells and panels to convert solar energy into electric power. The reason for this high involvement of several companies is the extensive availability of solar energy and raw materials such as silicon wafers, PV cells, polysilicon, ingots, Al, and Ag that are used to build solar cells.
Among applications, building and home automation is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption rate of wireless sensor networking (WNS) and the Internet of Things (IoT) for home automation and control systems, which implement energy harvesting devices and sensors. In the US, buildings accounted for a 39% share of the country’s CO2 emissions in 2017. Thus, there is an urgent need for improving energy management in the country. In the Americas, energy harvesting systems are being installed in school classrooms for occupancy measurement and temperature control, in commercial buildings for automatic lighting systems depending on the occupancy status, in hotels for smart power control, and in residential buildings for reducing energy consumption.
The energy harvesting system market in the Americas is projected to grow at the highest CAGR from 2020 to 2025. The growth in the Americas is driven by factors such as the increasing adoption 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 from buildings is also expected to boost the market’s growth.
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