The global energy harvesting system market size is expected to reach USD 913.82 million by 2027 registering a CAGR of 6.5%, according to a new report by Grand View Research, Inc. The rising demand for power-efficient, safe, and durable units that require minimum maintenance will drive the product demand. Wide execution of the Internet of Things in home & building automation, energy harvesting technology, supportive initiatives by government authorities, growing adoption of WSN equipped with energy harvesting system, and increasing demand for clean and green energy is also likely to help boost the market growth.
Applications, such as building & home automation, are witnessing growing demand in the market across the world. Increasing demand for power-efficient systems is the main factor propelling the growth of the energy harvesting system (EHS) market. For most of the applications, microelectromechanical system-based energy harvesting is a good choice, as it delivers more stable energy performance for a longer period of time.
With the current rapid technical developments across North America, the region became the critical market for investment in the home and building automation segment, which will use renewable sources of energy and propel the growth of the EHS market. The U.S. accounted for most of the revenue share in North America. The market is expected to observe a significant growth owing to the thriving transportation and industrial sector.
Europe accounted for the largest market share in 2019 and will retain the leading position throughout the forecast period. Asia Pacific is expected to witness the fastest CAGR during the forecast period owing toa steady growth in both construction and manufacturing sectors in developing countries like China and India.
Further key findings from the report suggest:
• The global market was valued at USD 587.4 million in 2019 and is estimated to expand at a CARG of 6.5% over the projected period
• The home & building automation component segment led the market in 2019 accounting for the largest share
• However, consumer technology is estimated to be the largest as well as the fastest-growing component segment from 2020 to 2027
• Europe is projected to be the largest regional market while MEA is expected to register the fastest growth rate during the forecast period
• Thermal technology segment led the industry in 2019 and will retain its dominant position over the forecast period
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Energy Harvesting System Market Segmentation
Grand View Research has segmented the global energy harvesting system market on the basis of component, technology, and region:
Energy Harvesting Systems Component Outlook (Revenue, USD Million, 2016 – 2027)
• Home & Building Automation
• Consumer Technology
Energy Harvesting Systems Technology Outlook (Revenue, USD Million, 2016 – 2027)
• Radio Frequency
Energy Harvesting Systems Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of Energy Harvesting System Market
• Powercast Corp.
• EnOcean GmbH
• Analog Devices, Inc.
• Texas Instruments Incorporated
• Bionic Power Inc.
• Voltree Power, Inc.
• MAHLE GmbH
• Schneider Electric
• STX Corporation.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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