According to a new market research report titled “Energy Harvesting Systems Market by Component (Power Management, Sensors, Transmitters), Energy Source (Solar Energy, Thermal Energy, RF Energy), Industry (Consumer Electronics, Healthcare, Automotive), Application, and Geography—Global Forecasts to 2028”, the energy harvesting systems market is expected to grow at a CAGR of 26.3% from 2021 to 2028 to reach $15.01 billion by 2028.
Energy harvesting is the process of converting ambient energies present in the environment into electrical energy for powering autonomous electronic devices. Ambient energies such as solar, thermal, piezoelectric, radiofrequency, and kinetic are captured and stored to charge low-power devices used in wearable electronics and wireless sensor networks. Components such as regulators, controllers, converters, sensors, transmitters, power management integrated circuits (PMIC) offer safe, secure, and effectively turn waste heat into usable electrical energy. Moreover, the development of advanced energy harvesting systems contributes to the industrialization of energy harvesting technologies.
Download Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5235
The growth of this market is backed by the rising adoption of energy harvesting systems (EHS) in rural areas, growing demand for safe, power-efficient, and durable energy systems, an increasing trend for green energy, and favorable initiatives by the government.
However, the higher initial cost associated with energy harvesting systems and limitations of remotely installed networking modules restrains the growth of this market to a certain extent.
Furthermore, the growing adoption of ocean energy harvesting and sensors in wearable electronics provides significant opportunities for the growth of this market. However, the lack of awareness regarding energy harvesting systems poses a major challenge to the growth of this market.
Impact of COVID-19 on the Energy Harvesting Systems Market
The outbreak of the COVID-19 pandemic negatively impacted the energy harvesting systems market worldwide. Countries such as the U.S., the U.K., China, and India have been negatively affected by the pandemic and have experienced a decline in energy demand due to nationwide lockdowns and restrictions issued by their respective governments.
In addition, factors such as reduced production rate, closure of manufacturing sites, and the slowdown of R&D investment have negatively impacted the growth of the energy harvesting systems market globally.
However, the healthcare sector experienced a positive impact during the COVID-19 pandemic. Healthcare resources have been prioritized to cater to patients affected by the SARS-CoV-2 virus. The COVID-19 pandemic has increased the demand for accurate, safe, and instant medical testing and diagnosis systems. The use of low-power electronic devices in the healthcare industry continuously drives the demand for energy harvesting systems worldwide. The medical devices used to monitor blood sugar, heart rate, oxygen levels, blood pressure by converting waste energy into electrical energy have encouraged various healthcare companies to adopt energy harvesting systems.
Adoption of Sensors in Wearable Electronics
Several companies are initiating investments in applications of energy harvesting systems in small consumer electronics to create various opportunities. Energy harvesting systems are widely used in consumer electronics, such as wearables, smartphones, remote control units, wireless appliances, and body implants. However, energy harvesting allows consumer electronic products to operate whenever conventional power sources are unavailable. Wearable watches are one of the common applications in which sensors are used to monitor the user’s overall health.
For instance, STMicroelectronics’ accelerometer sensors are used in the Pebble smartwatch. Sensors need a long-lasting power supply to provide efficient output. Therefore, the adoption of energy harvesting systems is increasing in wearable electronics to power these sensors. Also, manufacturers are expanding the battery capacity of various devices, due to which the demand for shorter charging is increasing the growth of the market.
Market players are increasingly developing connected devices and wearables. For instance, in July 2019, SAMSUNG ELECTRONICS CO., LTD. applied for clothing technology with a built-in energy harvesting device that derives power from solar light, solar heat, and body heat. Furthermore, the scientists of the Beijing Institute of nano energy and nanosystems in China and Zhong in Wang at the Georgia Institute of Technology in the U.S. have developed a hybridized nanogenerator to power a wristwatch and other wearable electronic devices.
Speak to our Analysts to Understand the In Detail Impact of COVID-19 on Your Business : https://www.meticulousresearch.com/speak-to-analyst/cp_id=5235
To provide efficient analysis, Meticulous Research® has segmented this market based on component (power management [regulators, power management integrated circuits {PMIC}, controllers, and converters], sensors, transmitters, and other components), energy source (solar energy, thermal energy, RF energy, and piezoelectric energy), industry (consumer electronics, military & aerospace, healthcare, automotive, industrial automation, and others industries), application (wireless switching systems, wireless HVAC systems, wireless sensing and telematics systems, tire pressure monitoring systems, asset tracking systems, remote health monitoring systems, and regenerative energy harvesting systems), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).
Based on components, the energy harvesting systems market is segmented into power management, sensors, transmitters, and other components. The power management segment is expected to account for the largest share of the energy harvesting systems market in 2021. The large market share of this segment is attributed to the growing usage of highly efficient power management devices across the globe. The high-efficiency conversion to regulated voltages or charge batteries and supercapacitor storage elements are driving the growth of this segment.
However, the sensors segment is expected to grow at the highest CAGR by value during the forecast period.
Based on type, the power management market is segmented into regulators, power management integrated circuits (PMIC), controllers, and converters. The PMIC segment is expected to account for the largest share and register the highest CAGR of the power management market. This segment’s high growth rate and large market share are attributed to its ability to transform extracted power into energy for the storage element and management of its start-up sequence with sufficient energy. These devices are used to manage the outflow of power from storage devices and ensure that the power is not drawn when the stored energy is below a certain threshold level.
Based on the energy source, the energy harvesting systems market is segmented into solar energy, thermal energy, RF energy, and piezoelectric energy. In 2021, the solar energy segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is attributed to the rising need to heat homes through passive solar designs, solar hot water systems, solar space heating, and electrical generation (photovoltaics or PV) across the globe. Various developing and developed countries within the tropical belt of the world where the solar radiation is higher are heavily adopting solar energy harvesting systems in the regions.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/energy-harvesting-system-market-5235
However, the thermal energy segment is expected to grow at the highest CAGR by value during the forecast period.
Based on industry, the energy harvesting systems market is segmented into consumer electronics, military & aerospace, healthcare, automotive, industrial automation, and other industries. In 2021, the consumer electronics segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is mainly attributed to the growing usage of solar energy-based energy harvesting solutions for consumer electronics; and its ability to allow consumer electronic products to operate where conventional power sources are unavailable. Energy harvesting systems are increasingly used in consumer electronics, such as wearables, smartphones, remote control units, and wireless appliances.
However, the healthcare segment is expected to grow at the highest CAGR by value during the forecast period.
Based on application, the energy harvesting systems market is segmented into wireless switching systems, wireless HVAC systems, wireless sensing and telematics systems, tire pressure monitoring systems, asset tracking systems, remote health monitoring systems, and regenerative energy harvesting systems.
In 2021, the asset tracking system segment is expected to account for the largest share of the energy harvesting systems market. The large market share of this segment is mainly attributed to the rising need to monitor the physical location and status of movable and fixed assets across the globe.
However, the remote health monitoring system segment is expected to grow at the highest CAGR by value during the forecast period.
Based on geography, this market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to witness the fastest growth by value during the forecast period. The rising demand for electricity across industrial applications; and increasing demand for ultra-low power devices to conserve energy contribute to the demand for energy harvesting systems across the region.
China is considered one of the major contributors to energy harvesting systems in the region. The Chinese government has set plans to promote the use of renewable energies is expected to create numerous opportunities for public and private companies in the future. China’s National Energy Administration (NEA) and the National Development and Reform Commission (NDRC) announced their plans to spend more than $360 billion to develop renewable energy and create 13 million jobs in the sector by 2020.
However, North America is estimated to account for the largest share of the energy harvesting systems market in 2021.
The global energy harvesting systems market is dominated by three top players, namely, ABB Ltd (Switzerland), Analog Devices, Inc. (U.S.), and STMicroelectronics N.V. (Switzerland).
ABB Ltd
ABB Ltd dominated the global energy harvesting systems market with a 14.2% share in 2020. The company manufactures and sells electric equipment, industrial automation, and robotics and motion products for customers in utilities, industry and transport, and infrastructure worldwide. The industrial automation segment specializes in process control, measurement, analytics, and other industry-specific solutions.
Analog Devices, Inc. held the second position with a 9.7% share of the global energy harvesting systems market in 2020. Analog Devices, Inc. is a leading global high-performance analog technology company that designs, manufactures, tests, and markets a broad portfolio of solutions. The company’s solutions include integrated circuits (ICs), software, and subsystems that leverage high-performance analog, mixed-signal, and digital signal processing technologies.
The other key players operating in the energy harvesting systems market are Texas Instruments Incorporated (U.S.), Cymbet Corporation (U.S.), EnOcean GmbH (Germany), STMicroelectronics N.V. (Switzerland), e-peas SA (Belgium), Advanced Linear Devices, Inc. (U.S.), Piezo.com (U.S.), Cypress Semiconductor Corporation (U.S.), Powercast Corporation (U.S.), Laird Thermal Systems, Inc. (U.S.), DCO Systems Ltd (U.K.), Honeywell International Inc. (U.S.), and Drayson Technologies Ltd. (U.K.).
You Can Buy Report Here : https://www.meticulousresearch.com/Checkout/40811351
Related Reports:
Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling), Vehicle Type, End User, and Geography – Global Forecast to 2028
https://www.meticulousresearch.com/product/electric-vehicle-charging-stations-market-5078
Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End-user, and Geography -Global Forecast to 2028
https://www.meticulousresearch.com/product/EV-battery-market-5210
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
