Energy Harvesting Market: Current Analysis and Forecast (2021-2027)

Energy Harvesting Market: Current Analysis and Forecast (2021-2027)

The global energy harvesting market is expected to witness a CAGR of around 9% during the forecast period (2021–2027). This is mainly due to the increasing R&D initiatives for the development of new technologies and the rising integration and adoption of IoT technology for infrastructure management within the smart city and the smart home ecosystem. Furthermore, growing environmental awareness, supportive government policies, Greenhouse Gas (GHG) emission reduction targets, and rising demand for energy is expected to drive the market for energy harvesting system and solutions during the forecast period. In addition, major players in the market are continuously developing solutions for building and home automation integrated with energy harvesting solutions. For instance, In May 2021, EnOcean, presented the PTM 535BZ module, the latest addition to its range of transmitter modules for battery-free switch applications. PTM 535BZ enables the realization of energy harvesting wireless switches communicating based on Bluetooth Low Energy (BLE) or ZigBee Green Power (ZGP) radio standards.

Energy harvesting is the process in which energy is captured from a system's environment and converted into usable electric power. Energy harvesting allows electronics to operate where there's no conventional power source, eliminating the need to run wires or make frequent visits to replace batteries. They're mostly found in low-power electrical devices like sensors, watches, and household appliances. These devices offer a cost-effective alternative to traditional power sources such as batteries. Furthermore, the increasing implementation of Internet of Things (IoT) devices for building and home automation coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for energy harvesting during the forecast period.

ABB Limited, Analog Devices Inc., Convergence Wireless Inc., Cymbet Corporation, EnOcean GmbH, Fujitsu Limited, Powercast Corporation, STMicroelectronics NV, Texas Instruments Incorporated, and Microchip Technology Inc. are some of the key players in the market. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across sectors such as manufacturing, power generation, renewables, and oil and gas. The outbreak and the resulting economic slowdown have had an intermediate impact on the energy harvesting industry. Further, the COVID-19 pandemic negatively impacted the semiconductor manufacturing equipment market in 2020 and 2021, resulting in a decline in the revenues for market players. However, the market is expected to remain robust due to the rise in demand for consumer electronic devices, smart home devices, electric vehicles, and smart and connected medical devices, among others.

Insights Presented in the Report
"Amongst Technology, light energy harvesting category to hold a significant share in the market”

Based on technology, the market is classified into light energy harvesting, vibration energy harvesting, radiofrequency energy harvesting, and thermal energy harvesting. Amongst them, the light energy harvesting category held a significant market share in 2020. Photovoltaic (PV) cells or mini-modules are an intuitive choice for harvesting indoor ambient light, even under low light conditions, and using it for battery charging and powering of IoT-based smart and connected devices like wireless sensors. The adoption of these devices and sensors is growing rapidly for building automation, transportation, and other applications. Thus, with the increased demand for building automation systems, rising global demand for energy-efficient electrical products coupled with an increase in urban population and industrialization activities are further expected to drive the market for energy harvesting during the forecast period.
"Amongst Application, building and home automation category is accounted for a significant market share in 2020”

Based on application, the market is categorized into consumer electronics, building and home automation, industrial, transportation, and others. During the forecast period, the building and home automation category is expected to witness significant growth in the market. This is mainly due to the growing adoption and integration of energy harvesting in building and home automation systems. The market is also witnessing the development of connected, intelligent devices, such as smart meters, smart sensors, and smart thermostats, further supporting the category’s growth. In addition, with the growing construction of high-rise residential as well as commercial buildings, the market is expected to witness tremendous growth opportunities during the forecast period. For instance, The Government of India in the Union Budget 2014-15, has announced a project to develop ‘One Hundred Smart Cities’ as satellite towns of larger cities by modernizing the existing mid-sized cities in the country.
"APAC to witness significant growth during the forecast period”

Asia-Pacific is expected to witness the highest CAGR in the energy harvesting market, during the forecast period. The major contributors to the growth of this market are developing such as China and India. The increase in infrastructure development in emerging economies, as well as the expansion of the commercial and industrial sector, coupled with the rise in installation and integration of smart devices, has contributed to the growth of the APAC market. Furthermore, rapid digitalization across industry verticals and technological advancements coupled with the growing development of smart cities are expected to support the market’s growth. Additionally, the number of new machine-to-machine (M2M) connections per year, the demand for smart consumer devices, and the need for an industrial revolution is higher in this region. IoT applications seem to have more opportunities to improve the standard of living and revolutionize the industrial sector in APAC due to the large population in some of the developing economies.

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