CHICAGO, March 19, 2020 /PRNewswire/ -- According to the new market research report on the "Energy Harvesting System Market by Technology (Light, Vibration, RF, Thermal), Component, Application (Building & Home Automation, Consumer Electronics, Industrial, Transportation, Security), and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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.
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Light energy harvesting accounted for largest share of energy harvesting system market, by technology, in 2019
The light energy harvesting technology held the largest share of the energy harvesting system market. Photovoltaic cells are very efficient in generating energy for small electronic components. The power generated by solar energy harvesting technology is more than other energy sources such as vibration, thermal, and RF. Additionally, light energy is available in abundance as compared to other sources, which is why it is easy to continuously generate energy. Due to this benefit, the number of companies involved in the development of solar products for building automation, consumer electronics, and security applications is increasing.
Market for transducers is projected to grow at highest CAGR during forecast period
Transducers can be used as a standalone device or can also be accompanied by other components. Therefore, the market growth of transducers is higher than that of PMICs and secondary batteries. A transducer converts energy from sources such as light, radio waves, heat, vibration, kinetic, and pressure. The sensor devices in wireless networks are currently deployed with these transducers to eliminate the use of conventional electrical grids or primary batteries. The market for photovoltaic transducers is expected to grow at the highest CAGR during the forecast period. The reason for the growth of photovoltaic transducers is the rising interest of several companies providing solar energy-based solutions for building automation and consumer electronics applications.
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Building and home automation accounted for largest share of energy harvesting system market in 2019
The largest share of building and home automation in the energy harvesting system market can be attributed to the rising penetration of energy harvesting solutions in smart homes and building automation. Energy harvesting is the best solution for wireless sensor networking (WNS) and the Internet of Things (IoT) in smart buildings. Building automation products such as wall switches, sensors, and relay receivers can be easily interconnected without much complexity. Energy harvesting in building automation systems can be used for occupancy sensors, humidity sensors, window positioning systems, temperature sensors, climate control systems, radiator control systems, and other lighting control systems. Building automation, being the most attractive market for energy harvesting systems, consists of many regional as well as global companies producing numerous energy harvesting products and components for the system.
The Americas is expected to hold largest share of energy harvesting system market in 2025
The growth in the Americas is driven by factors such as the increasing use 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 growth of the market.
ABB (Switzerland), Honeywell (US), Advanced Linear Devices(US), Laird (UK), Convergence Wireless (US), Cymbet (US), EnOcean (Germany), Fujitsu (Japan), Greenpeak Technologies (Netherlands), Microchip Technology (US), Texas Instruments (US), STMicroelectronics (Switzerland), Powercast Corporation (US), Cypress Semiconductor (US), Piezo Systems (US), Mide Technology (US), IXYS Corporation (US), Lord Microstrain (US), Linear Technology (Japan), Kinergizer BV (Netherlands), GreenTeg (Australia), General Electric (US), Bionic Power (US), O-Flexx Technologies (Germany), and Voltree Power (US) are the key players in the energy harvesting system market. These players are increasingly undertaking strategies such as product launches, expansions, agreements, partnerships, joint ventures, collaborations, and mergers& acquisitions to increase their market share.
Home Automation System Market by Protocol and Technology (Network and Wireless), Product (Lighting, Security and Access Control, HVAC and Entertainment Control), Software and Algorithm (Behavioral and Proactive), and Geography - Global Forecast to 2022
Wireless Sensor Networks Market by Offering (Hardware, Software, Services), Sensor Type, Connectivity Type, End-user Industry (Building Automation, Wearable Devices, Healthcare, Automotive & Transportation, Industrial), and Region - Global Forecast to 2023
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