Global Energy Harvesting Systems Market to Reach $603 Million by 2024
SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Energy Harvesting Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: May 2021
Executive Pool: 1231
Companies: 39 – Players covered include ABB Ltd.; Advanced Linear Devices, Inc.; Analog Devices, Inc.; Bionic Power Inc.; Cypress Semiconductor Corporation; EnOcean GmbH; Fujitsu Limited; Maxim Integrated, Inc.; Mide Technology Corporation; Perpetua Power Source Technologies, Inc.; Powercast Corporation; STMicroelectronics N.V.; Texas Instruments, Inc.; Voltree Power, Inc.; Wireless Sensor Solutions LLC and Others.
Coverage: All major geographies and key segments
Segments: Application (Building & Home Automation, Industrial, Transportation, Other Applications); Technology (Light, Vibration, RF, Thermal)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Energy Harvesting Systems Market to Reach $603 Million by 2024
The pressing need for energy security and the negative environmental footprint of traditional fossil fuels is driving the demand for solutions to reap sustainable and renewable energy sources. On the other side of the spectrum, there are efforts to capture small amounts of the wasted energy through energy harvesting. Recovering a small fraction of the energy is anticipated to hold major environmental and economic impact. Energy harvesting involves capturing of small amounts of energy that otherwise gets lost as light, heat, movement, vibration or sound. The concept improves energy efficiency, supports new technology like wireless sensor networks, eliminates the need for batteries, and reduces carbon emissions. Energy is lost in all processes, from industrial to everyday technology. For instance, around two-third of the input for power stations based on heat engines is lost as heat. In addition, microwaves and computers lose energy as vibration or heat. The energy can be effectively captured using specific energy harvesting materials. The use of the technology for harvesting wind and solar energy holds considerable implications for energy security.
Some of the popular materials used for converting waste energy into electricity include piezoelectric materials, thermoelectric materials, and pyroelectric materials. While piezoelectric materials can capture and convert sound, movement and vibration into electrical power, pyroelectric and thermoelectric materials can capture and transform heat into electricity. Piezoelectric materials are perfect for harvesting low-frequency vibrations, acoustic noise and human motion. These materials find use as piezoelectric floor tiles to tap kinetic energy of footsteps for powering display systems or ticket gates, battery-less remote control to use the force intended to press a button for powering infrared or wireless radio signal, and car tire pressure sensors to monitor tire pressure and transfer the data to a display on dashboard. Thermoelectric materials rely on temperature gradients across materials to generate electric voltage, and can be used in road transport. Lorries and cars equipped with thermoelectric generators hold potential for considerable fuel savings. Pyroelectric materials leverage changes in temperature for generating electrical charge, and can be used in certain types of sensors.
Amid the COVID-19 crisis, the global market for Energy Harvesting System is projected to reach US$603 Million by 2024, registering a compounded annual growth rate (CAGR) of 9.7% over the analysis period. The United States represents the largest regional market for Energy Harvesting System, accounting for an estimated 37.4% share of the global total. The market is projected to reach US$254.9 Million by the close of the analysis period. The United States is forecast to emerge as the fastest growing regional market with a CAGR of 10.6% over the analysis period.
The market is heading for a major leap forward on account of confluence of multiple trends like rising demand for energy-efficient, durable systems, strong focus on clean energy and government initiatives to promote energy harvesting technology. The market is bound to gain from extensive adoption of IoT devices in the automation domain and energy harvesting systems in home and building automation. The increasing attention on vibration energy harvesting has pushed the significance of portable, low-power energy sources, which can be attributed to mass adoption and advances in portable electronic devices. These energy harvesting systems are finding extensive adoption to enable wireless and portable electronic goods with extended service life. Being a clean and renewable source of energy, vibration energy harvesting is garnering notable attention, driving the adoption of these systems in independent low-power microsystems, portable energy sources, self-powered wireless sensor systems and distributed computing to supplant or renew conventional power sources. Recent advances are anticipated to enable these systems to capture, deal with and store desirable measures of the motion energy as well as converting it into electricity to support low-power devices. More
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