Energy Harvesting Equipment Market
Energy Harvesting Equipment Market 2022 - By Equipment Type , By Technologies, By End-Users & Global Region Market Size, Trends, Opportunity & Forecast 2027Request Sample Request Discount
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Global energy harvesting equipment market is valued at US$ 453.45 million in 2021 and is expected to reach US$ 823.34 million in 2027 registering a CAGR of 7.5% during the forecast period.
Energy harvesting is an energy conversion process in which small energies such as light, heat, vibration, wind, sound, and magnetic force are transferred in electrical energy and stored to use it afterward. The basic energy generation processes include energy-to-energy conversion processes such as chemical to electrical (CE), mechanical to electrical (ME), radio frequency to electrical (RFE), thermal to electrical (TE), and solar to electrical (SE). For electrical energy harvesting, solar to electrical (SE) conversion has been considered as popular choice and hence it is widely used in a variety of end use industries. For instance, SE conversion process is used to power calculators, wristwatches, and also in road signs. However, the energy output of solar to electrical-based energy harvesting equipment is limited and depends on the solar cell size.
The concept of energy harvesting can be found in a wide range of wireless communication & networks applications. Any energy harvesting system has 3 main elements; a harvester, a low power storage system, and low power management system. The operation process of energy conversion starts gathering energy via the harvester device. Then the power management system converts the voltage of harvested energy into standard electronic energy and powers the electronic system. Finally, the storage system stores the excess harvested energy. Some of the most used equipment used for energy harvesting are piezoelectric materials, thermoelectric materials, electro dynamic transducers, and photovoltaic materials. Piezoelectric materials’ operation includes accumulating the charge in response to a mechanical stimulation. They are mainly used in harvesting the energy that is generated by footsteps at a large gathering of crowd to power the display system. Thermoelectric materials are used for harvesting heat from the cars. In addition, thermoelectric generators are sometimes also used to convert heat from human body into voltage to give power to a medical sensor. Photovoltaic energy harvesting equipment is used in conversion of solar radiations into electric current while the electrodynamic harvesters are used to transform kinetic energy of vibrations into electricity.
Major factors that are driving the growth of the energy harvesting equipment market are Governments and public initiatives, development of IoT technologies, the need to replace the batteries, and increasing demand for home and building home automation.
European Commission (EU) in order to promote energy harvesting encourages the industries by offering incentives and investments in their R&D of energy harvesting. Moreover, Green energy trend is also boosting the market as renewable energy sources such as solar, wind, or ocean energy deliver reliable platform for harvesting applications.
Energy harvesting equipment enables the internet of things (Iot) by powering sensor network that is essential to connect and coordinate the IOT devices. To make any IoT process work, many sensors are needed and need to be powered. In earlier years, usually batteries were used to give power to the sensors but recently invented energy harvesting-powered sensors are known for their automatic features and require less maintenance than the battery powered sensors. This indicates that IoT is driving the demand for battery-less sensors powered by energy harvesting.
Although the market possesses numerous driving factors, there are challenges that may restrain the market's growth during the forecast time period. Applications of energy harvesting are limited due to its low rate of conversion and less power storage capacities. Hence, the utilization of energy harvesting is limited to low power consuming devices. Moreover, the high production and implementation costs of energy harvesting equipment is an important barriers that may hampered the growth of the market in coming years.
The energy harvesting equipment market can be segmented on the basis of technology, component, application, and region. On the basis of technology, the market is divided into vibration, light, electromagnetic, and thermal. On the component basis the market is bifurcated into PMIC, transducers, and storage systems. On the basis of application the energy harvesting equipment market is fragmented into Consumer Electronics, Security, Industrial Transportation, and Building & Home Automation. For the purpose of analysis, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA in the regional segment.
Based on application, the building and home automation segment dominates the energy harvesting equipment market. The increasing acceptance of electronic devices such as laptops and smartphones worldwide is directly increasing the demand for electrical energy. This is one of the major reasons that is driving the expansion of the building & home automation segment in the energy harvesting equipment market. In terms of regional outlook, North America is the strong region in the energy harvesting equipment market. North America’s dominance can be attributed by the growing number of implementation of green energy technologies in this region especially U.S.
Major players operating in the energy harvesting equipment market are STMicroelectronics, EnOcean GmbH, Cypress, Texas Instruments, Microchip Technology, Powercast, Laird PLC, IXYS Corporation, Cymbet Corporation, ABB, Alta Devices, Adamant Namiki, Murata Manufacturing, Lord Microstrain, and Fujitsu.
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