Energy Harvesting Equipment Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Energy Harvesting Equipment Market: Overview and Definition
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 2022-2032. 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.
Energy Harvesting Equipment Market: Key Drivers
The energy harvesting equipment market is driven by several key factors, including:
- Increasing demand for renewable and sustainable energy sources
- Growing need for energy-efficient solutions to reduce operational costs and carbon footprint
- Advancements in technology leading to more efficient and cost-effective energy harvesting devices
- Government initiatives and favorable policies promoting the adoption of renewable energy sources
- Rising demand for wireless sensor networks and Internet of Things (IoT) devices that require self-sustaining power solutions
- Growing trend towards smart homes and buildings that utilize energy harvesting technology for heating, ventilation, and air conditioning (HVAC) systems and lighting control.
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.
Energy Harvesting Equipment Market: Challenges
The energy harvesting equipment market faces several challenges, including:
- High upfront costs of implementing energy harvesting technology, which may deter some customers from investing in these solutions
- Limitations in the amount of energy that can be harvested from ambient sources, which may not be sufficient to meet the power requirements of certain applications
- Dependence on environmental conditions, which can affect the performance and reliability of energy harvesting devices
- Lack of standardization in the industry, which can make it difficult for customers to compare and select the best products for their needs
- Competition from other renewable energy sources, such as solar and wind power, which may offer more energy output and established infrastructure.
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.
Energy Harvesting Equipment Market: Segmentation
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.
Energy Harvesting Equipment Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Energy Harvesting Equipment Market: Regional Synopsis
The energy harvesting equipment market can be analyzed by regions as follows:
North America: The North American market is expected to grow due to the increasing demand for renewable energy sources and favorable government policies. The United States and Canada are the major markets in this region.
Europe: The European market is expected to grow due to the increasing adoption of energy-efficient solutions and government initiatives to promote renewable energy sources. Major markets in this region include Germany, France, and the United Kingdom.
Asia Pacific: The Asia Pacific market is expected to grow due to the increasing demand for energy harvesting technology in consumer electronics and building automation applications. Major markets in this region include China, Japan, and India.
Latin America: The Latin American market is expected to grow due to the increasing adoption of energy-efficient solutions and the availability of favorable government policies. Major markets in this region include Brazil and Mexico.
Middle East and Africa: The Middle East and Africa market is expected to grow due to the increasing demand for renewable energy sources and the availability of favorable government policies. Major markets in this region include the United Arab Emirates and South Africa.
Energy Harvesting Equipment Market: Recent Developments
Some recent developments in the energy harvesting equipment market include:
- Development of new energy harvesting technologies such as piezoelectric, triboelectric, and magnetostrictive, which are more efficient and offer higher power output.
- Advancements in power management ICs, which help to improve the efficiency and reliability of energy harvesting devices.
- Increasing adoption of energy harvesting technology in the automotive industry, with the development of self-powered tire pressure monitoring systems and wireless sensor networks.
- Growing use of energy harvesting technology in the healthcare industry, with the development of self-powered implantable medical devices and wearables.
- Introduction of new energy harvesting solutions for smart homes and buildings, including energy harvesting windows, flooring, and HVAC systems.
- Adoption of energy harvesting technology in the military and aerospace industries for powering remote sensors, communication systems, and other critical applications.
Energy Harvesting Equipment Market: Key Players
- EnOcean GmbH
- Texas Instruments
- Microchip Technology
- Powercast, Laird PLC
- IXYS Corporation
- Cymbet Corporation
- Alta Devices
- Adamant Namiki
- Murata Manufacturing
- Lord Microstrain