Global Energy Harvesting Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global Energy Harvesting Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Energy Harvesting Systems Market is expected to register a CAGR of 9.8% over the forecast period. The use of energy harvesting systems is beneficial as the devices connected can be virtually operated for a huge amount of time without any adverse environmental effects. Also, among the different sources of ambient energy, including light energy, thermal energy, radiofrequency energy, kinetic energy, and chemical/biological energy, among others, the solar, thermal, and vibrational energy forms of energy are the most frequently used by energy harvesting systems.

Key Highlights

• Energy harvesting systems typically convert ambient energy into electrical energy, which is then used to power up various devices, such as consumer electronics, implantable biosensors, wireless sensor nodes, and military equipment. They are primarily used in low-power electrical utilities, such as sensors, watches, and home appliances. These systems provide an efficient alternative to the use of conventional power sources, like batteries.
• With many countries working toward utilizing renewable resources, the need for improvement in the segment has increased. There is a need to manage solutions in the global market for controlling and forecasting energy consumption. According to the Indian Brand Equity Foundations, India had 101.53 GW of renewable energy capacity as of September 2021, accounting for 38% of total installed power capacity. By 2030, the country hopes to have around 450 gigawatts (GW) of installed renewable energy capacity, with solar accounting for roughly 280 GW (almost 60%).
• In 2021, China connected a record 54.9 gigawatts of solar generating capacity to the grid, up 14% from 2020 and accounting for 31% of the country's total capacity additions. According to the National Energy Administration (NEA), China's total solar power capacity reached 306.56 GW in 2021. In 2021, new wind power installations were 47.6 GW, down 34% from the previous year's high of 71.7 GW. Offshore wind capacity reached a new high of 16.9 GW.
• Factors such as the extensive implementation of IoT devices in automation, the proliferation of urban population, growing demand for safe, power-efficient, and durable systems, increasing trend for green energy, penetration of energy harvesting technology in building and home automation, and favorable initiatives by the governments, are expected to drive the growth of the market during the forecast period.
• Further, the emergence of tire pressure management systems (TPMS) in automobiles has emphasized the need for energy harvesting systems as they can be used to power up small electric components like sensors in it. According to a report by NHTSA, 23.1% of the vehicles had at least one of the tires severely underinflated. Electric vehicles are expected to have high growth in the future, which will drive the market for energy harvesting systems.
• However, owing to the outbreak of the Coronavirus pandemic, the Chinese solar industry and its economy are reeling under the impact. The exports are yet to be gauged fully. A similar trend is imposed on other major contributing regions, such as the United States, which would restrict the growth of energy harvesting systems.

Key Market TrendsConsumer Electronics to Hold Significant Market Share

• Energy harvesting systems are increasingly used in consumer electronics, such as wearables, smartphones, remote control units, wireless appliances, body implants, etc. They allow consumer electronic products to operate where conventional power sources are not available. Such features not only extend the use but also eliminate the geographical constraint for devices to be near a power source. Such features are driving the use of energy harvesting systems in consumer electronics.
• Energy harvesting systems are used in remote control units, where power is harvested from the force applied by the user pressing the button. Recently, ARM has built such a device with the low power of the ARM Cortex-M0+ processor.
• Technology vendors in the market are increasingly developing connected devices, and wearables are amongst the latest devices that are undergoing rigorous tests and innovation.
• The trend in this segment has been to increase the battery life of the device. Manufacturers are expanding the battery capacity of their devices, due to which the demand for shorter charging is driving the market growth in this industry.
• The energy harvesting system eliminates the need to have to replace batteries in devices, such as smartphones and laptops, by providing power sources that generate power from the device. In the near future, energy harvesting systems will harvest energy from multiple sources and have a meager discharge rate, thus drastically enhancing the shelf life.

North America to Hold the Largest Market Share

• With the ongoing rapid technological developments in the North American region, it has become the most critical market for building and home automation investments, which use renewable energy and drive the growth of the energy harvesting systems market.
• The United States accounted for most of the revenue in the North American region. The market is expected to witness substantial growth due to the flourishing industrial and transportation sector, which is impacted by the administration, making the country an energy-independent state.
• The North American market is witnessing high adoption of industrial IoT compared to the other regions, which is also driving the demand for energy harvesting systems.
• This growth is further aided by government initiatives to decrease energy emissions from old and public buildings. For instance, the U.S. General Services Administration has entered into a contract with IBM to install advanced and smart building technology in 50 of the federal government’s highest energy-consuming buildings.
• Moreover, the introduction of the smart cities initiative has also changed the market scenario in the region. This initiative includes some grants and funding packages, along with hosting events to encourage collaboration and knowledge sharing between cities, companies, and universities that are involved in the smart city development project across the country.​

Competitive Landscape

The Global Energy Harvesting Systems Market is very competitive in nature. The major players in the market are ABB Limited and STMicroelectronics NV, among others. However, owing to significant innovations in product lines, few new entrants are attracting major investments into the market.

• October 2021 - E-Peas partnered with TCT and released a new energy harvesting solution. The new solution builds on a previous e-peas, which TCT had created, that could extract energy from single-phase wire and can now be utilized with three-phase cabling. The new three-phase cable energy harvesting hardware demonstrating will give access to various deployment possibilities, allowing battery-less operations to be implemented across many customer applications.
• August 2021 - Texas Instruments Incorporated collaborated with Kudan to deliver unparalleled visual SLAM performance on the Jacinto 7 processors for various applications, including robotics and autonomous vehicles. Increasing energy efficiency is the ability to harvest the energy used during manufacturing the products. Visual Slam can achieve typically required accuracy in automotive and robotics with efficient use of energy and computing resources for mission-critical real-time applications.

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