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

Market Overview

The energy harvesting systems market was valued at USD 440.39 million in 2020 and is expected to reach a value of USD 817.2 million by 2026, and grow at a CAGR of 10.91% over the forecast period (2021-2026). The use of energy harvesting systems is advantageous as the devices connected could be virtually operated to an unlimited amount of time without any adverse effects on the environment. 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.

• 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.
• Emerging countries, like India, have amended the National Tariff Policy 2016 to include provisions for renewable generation obligations and renewable purchase obligations. The policy requires state-owned power distribution companies to purchase 8% of their energy from solar by 2022. It mandates thermal power plant operators to have individual renewable components in any newly installed capacity. Owing to this, India has increased its renewable energy capacity to 86GW in 2019 with wind energy constituting about 44% of the renewable energy mix, followed by solar with 39%.
• 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 the 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 the energy harvesting systems.

Scope of the Report

Energy harvesting, also known as power harvesting or energy scavenging, is defined as the process by which energy is derived from external sources. Ambient energy, the source of energy for energy harvesting systems, is present as ambient background and freely available. The study characterizes the energy harvesting systems market based on the technology and by the application across geography, including key regions, such as North America, Europe, Asia-Pacific, and the rest of the world, including Latin America and the Middle East & Africa.

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Key Market Trends

Consumer Electronics to Hold Major 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. For instance, in July 2019, Samsung applied for clothing technology with a built-in energy harvesting device that gains power from solar light, solar heat, and body heat.
• 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.

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