Northbrook, IL 60062 -- (SBWIRE) -- 06/21/2022 -- The energy harvesting system market is estimated to be worth USD 468 million in 2021 and is projected to reach USD 701 million by 2026, at a CAGR of 8.4 %. The Growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance, Surging implementation of IoT devices in automation and energy harvesting systems for building and home automation, Increasing trend for green energy and favorable initiatives by governments, Rising adoption of wireless sensor networks equipped with energy harvesting systems are some of the prominent factors for the growth of the energy harvesting system market globally.
The energy harvesting system is used in numerous applications, including building and home automation, consumer electronics, industrial/manufacturing, transportation, security, and others. In the building and home automation application, the energy harvesting process is based on solar power, vibration, thermal, and electromagnetic energy. Building and home automation include various sensors and IoT applications. A few products used in this application are lighting controllers, window magnet sensors, switches and switch transceivers, indoor/outdoor temperature sensors, outdoor light sensors, occupancy detectors, position sensors, and other smart home devices.
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In the industrial application, the maximum energy harvesting is done for equipment health monitoring, process temperature monitoring, pressure monitoring, flow monitoring, level monitoring, powering WSN by pumps, pressure transmitters, condition monitoring on pumps, and duct smoke detectors. In industries, machine vibrations are a major source of energy. The energy harvesters convert vibration energy into electricity and provide it to the sensors and transceivers.
The energy harvesting system market in Americas is estimated to grow at the highest CAGR due to The energy harvesting system market for building and home automation in the Americas is expected to witness the highest growth during the forecast period owing to the increasing adoption of green energy in the US and Canada. The region is adopting technologies to power wireless smart home devices using energy harvesting systems.
The market for EHS modules is expected to witness a high growth rate during the forecast period. The average price of various wireless sensors is higher than the average price of energy harvesting modules, but the volume of sensors deployed in various applications such as industrial, transportation, and building, and home automation is more than these modules. This difference in the sensor to module ratio is the major reason for the larger share of EHS modules in the overall market compared to sensors, in terms of value.
The light energy harvesting technology segment, especially the solar energy harvesting technology segment, held the largest market size in 2020, and the same trend is likely to continue in the next few years owing to the increase in the manufacturing of solar-based products and the growing efficiency of photovoltaic cells. Solar energy is the most widely available natural resource that can be easily converted into electricity. The vibration energy harvesting segment is expected to account for the second-largest share of the market owing to the use of products such as piezoelectric devices in various applications, such as industrial and transportation.
Several opportunities such as Adoption of sensors in wearable electronics, Use of human energy harvesting for implantable biomedical devices and Ocean energy harvesting lie in front of the players in the energy harvesting system market.