Key factors driving the Energy Harvesting System Market size include the demand for safe, power-efficient, and reliable systems requiring minimal or no maintenance; widespread implementation of IoT in automation and energy harvesting technology in building and home automation; the trend in green energy and government-friendly initiatives; and the adoption of wireless sensor networks equipment. Valuates Reports the Global Energy Harvesting System Market size is expected to grow from USD 312.85 Million in 2019 to USD 615.94 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 11.95%.
Trends Influencing the Energy Harvesting System Market
Factors such as the extensive use of IoT devices in automation, the proliferation of urban populations, the demand for healthy, power-efficient, and sustainable systems, the trend for green energy, the penetration of energy harvesting technology in construction and home automation and favourable government initiatives are expected to drive the energy harvesting market size.
A growing number of government operations for energy harvesting around the globe for the building and home automation application to minimize CO2 emissions from buildings is expected to increase the growth of energy harvesting market size during the forecast period.
Besides, the advent of tire pressure management systems (TPMS) in automobiles has highlighted the need for energy harvesting systems as they can be used to power up the small electrical components such as sensors inside. Electric vehicles are expected to develop in the future, fuelling the energy harvesting systems market size.
Energy Harvesting System Market Share Analysis
Based on technology, the Vibration Energy Harvesting segment is projected to witness the highest growth during the forecast period. Based on Component, the Power Management Integrated Circuit segment is projected to witness the highest growth during the forecast period.
North America is expected to hold the largest energy harvesting market share based on the region during the forecast period. North America’s dominance is attributed to increased use of renewable energy sources to power small electronic devices, increased penetration of building automation into new construction sites, and increased usage of the region’s wireless sensor networks. On the other hand, Asia-Pacific is expected to witness the highest growth rate during the forecast period. The market in these regions is driven primarily by increased demand from the industrial sector for energy-efficient components and peripherals; development of advanced energy harvesting systems, particularly in developing countries such as India and China.
