The global energy harvesting systems market is witnessing remarkable growth, driven by a surging demand for safe, power-efficient, and low-maintenance solutions, as well as the integration of Internet of Things (IoT) devices in automation and home automation systems. The market is further bolstered by the growing interest in green energy and supportive government initiatives for renewable energy sources.
IoT Revolution Drives Demand for Energy Harvesting Systems
The world is undergoing the Fourth Industrial Revolution, marked by the proliferation of IoT-enabled devices and non-IoT connected devices numbering in the billions. However, powering these devices with traditional batteries poses logistical challenges and environmental concerns. The global energy expenditure is projected to reach 777 quintillion joules by 2040, emphasizing the need for sustainable energy solutions. Energy harvesting offers a promising alternative, harnessing energy from the environment to power IoT devices, reducing the reliance on finite battery sources.
Smart Homes Fuel Market Expansion
The growth of smart homes is another driving force behind the energy harvesting systems market. With an estimated 175 million smart homes globally and a projected 350 million by 2024, the demand for energy harvesting systems is on the rise. These systems are well-suited for smart home applications, offering the ability to function in harsh environments while ensuring energy efficiency.
Building and Home Automation Take the Lead
The building and home automation segment leads the energy harvesting systems market, primarily due to the increasing adoption of wireless sensor networking (WSN) and IoT for home automation and control systems. Energy harvesting devices and sensors play a pivotal role in these systems. The segments growth is further fueled by the demand for energy-efficient solutions and an increasing focus on home safety and security.
North America Leads the Way
North America commands the largest revenue share in the energy harvesting systems market, driven by rapid technological innovations and high adoption rates of industrial IoT. The United States, in particular, is at the forefront, with significant installations of solar PV capacity and a strong focus on energy independence.
Asia Pacific Emerges as a Growth Powerhouse
Asia Pacific is expected to experience the fastest growth rate in terms of value in the energy harvesting systems market. The regions rising demand for electricity in industrial applications and the emphasis on energy conservation through ultra-low-power devices are driving the adoption of energy harvesting systems. Countries like China, Japan, India, and South Korea are early adopters of this technology, with renewable energy targets further propelling the markets expansion.
Competitive Landscape
Key players in the global energy harvesting systems market are actively introducing new products and forging collaborations. For instance, EnOcean introduced the PTM 535BZ module, offering multiple wireless protocols in the 2.4 GHz radio band. ABB deployed robots in Singapores coronavirus testing system as part of the city-states Automated Volume Enhancer testing system.
Prominent companies in the energy harvesting systems market include ABB, Schneider Electric, Bionic Power, Inc., STMicroelectronics, Cymbet, EnOcean GmbH, Powercast Corp., Mahle GmbH, Analog Devices, Inc., and Texas Instruments, Inc.
The global energy harvesting systems market is on a trajectory of rapid expansion, driven by the growing importance of IoT, the proliferation of smart homes, and the imperative to transition to sustainable energy sources. As the market continues to evolve, innovation and collaboration among industry leaders are expected to shape its future.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/energy-harvesting-systems-market
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COMTEX_442040157/2840/2023-10-17T19:32:13