Market Research Report
Energy Harvesting System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Energy Harvesting System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: February 12, 2022
IMARC Services Private Limited
Content info: 146 Pages
Delivery time: 2-3 business days
The global energy harvesting system market reached a value of US$ 425.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 867.4 Million by 2027, exhibiting a CAGR of 12.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Energy harvesting (EH), also known as energy scavenging, refers to the process of converting ambient energy, like solar, vibration, thermal, wind and radio frequency, into electrical energy. EH systems eliminate the need for conventional power sources, such as batteries and power cables, thereby reducing the overall cost and can easily power remotely located electronic devices, sensor networks and wearable electronics. Moreover, these systems are durable, easy-to-use, require low maintenance and aid in reducing carbon emissions.
EH systems are being employed in building and home automation, industrial and security applications across the globe. This trend, coupled with the escalating demand for efficient and safe power systems, represents one of the key factors driving the energy harvesting system market growth. As these systems are majorly utilized in consumer electronics, wireless sensors and wearable electronic equipment, the growth in these industries is further bolstering the demand of such systems. Apart from this, piezoelectric energy harvesting systems have emerged as a reliable solution for powering remote sensor systems. Furthermore, the integration of the internet of things (IoT) solutions is catalyzing the demand for energy harvesting systems across various end use industries. The easy availability of renewable energy sources, such as tidal and wind, is also resulting in the increasing utilization of energy harvesting systems in various industry sectors. In addition to this, governments of several countries are promoting the use of green energy sources, which is expected to create a positive influence on the market in the coming years.