Energy Harvesting Equipment Market Forecasts to 2028 - Global Analysis By Component, Energy Source, Application, End User and By Geography

According to Stratistics MRC, the Global Energy Harvesting Equipment Market is accounted for $516.6 million in 2022 and is expected to reach $935.4 million by 2028 growing at a CAGR of 10.4% during the forecast period. Energy Harvesting is process where energy is extracted from a system or environment and then transformed into useable electric power. The major component of this system is a circuitry that manages electricity, charges energy storage cells, and provides protection and regulation. The energy harvesting equipment capture some of this wasted energy, convert it to electricity, and put it to work. This equipment is applied in consumer electronics, industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare and research.

According to the Business Standard Budget, the centre has proposed a scheme worth Rs 1,000 crores to invite private companies to set up manufacturing zones for power and renewable energy (RE) equipment. The three proposed zones are proposed to come up by 2026-27.

Market Dynamics:

Driver:

Accelerating use of IoT technology

The growth of IoT is accelerating the demand for wireless equipment that can operate without maintenance. Automation applications including lighting controls, building management systems, security access, and fire & life safety are made possible by the Internet of Things. This creates a huge requirement for data processing and collecting, which demands intense automation. The sensor component is the most suitable data collecting system which is mostly applied in healthcare and manufacturing and thus driving the growth of the market.

Restraint:

Restrictions of networking modules

For optimal signal transmission, the transmitters and receivers used in energy harvesting equipment must be located close together. The broadcast signal must travel a great distance before it can reach the main receiver. An energy harvesting system cannot be networked if there is too much device signal interference. So, the energy generated can be utilized only for minimal time which is hampering the growth of the market.

Opportunity:

Growing adoption of renewable sources

Renewable energy sources such as solar, wind, tidal, ocean and other sources are being adopted at a large pace as a result of government efforts to minimise carbon footprints. These sources provide carbon clean energy and they are available for cheaper prices. This factor is anticipated to witness a lucrative growth in the market.

Threat:

High initial costs

Due to the materials used in this equipment and the circumstances in which they are employed, the cost of the energy harvesting technology, in certain instances, will be quite expensive. The energy harvesting technique produces less current than other technologies, which prevents it from being used in all energy domains. All these aspects are anticipated to hinder the worldwide market's expansion.

COVID-19 Impact

The pandemic has negatively impacted the global energy harvesting systems market owing to the lockdowns imposed across the globe. Applications for energy harvesting systems include consumer electronics, industrial power generation, transportation, security, and home and building automation all of which are shutdown due to corona virus and caused a slowdown in energy harvesting system production. It is projected that the demand for energy harvesting systems would increase dramatically over time.

The sensors segment is expected to be the largest during the forecast period

The sensors segment is estimated to have a lucrative growth, due to the growing low-power wireless communications interfaces. This market's rapid rise is related to the rising need for low-cost integrated circuits with signal processing, communication, and data gathering capabilities. These sensors are used in heat exchangers, actuators, motors and drives, air handlers, heat recovery units, steam traps, boilers, valves and pipe work which are driving the segment's growth.

The thermal energy segment is expected to have the highest CAGR during the forecast period

The thermal energy segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its rising usage in IoT applications. To encourage its usage in IoT applications, several top thermal energy harvesting businesses are collaborating. Factors such as recovering waste heat from power household appliances, machinery, wearable technology and other gadgets are fuelling the segments growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to its investments on renewable energy. The need for energy harvesting systems in the region is rising rapidly due to high industrial applications. The high purchasing power and growing tech-savvy population in this region will help in the growth of the IoT systems which are propelling the market growth.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to its favourable policies and regulations. It has the presence of intelligent building and building automation vendors. This region has high awareness regarding green buildings. Many policies and regulations are implemented regarding increasing energy efficiency of buildings. This region is the adopter of energy-efficient solutions such as power generation and energy harvesting. Its government introduced clean energy solutions which are driving the region's market growth drastically.

Key players in the market

Some of the key players profiled in the Energy Harvesting Equipment Market include: Texas Instruments Incorporated, Analog Devices Inc, ABB Limited, Microchip Technology Inc, E-Peas SA, Advanced Linear Devices Inc, Cypress Semiconductor Corporation, EnoCean GmbH, STMicroelectronics NV, Piezo.com, Powercast Corporation, Fujitsu Global, Cymbet Corporation, Linear Technology, Convergence Inc, Mide Technology Corporation, Honeywell, GreenPeak Technologies, LORD Corporation and Power Costs Inc

Key Developments:

In October 2022, Fujitsu Australia announced the launch of its new portfolio of business notebooks, the LIFEBOOK range of high-performance notebooks featuring the 12th Gen Intel® Core™ processors. The launch represents a significant development for the business community in managing the evolving nature of hybrid working. The notebooks will enable businesses to expand their horizons through the flexibility offered by the product suite's slim and lightweight form factor.

In September 2022, Powercast Corporation, the leader in radio-frequency (RF)-based over-the-air wireless power technology, has created a unique cellular-based RF Power-Over-Distance Wireless Charging Platform, built around Sequans Monarch cellular IoT connectivity technology. Powercast will demonstrate the solution at Mobile World Congress in Las Vegas.

In February 2022, ABB India launches new series of smart monitoring solutions for the digital panel meter. These smart solutions in metering and energy monitoring enable users to make better choices to monitor their power consumption.

Components Covered:

• Power Management Integrated Circuits (PMICS)
• Regulators
• Converters
• Transducers
• Controllers
• Transmitters
• Sensors
• Other Components

Energy Sources Covered:

• Radio Frequency Energy
• Solar Energy
• Light Energy
• Vibration Energy
• Thermal Energy
• Piezoelectric Energy
• Other Energy Sources

Applications Covered:

• Wireless Switching Systems
• Wireless Sensing & Telematics Systems
• Wireless HVAC Systems
• Asset Tracking Systems
• Tire Pressure Monitoring Systems
• Remote Health Monitoring Systems
• Regenerative Braking Systems
• Other Applications

End Users Covered:

• Automotive
• Consumer Electronics
• Military
• Aerospace
• Healthcare
• Industrial Automation
• Building
• Home Automation
• Security
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances