Energy Harvesting System Market: Rise in Deployment of IoT Devices

The global energy harvesting system market is growing at a notable CAGR of 11.13% from 2022 to 2030. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global market over the projected period.

Energy harvesting system is an integrated information technology-aided analytical tool used on various platforms to achieve energy efficiency through energy scavenging and energy optimization of individual components in the system. These systems are expected to gain significant prominence in the next few years on account of growing energy requirements in industrial sectors, especially manufacturing and power & energy enterprises, for real-time monitoring and assessment of energy harvesting patterns.


The global energy harvesting system market size was accounted for USD 646.61 million in 2022 and is expected to hit USD 1,503.9 million by 2030, growing at a CAGR of 11.13% from 2022 to 2030. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global market over the projected period.

Internet of Things (IoT) has gained widespread momentum across all industrial sectors including automotive, energy, defense, consumer electronic, and healthcare, among others. The increasing preference towards offering data centric, personalized experiences to the customers is pushing companies to connected as much devices as possible in order to gather more consumer related data.

The home & building automation components type segment accounted for the largest revenue share of over 30.5% in 2020. The growth can be ascribed to the growing adoption of the Internet of Things (IoT) and wireless sensor networking for control systems and home automation.

The thermal technology segment accounted for the largest revenue share of over 30.84% in 2020. The thermal EHS captures heat, which is either wasted energy given off by engines, or readily available in the atmosphere, and also by other sources.

The energy harvesting system market is fragmented in nature as it has different categories of technology, application and service providers. In terms of market leaders Analog Devices, Inc, Texas Instruments Incorporated., and EnOcean GmbH are some of the key market players which provides energy harvesting system products.

The supply chain of Energy Harvesting System was majorly affected due to the shutdown of production facilities owing to lockdowns imposed in the majority of the countries around the globe. Additionally, local and international travel restrictions, quarantine requirements, and lockdowns further delayed the shipments of manufactured parts that were in process of delivery.

The world economy is projected to expand after the COVID-19 pandemic, therefore, energy demand is expected to increase exponentially in the coming years. The high energy demand can be attributed to high living standards and fast economic growth. The shift toward low-carbon fuels coupled with stringent environmental regulations in most of the developed countries has provided a major boost for renewable energy.

The energy generation market has witnessed a surge in the installation capacity of renewable sources over the past few years on account of growing environmental concerns coupled with the aim to reduce harmful effects of greenhouse gasses. This has been a major factor in the expansion of solar and wind energy. Government support to save energy and improve energy efficiency is expected to result in propelling growth over the forecast period.

Numerous governments across the world have framed various regulations to reduce greenhouse gas emissions. The Kyoto Protocol, introduced by the United Nations Framework Convention on Climate Change (UNFCCC) in 1997, was one of the first major steps toward controlling greenhouse gas emissions in various countries. It also led to increased investments in renewable energy generation methods such as wind, solar, and biogas.

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RISE IN DEPLOYMENT OF IOT DEVICES

Internet of Things (IoT) has gained widespread momentum across all industrial sectors including automotive, energy, defense, consumer electronic, and healthcare, among others. The increasing preference towards offering data centric, personalized experiences to the customers is pushing companies to connected as much devices as possible in order to gather more consumer related data. Therefore, technology companies such as Renesas Electronics Corporation, ARM Holdings, Microchip Technology Inc., among others, are investing heavily to develop systems and devices for such IoT applications.

The growth in the connected devices has led to an increase in the amount of data generated across these devices. The high amount of data generation is therefore increasing the capabilities of devices and hence, driving the development of microcontrollers that offer high performance with low power consumption.

The growing applications of IoT including smart cities, smart homes, Industrial Internet of Things (IIoT), and machine to machine (M2M) communications, among various others is further expected to fuel the market growth for energy harvesting system in various applications such as consumer electronics, industrial, military and defense, home and building automation. Since energy harvesting systems are one of the prominent solutions which can power the low power wireless sensors.

One of the most crucial challenges of IoT integration is data privacy, network security, as well as security of all the components involved in IoT application. As the applications involved in IoT are backed by a server network that links hardware and software modules and includes huge amount of data moving through a number of interlinked devices.

Energy harvesting devises are closely linked with IoT devices which play an important role in energy optimization and energy monitoring services. With the technological advancement of IoT devices, energy harvesting devices have also been upgraded to match the industry standards.

Penetration & Growth Prospect Mapping

Factors such as growing environmental awareness, increasing government policies and greenhouse gas (GHG) emission reduction targets, and burgeoning demand for energy are expected to drive the energy harvesting system market over the forecast period. Increasing R&D initiatives for the development of new technologies are expected to augment the market growth.

Government schemes aim to promote the installation of energy harvesting systems across industrial, residential, and commercial applications. These systems can be operated on-grid as well as off-grid depending on the application and location. Moreover, the multiple benefits of energy harvesting systems over conventional energy generation methods are expected to fuel market growth.

Energy harvesting system is an integrated information technology-aided analytical tool used on various platforms to achieve energy efficiency through energy scavenging and energy optimization of individual components in the system. These systems are expected to gain significant prominence in the next few years on account of growing energy requirements in industrial sectors, especially manufacturing and power & energy enterprises, for real-time monitoring and assessment of energy harvesting patterns.

Industry value chain analysis

The value chain of the global energy harvesting system market comprises several significant parts, including component manufacturers, system assemblers & integrators, distributors & implementers, and application areas.

Major components utilized for integrating these modules include sensors, transducers, batteries, PMCs, and other minor components. For enhanced performance of energy harvesting modules, these components need to be technologically upgraded on time. Developers of these components invest a significant proportion of their annual budgets on R&D activities. Some of the independent companies operating in the segment include Analog Devices, Inc., Renesas Electronics Corporation, EnOcean GmbH, Piezo, and Jabil Inc.

An energy harvesting system functions perfectly only when all its components are integrated to match the system requirements. Integrators and assemblers integrate the different components to create an energy management system as a product. ABB, Bionic Power Inc., STMicroelectronics, Cymbet, and Powercast Corp are some of the companies that design and integrate energy harvesting systems for various applications. These integrated energy harvesting systems are then used in various applications such as consumer technology, home and building automation, industrial, transportation, and security.

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