Energy Harvesting Systems Market size is projected to accrue massive momentum over 2022 to 2028, driven by the challenges of frequent power outages in various developed and developing economies. According to a credible report, Maine, a province in the United States faced most frequent outages to date, with an average of 3.9 outages per customer annually.
The energy harvesting systems usually convert ambient energy to electrical. These are beneficial as the devices connected could be remotely operated for an unlimited amount of time without any adverse impact on the environment. The demand for renewable sources of energy would further propel the need for energy harvesting systems worldwide.
Factors like deployment of IoT devices in automation, expansion of urban population, escalating demand for power efficient, safe, and durable systems, and surging penetration of energy harvesting technology in home and building automation are poised to stimulate the energy harvesting systems market forecast through 2028.
Photovoltaic energy harvesting systems are gaining much acclamation across the overall market owing to their increased applicability and ability to produce relatively high power at lower costs. Besides, due to its higher energy output, PV energy harvesting technology can be used to power higher power battery charging applications. In addition to this, it would also be used to fuel wireless sensor nodes to expand the battery life, while in some cases, eliminating tethered charging altogether.
Electromagnetic EHS units are projected to account for massive gains in the coming years as these are highly dependent on vibration EHS technology. Vibration EHS technology stands out to be an emerging technique that produces energy to run a low-power device.
Regionally, Europe is poised to record appreciable revenue share in the energy harvesting systems industry over the due course of time. This can be reasoned to the introduction of favorable government policies and legislation across the region pertaining to proper energy utilization. Also, the European Commission has been supporting the market growth by offering incentives and investing in research and development of EHS and storage units.
North America energy harvesting systems market would also account for phenomenal gains over the forthcoming years driven by high penetration of electromagnetic EHS technology in industrial sectors such as healthcare, security, transportation, consumer electronics, and others.
Cymbet Corporation, Siemens AG, ABB Limited, Fujitsu Limited (Furukawa Group), greenTEG AG, Honeywell International Inc, Texas Instruments Incorporated., and STMicroelectronics NV, amongst others are some of the prominent names in the energy harvesting systems industry.
These market players have been going nine for scoring an edge in the billion-dollar business space while being engaged in mergers, acquisitions, collaborations, and facility expansion.
The outbreak of novel coronavirus has severely influenced the solar industry and its economy, which has abruptly restricted the growth of energy harvesting systems industry. The pandemic has also brought in various hurdles for the industry including shortage of equipment, labor, and issues in safety and health. However, the need for a constant power supply is projected to upscale the demand for these systems, producing an upsurge in energy harvesting systems market share over 2022-2028.