Global Energy Harvesting System Market Aims for $918 Million by 2028, Fueled by 10.0% CAGR
DUBLIN, Sept. 13, 2023 /PRNewswire/ -- The "Energy Harvesting System Market by Technology (Light, Vibration, Radio Frequency (RF), Thermal), Component (Transducers (Photovoltaic, Piezoelectric, Electromagnetic, RF, Thermoelectric), PMICs, Secondary Batteries) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global energy harvesting system market is on track to expand significantly, with an estimated value of $918 million projected by 2028, marking a robust Compound Annual Growth Rate (CAGR) of 10.0% from 2023 to 2028. Several key factors are driving this growth, including the widespread adoption of IoT devices, increased use of energy harvesting systems in building and home automation, and the rising demand for dependable, power-efficient, and low-maintenance systems.
Vibration Energy Harvesting Segment to Thrive:
Among the various technologies in the energy harvesting system market, vibration energy harvesting is expected to experience rapid growth during the forecast period. This surge can be attributed to ongoing research and development efforts aimed at enhancing the efficiency, durability, and scalability of vibration energy harvesting technologies. For instance, recent innovations like a two-centimeter energy harvester, which captures piezoelectric vibration energy generated by walking to power small wearable devices, showcase the potential for self-charging wearables and energy-efficient electronics.
Building & Home Automation Application Segment to Soar:
Building & home automation is anticipated to be one of the fastest-growing application segments in the energy harvesting system market. The adoption of energy harvesting systems in building automation offers cost savings by eliminating the need for regular battery replacements. These systems can power devices such as occupancy sensors, humidity sensors, window positioning systems, temperature sensors, and lighting control systems in an energy-efficient manner. The emphasis on energy-efficient buildings and smart homes is expected to drive market rowth.
North America Leading the Charge:
North America is poised to hold a substantial market share in the energy harvesting system market during the forecast period. Key drivers in this region include a strong focus on renewable energy sources, sustainable practices, and clean energy adoption. Governments in North America are actively investing in energy harvesting technologies to reduce dependence on fossil fuels and minimize environmental impact. Furthermore, growing awareness among industries and consumers regarding the advantages of energy harvesting, such as cost savings and reduced carbon emissions, is driving market growth.
Case Study Highlights:
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