The global energy harvesting system market will grow at a compound annual growth rate (CAGR) of more than 8.9% during the forecast period from 2022-2030.
The growth of the global energy harvesting system market is attributed to the growing adoption of energy harvesting systems, increasing emphasis on the use of renewable resources, and various government initiatives.
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Government organizations have been putting significant efforts to enhance the use of renewable resources for electricity generation. Harvesting systems use the natural energy from the environment, such as solar and wind, and transform it into electrical energy. Thus, it will surge the demand for energy harvesting systems during the forecast period. Apart from that, rising air pollution and hazardous effects of global warming have alarmed the population and authorities of various countries to adopt natural methods. This, in turn, would eliminate the use of non-renewable energy resources and prompt the demand for energy harvesting systems.
Furthermore, essential steps for declining carbon footprints would positively impact the growth of the global energy harvesting system market.
Additionally, changing rainfall patterns, climate changes are up scaling the demand for energy harvesting systems. Thus, these environmental factors would contribute to enhancing the revenue generation during the forecast period.
The growing innovations and advancements by key players would register some promising growth during the analysis period. EnOcean GmbH introduced self-powered wireless sensors to integrate the energy harvesting solutions. Such advancements would boost the demand for energy harvesting systems.
However, the lack of consumer awareness in various regions is expected to decline the growth of the global energy harvesting system market during the analysis period.
Geographic Overview
Geographically, Europe is the leading contributor to the growth of the global energy harvesting system market. Moreover, the region is forecast to hold the highest revenue during the forecast period. Europe is witnessing the fueling adoption of energy harvesting systems, majorly in commercials and passengers car segments. Apart from that, the Asia-Pacific region is forecast to register a remarkable CAGR during the forecast period as the manufacturing and construction domains are adopting the use of energy harvesting systems. Moreover, growing concerns over carbon emission and pollution would surge the growth of the global energy harvesting system market during the forecast period.
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Covid-19 Impact Analysis
The COVID-19 pandemic had severely impacted the manufacturing activities, owing to the disruptions in the supply chain. Moreover, various domains stopped their operations due to the decline in the workforce. As a result, it reduced the adoption of energy harvesting systems. The onset of the COVID-19 pandemic stopped the import and export activities. This, in turn, created a shortage of raw materials. Apart from that, trade activities severely declined during the pandemic period. Thus, the growth of the global energy harvesting system market dramatically fell during the COVID-19 pandemic period.
Competitive Insight
- Fujitsu Group (Japan)
- Cymbet Corporation (United States)
- Convergence Wireless (United States)
- Powercast Corporation (United States)
- Honeywell International Inc. (United States)
- Texas Instruments Incorporated (United States)
- STMicroelectronics N.V. (Europe)
- ABB Ltd. (Europe)
- Bionic Power, Inc. (South America)
- Yantra Harvest Energy Private Limited (India)
- EnOcean GmbH. (Germany)
- Other prominent players
Market Segmentation
By Technology
- Vibration
- Radiofrequency (RF)
- Light
- Thermal
By Component
- Transducer
- Storage battery
- PMIC
By Application
- Home Automation
- Consumer Electronics
- Security
- Transportation
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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