Energy Harvesting System Market by technology, component, application | COVID-19 Impact Analysis | MarketsandMarkets

The energy harvesting system market is estimated to be worth USD 468 million in 2021 and is projected to reach USD 701 million by 2026, at a CAGR of 8.4 %. The growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance surging implementation of IoT devices in automation and energy harvesting systems for building and home automation increasing trend for green energy and favorable initiatives by governments rising adoption of wireless sensor networks equipped with energy harvesting systems are some of the prominent factors for the growth of the energy harvesting system market globally.

COVID-19 Impact on the Global Energy Harvesting System Market

The emergence of COVID-19, a deadly respiratory disease that originated in China, has become a pandemic and has spread globally at a fast pace. The impact of COVID-19 on the energy harvesting system market is currently limited, but the adoption of energy harvesting solutions may reduce more than expected in the short term as many service providers and integrators are involved in managing the unprecedented pandemic. The US is a major hub for the adoption of energy harvesting systems in applications such as building and home and industrial automation. Europe is home to many major players in manufacturing energy harvesting systems. With COVID-19 still impacting many economies across the world, it is impossible to predict the accurate impact on the energy harvesting system market. As there are several suppliers of components and devices in Europe, the impact of lockdown is expected to affect global players. The disruption caused by the shortage of semiconductor components has resulted in a delay in the development of new energy harvesting modules and products. This has further stagnated the growth of existing orders received for energy harvesting systems.

Light energy harvesting technology held the major market share in the energy harvesting system market in 2020

The light energy harvesting technology segment, especially the solar energy harvesting technology segment, held the largest market size in 2020, and the same trend is likely to continue in the next few years owing to the increase in the manufacturing of solar-based products and the growing efficiency of photovoltaic cells. Solar energy is the most widely available natural resource that can be easily converted into electricity. The vibration energy harvesting segment is expected to account for the second-largest share of the market owing to the use of products such as piezoelectric devices in various applications, such as industrial and transportation.

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Energy harvesting system market for building and home automation application to grow at the highest CAGR during the forecast period

In 2020, the building and home automation application accounted for the largest share of the energy harvesting system market, in terms of value, owing to the increasing adoption rate of wireless sensor networking (WNS) and Internet of Things (IoT) for home automation and control systems, which implement energy harvesting devices and sensors. The industrial application held the second-largest size of the market for energy harvesting systems used in industrial sensors for measurement and control.

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