NEW YORK, Feb. 2, 2023 /PRNewswire/ -- The value of the energy harvesting system market stood at USD 528 million in 2022, and this number is projected to reach USD 1,076 million by 2030, advancing at a CAGR of 9.3% during 2022-2030, according to P&S Intelligence.
The growth can be ascribed to the supportive government guidelines aimed at reducing greenhouse gas release, the burgeoning environmental awareness, and increasing power consumption. The snowballing research and development efforts to innovate technologies will also fuel this expansion in the coming years.
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Initiatives to Decrease Carbon Emission Boost Market
The growing emissions of greenhouse gases are the major reason for the global climate change. Unstable rainfall patterns and increasing temperatures have a negative impact on agriculture.
Hence, the usage of energy harvesting technology to accumulate waste energy and convert it to electricity is rising around the world, with support from governments and private firms.
Light Is Most-Popular Source Used by Energy Harvesters
In 2022, the light technology contributed the highest revenue to the European industry. In Europe, Italy, Spain, the U.K., Germany, and France are the key nations in terms of solar energy production.
Light is the most-common source utilized to transform the sun's UV radiation into electric power. PV is also the most-well-known renewable energy technology. Therefore, in the U.S., for instance, 46% of the renewable capacity additions in 2022 were expected to be in solar power.
Need to Lessen Dependency on Conventional Fuels
The overloading of the troposphere with CO2 has negative effects on the public throughout the world. When carbon dioxide and other gases are released into the atmosphere, they lead to global warming.
The key factor behind global warming is human activities, primarily the burning of conventional fuels to produce electricity, run manufacturing machinery, cook, and operate home appliances.
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It is rather important to decrease carbon emissions, to confront global warming. The utilization of clean sources of electricity is one of the simplest and most-effective ways to do so, which is why governments are strongly focusing on this sector.
Building and Home Automation Industry Is Major Revenue Generator
In 2022, the building and home automation sector generated the highest revenue, of USD 191 million, and it is projected to continue its dominance in the future. This is because of the quick surge in the installation of appliances integrated with sensors in the commercial and residential sectors.
Energy Harvesting Systems Market Report Coverage
By Technology
- Light
- Vibration
- Thermal
- Electromagnetic/ Radio Frequency (RF)
By Component
- Transducer
- Photovoltaic
- Piezoelectric
- Thermoelectric
- Electro-Dynamic
- Power Management Integrated Circuits (PMIC)
- Storage Systems
By Application
- Building and Home Automation
- Consumer Electronics
- Industrial
- Transportation
- Security
Regional Analysis
- Europe
- Germany
- U.K.
- Italy
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of the World
- South Africa
- U.A.E.
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