According to the new market research report on the "Energy Harvesting System Market by Technology (Light, Vibration, RF, Thermal), Component, Application (Building & Home Automation, Consumer Electronics, Industrial, Transportation, Security), and Region - Global Forecast to 2023", this market is expected to be valued at USD 645.8 Million by 2023, growing at a CAGR of 10.62% between 2017 and 2023.
The major factors driving the growth of the energy harvesting system market include the growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance, extensive implementation of IoT devices in automation and energy harvesting technology in building and home automation, and increasing trend for green energy and favorable initiatives by the governments.
Light energy harvesting technology expected to hold the largest market size by 2023
The light energy harvesting technology is likely to propel the energy harvesting system market growth. The light energy harvesting technology has been extensively adopted because of the wide availability of solar energy source and availability of advanced research on the technology.
The market for the building and home automation application to grow at the highest rate during the forecast period
The energy harvesting system market for the building and home automation application is likely to grow at the highest rate during the forecast period owing to the increasing adoption in the Americas and Europe of energy harvesting devices in building and home automation applications.
Transducers and secondary batteries to hold a larger share of the energy harvesting system market by 2023
Transducers and secondary batteries are expected to contribute significantly in energy harvesting system market owing to the increasing adoption of transducer devices such as photovoltaic cells and piezoelectric devices to generate energy for low-power devices. The devices are largely used in building and home automation applications to power devices such as occupancy sensors, smoke detectors, heaters, lighting control devices, switches, and gateways.
The energy harvesting system market in the Americas to grow at the highest rate
The market in the Americas is expected to grow at the highest CAGR during the forecast period. The high growth can be attributed to the increasing penetration of building automation in the Americas is increasing in new construction projects that are accepting renewable energy as the power source for low-power electronic devices.
The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players in this market are EnOcean GmbH (Germany), Mide Technology Corporation (US), Lord Microstrain (US); secondary battery and capacitor providers such as Cymbet Corporation (US), Linear Technologies (US), Murata Manufacturing Co. Ltd., (Japan), and Infinite Power Solution Inc. (US); power management IC manufacturers such as Linear Technologies (US), Cypress Semiconductor Corp. (US), STMicroelectronics (Switzerland), Texas Instruments (US), and Fujitsu (Japan).