The global energy harvesting system market is expected to grow at a compound annual growth rate of 12.75% over the forecast period to reach a market size of US$820.59 million in 2026, from US$354.25 million in 2019. The market is expected to surge in the coming years, because of the increasing growth in the revenue of the consumer electronics industry, adoption of renewable energy, extensive implementation of Internet of Things devices in automation, surging demand for safe, durable, and power-efficient systems, the proliferation and segmentation of urban population, and favorable schemes and initiatives by the governments, globally, are expected to be a major factor in the market growth, during the forecast period.
Electric vehicle growth is also expected to be a major factor in the overall market growth, because of the emergence of tire pressure management systems in automobiles. The energy harvesting systems in tires are used to propel and power up small electric components, such as sensors. These trends are expected to have a positive effect on the energy harvesting systems market growth during the forecast period. Major companies are making significant developments in the market. Increasing UAV demand, from the defense industry, has been making a positive impact on the market growth. For Instance, Hybrid Tiger, a Group 2 UAV, which had been designed to build synergistic range and multiple day endurance benefits, through an integrated PMS had given a public demo at the Naval Research Laboratory, Maryland, USA, in April 2021.
The energy harvesting systems market is expected to be driven by the growth in renewable energy, globally. According to the International Energy Agency in 2018, the renewable power capacity, globally, would expand by 50% between the years 2019 and 2024 and would be led by solar power. Solar PV was expected to account for almost 60% of the total expected growth, with onshore wind capacity representing around one-quarter. Offshore wind was expected to contribute around 4% of the overall surge, and its capacity was forecasted to triple by the year 2024, due to the competitive auctions in the United States, China, and the European Union. China had been expected to account for 40% of the worldwide capacity expansion during the forecast period. The country had enhanced its irrigation system, lower its curtailment rates, and improved the competitiveness of both onshore wind and solar PV. Increasing solar capacity, worldwide, is expected to drive market growth, in the coming years. According to the Office of Energy Efficiency and Renewable Energy in the United States, Solar Power capacity in the country had grown to an estimated 97.2 GW, in the year 2020, from 0.34 GW in the year 2008. In the USA, over 3% of the electricity homes had come from solar energy in the form of Solar PV and Concentrating Solar Thermal Power. China is also making significant developments in the Solar Power Industry. According to the China Photovoltaic Industry Association, China’s total solar capacity had surged more than fivefold since the year 2015. The country had brought around 40 GW of novel solar power into operation in the year 2020, which took the country’s total installed solar capacity to 240 GW. India is also making significant developments in the market. India will also have a major role in the overall market growth, as the country aims to add around 100 GW of solar PV capacity by the year 2022.
According to the Ministry of New and Renewable Energy of India, the country received 5th global position in solar power deployment and had surpassed and crossed Italy, in the year 2019. Solar Power Capacity in the country surged by more than eleven times in the period between 2014 to 2019, from 2.6 GW in March 2014, to 30 GW in July 2019. The market is also expected to surge because of the rise in wind installation capacity, globally. According to the Global Wind Energy Council, 60.4 GW of wind energy capacity was installed in the year 2019, worldwide. The in-stalled capacity saw a 19% surge from installations in the year 2018. The report also stated that the total wind energy capacity was at 651 GW, in the year 2019. The market is being driven by the growth of wind energy installations in The United States and China, as both of these nations accounted for 60% of novel capacity in the year 2019. The International Energy Agency stated that net wind capacity installations were expected to reach 65 GW capacity, by the year 2020.
The market is expected to surge in the coming years, due to the growth in electric vehicle sales, globally. According to the International Energy Agency, sales of electric cars rose to 2.1 million, worldwide, in the year 2019. The electric car sales registered and generated an approx. 40% on year surge, between the years 2018 and 2019. China and Europe achieved new and novel records in the electric car market share in the year 2019. The electric car sales were also driven by the reduction in purchase subsidies in countries like China and The United States of America. The latter ran a federal tax credit program for major electric vehicle manufacturers such as Tesla and General Motors, which was a positive development for the market. Tesla, one of the major American players in the EV market, announced that the company delivered 499,550 vehicles in the year 2020. The company produced 509,737 vehicles in the year 2020. Another major United States Company known as General Electric announced that it would spend USD 20 billion through 2025, on the development of the next-generation autonomous and EV vehicles. Electric vehicles and cars accounted for approx. 2.6% of worldwide car sales, and around 1% of global car stock in the year 2019. By the year 2019, the electric car numbers on the roads soar from 17,000 in the year 2010, to 7.2 million in the year 2019. Nine major nations had more than 100k electric cars on the road in the year 2019. China accounted for 47%, of the total 7.2 million.
|Market size value in 2019||US$354.25 million|
|Market size value in 2026||US$820.59 million|
|Growth Rate||CAGR of 12.75% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Technologies, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB, Honeywell, Cymbet, Fujitsu, Texas Instruments, Microchip Technology, STMicroelectronics, Powercast Corporation, EnOcean GmbH, General Electric|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the energy harvesting system market size by 2026?
A1. The global energy harvesting system market is expected to reach a market size of US$820.59 million by 2026.
Q2. What is the size of the global energy harvesting system market?
A2. Energy Harvesting System Market was valued at US$354.25 million in 2019.
Q3. What are the growth prospects for the energy harvesting system market?
A3. The energy harvesting system market is expected to grow at a CAGR of 12.75% over the forecast period.
Q4. What factors are anticipated to drive the energy harvesting system market growth?
A4. The energy harvesting system market is expected to surge in the coming years, because of the increasing growth in the revenue of the consumer electronics industry, adoption of renewable energy, and extensive implementation of Internet of Things devices in automation.
Q5. How is the global energy harvesting system market segmented?
A5. The energy harvesting system market has been segmented by technology, application, and geography.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Global Energy Harvesting System Market Analysis, By Technologies
6.Global Energy Harvesting System Market Analysis, By Application
7.Global Energy Harvesting System Market Analysis, by Geography
7.2. North America
7.2.1.North America Energy Harvesting System Market Analysis, By Technologies, 2019 to 2026
7.2.2.North America Energy Harvesting System Market Analysis, By Application, 2019 to 2026
220.127.116.11. United States
7.3.1.South America Energy Harvesting System Market Analysis, By Technologies, 2019 to 2026
7.3.2.South America Energy Harvesting System Market Analysis, By Application, 2019 to 2026
7.4.1.Europe Energy Harvesting System Market Analysis, By Technologies, 2019 to 2026
7.4.2.Europe Energy Harvesting System Market Analysis, By Application, 2019 to 2026
7.5.The Middle East and Africa
7.5.1.Middle East and Africa Energy Harvesting System Market Analysis, By Technolo-gies, 2019 to 2026
7.5.2.Middle East and Africa Energy Harvesting System Market Analysis, By Application, 2019 to 2026
18.104.22.168. Saudi Arabia
22.214.171.124. South Africa
7.6.1. Asia Pacific Energy Harvesting System Market Analysis, By Technologies, 2019 to 2026
7.6.2. Asia Pacific Energy Harvesting System Market Analysis, By Application, 2019 to 2026
7.6.3. By Country
8. Competitive Environment and Analysis
8.1.Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
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