How is Increasing Usage of Wireless Electronic Devices Driving Energy Harvesting System Market?

Electronic devices that are wireless have become a very important part of everyone’s lives these days, whether it’s the industrial or domestic scenario. Such devices do not need to be connected to the main power grid and are powered by batteries.

Due to this extensive usage of batteries, manufacturers have been heavily focusing on enhancing their efficiency; however, the fact remains that batteries need to be replaced after a certain amount of time and the ones in use need to be maintained on regular basis. Additionally, these days, there is a high demand for devices and batteries which make use of clean and green energy.

According to a P&S Intelligence report, in 2017, the global energy harvesting system market reached a value of $358.5 million and is projected to generate revenue of $659.6 million by 2023, witnessing an 11.0% CAGR during the forecast period (2018–2023).

Due to all these factors, the shift has been increasingly moving energy harvesting systems, as they are efficient and make use of alternate energy that is gathered from the environment. Energy harvesting systems harness small amounts of energy from the surroundings that is otherwise wasted in different forms. The technology can prove immensely useful for powering up low-power electronics, therefore, the demand for energy harvesting systems is growing rapidly.

These systems are capable of harnessing energy from different sources, such as electromagnetic/radio frequency, light, thermal (heat), and vibration. Out of these, the light energy harvesting technology was utilized the most in the past, which is because of the easy availability of this technology and its innovative applications in the solar energy sector.

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Other than this, the demand for vibration energy harvesting technology is also expected to rise considerably in the near future, as this technology is being widely adopted in remote locations and harsh environments.

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Energy Harvesting System Market to Witness a CAGR of 11.0% in Coming Future

Annually, 35,000–45,000 pounds of CO₂ emissions are attributed to an average person. The increasing global carbon footprint and rising amount of greenhouse gas emissions are leading to climate change. The changing climate, shifting rainfall patterns, and rising temperature are further resulting in the depletion of natural resources, upon which numerous economies are dependent.

The governments across the globe, in order to remedy this situation, are focusing on ways to reduce the carbon footprint. Minimizing the wastage of energy and harvesting it instead is one of the ways to accomplish this. The process of energy harvesting converts wasted energy, which is accumulated, into currents and electrical voltages. 

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The systems used for the purpose of harvesting energy also make sure that the electricity bill doesn’t burn a hole in individuals’ pockets. These factors are leading to an increasing demand for energy harvesting systems and devices.

The natural resources generally used for the generation of energy, for example fossil fuels, are finite and take a heavy toll on the environment. As per the BP Statistical Review of World Energy, in 2010, the world was left with only 188.8 million tons of oil in the reserves that are known to humans, which is only enough to meet the world’s demands for the coming 46.2 years. 

Thus, it has become vital to look for new ways that could help generate energy and reduce environmental degradation, and energy harvesting could be the way to achieve this. The global energy harvesting system market attained a value of $358.5 million in 2017, and it is further predicted to grow at a CAGR of 11.0% in the coming years. 

The growth of the market is because of the rising adoption of internet of things (IoT) and increasing demand for power-efficient systems for building automation.

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