SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- The global energy harvesting system market size is expected to reach USD 986.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.2% from 2020 to 2028. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global market over the projected period.
Key Insights & Findings:
The market is highly fragmented as it has different categories of technology, application, and service providers
The industrial application type segment accounted for the largest revenue share of more than 30% in 2020
The vibration technology segment led the global market in 2020 with a revenue share of over 32%
Government schemes aim to promote product installation across industrial, residential, and commercial applications
These systems can be operated on-grid as well as off-grid depending on the application and location
Moreover, the multiple benefits of these systems over conventional power generation methods are expected to fuel the market growth
The COVID-19 pandemic has caused many disruptions in the market. However, mobility and economic activity are likely to accelerate with time. This is expected to increase commercial and industrial demand for Internet of Things (IoT) projects deployment, which will increase the demand for energy harvesting systems in the future.
IoT has gained widespread momentum across all industrial sectors including automotive, energy, defense, consumer electronics, and healthcare, among others. The increasing preference towards offering data-centric, personalized experiences to the customers is pushing companies to connect as many devices as possible to gather more consumer-related data.
Europe accounted for the maximum share of the global revenue in 2020 due to supporting policies by the European Union. European countries are investing in and focusing on the maximum utilization of IoTs to drive the technology's advancement across various end-use sectors in the region, such as building & home automation, lighting, industrial, and automated meter reading.
Grand View Research has segmented the global energy harvesting system market based on technology, vibration technology, component, application, and region:
Energy Harvesting System Technology Outlook (Revenue, USD Million, 2017 - 2028)
Energy Harvesting System Vibration Technology Outlook (Revenue, USD Million, 2017 - 2028)
Energy Harvesting System Component Outlook (Revenue, USD Million, 2017 - 2028)
Power Management IC (PMIC)
Energy Harvesting System Application Outlook (Revenue, USD Million, 2017 - 2028)
Home & Building Automation
Energy Harvesting SystemRegional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Energy Harvesting System Market
Piezoelectric Materials Market – The global piezoelectric materials market size was valued at USD 1.17 billion in 2015. The rising popularity of piezoceramics on account of exhibiting high dielectric constant for the production of electronic goods is expected to drive industry growth.
Smart Cities Market – The global smart cities market size was valued at USD 98.15 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 29.3% from 2021 to 2028.
Smart Home Automation Market – The global smart home automation market size was valued USD 46.15 billion in 2016 and is expected to gain traction over the forecast period owing to its rapid adoption across residential applications.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.