Energy Harvesting Market is expected to grow at a CAGR of 21.9% during the forecast period 2022-2030

The global energy harvesting market is anticipated to grow with a CAGR of by 21.9% during the forecast period of 2022-2030. Energy harvesting is the process in which, naturally occurring energy sources are used and stored in the form of energy. Piezoelectric material & the thermoelectric material is the mostly used technologies for energy harvesting. There are various benefits of energy harvesting solutions. But some are more evident than others, the applications of energy harvesting can help to achieve the global energy demand, by using the otherwise lost energy, this application have major impact on environment and financial performance of household & companies. Hence the energy harvesting technologies are majorly used technology to improve the efficacy of the offices & household devices.

Consumer electronics segment is the major consumer of the energy harvesting devices in the global energy harvesting market, which is expected to grow with a CAGR of 19% during the forecast period. The consumer electronic market including mobile phones, calculators, wrist watches, and piezoelectric gas lighters cover the maximum share of the global energy harvesting market, tracked by military and aerospace-based applications. The consumer electronics market is expected to grow at a fast pace in the upcoming period, owing to the growing technological innovation in energy harvesting devices to enhance the effectiveness of the consumer electronics and product launches, creation the industry recession-proof virtually.

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The piezoelectric systems are creating huge growth opportunity for the energy harvesting due to it is increasing its application in various domains such as flooring tiles, dance floors, road side to power street light, inside the footwear heal. These application is rising due to piezoelectric system have the higher potentials as compared to other and alternative systems available for energy harvesting. The piezoelectric components having the capability of delivering around 70% of their charge. While quartz and ferroelectric crystals like Rochelle salt and tourmaline are good examples of the piezoelectric materials. Moreover, ceramic lead zirconatetitanate, commonly known as PZT is one of the most widely used piezoelectric material deployed for energy harvesting.

Europe market is the clear leader in the global energy harvesting market.  The Europe holds around 41% in revenue share in the global energy harvesting market in 2021. The Europe energy harvesting market is expected to reach to $1641 by the end of 2022. Asia Pacific remains the fastest growing market with an estimated CAGR of 23.7% during the forecast period.  APAC energy harvesting market is majorly driven by the huge demand for the renewable energy and rising concerns for the energy saving with in the region. India and China is the major growth driver in the global market. The growth in all such countries is majorly driven by the increasing demand for the energy harvesting in the consumer electronic and building and automation sector. Due to light energy, solar energy, infrared energy, UV radiation energy market, rising electrification of transportation industry and increasing demand of LED lightings are the key factors, which are driving the growth in the Asia Pacific market. Rising automotive electrical, increasing electrification of transportation industry and increasing demand of LED lightings are the key factors that are driving the growth in the China market.

Competitive rivalry is very high in the energy harvesting market. The major reason for the growing competitive rivalry is the rising adoption of energy harvesting technology globally, due to its effectiveness and decreased cost. The companies are working on product launches for making advanced products and effective in cost as compared to other major players. The major players such as Siemens, Schneider electric, Honeywell etc., are focusing on the product developments that make their product competitive in the global market. The battery replacement is the major benefits given by the use of energy harvesting technology. This plays the major role in Competitive Rivalry. Since the companies are tending towards the use of energy harvesting due to effectiveness. Major Companies of energy harvesting are also concentrating on mergers, acquisitions etc which is also helping to expand the market share and increasing the competition.

KEY MARKET MOVEMENTS

• The global energy harvesting market is anticipated to grow with a CAGR of by 21.9% during the forecast period of 2022-2030.
• Consumer electronics segment is the major consumer of the energy harvesting devices in the global energy harvesting market, which is expected to grow with a CAGR of 19% during the forecast period.
• The Europe holds around 41% in revenue share in the global energy harvesting market in 2021.
• Asia Pacific remains the fastest growing market with an estimated CAGR of 23.7% during the forecast period.
• Competitive rivalry is very high in the energy harvesting market.
• The major players such as Siemens, Schneider electric, Honeywell etc., are focusing on the product developments that make their product competitive in the global market.