Friday Dec 09, 2022

Energy Harvesting System Market Worth $15.01 Billion by 2028 – GlobeNewswire

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Redding, California, Jan. 03, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled Energy Harvesting System Market by Component (Power Management, Sensors, Transmitters), Energy Source (Solar Energy, Thermal Energy, RF Energy), Industry (Consumer Electronics, Healthcare, Automotive), Application, and Geography—Global Forecasts to 2028″, the energy harvesting system market is expected to grow at a CAGR of 26.3% by value to reach $15.01 billion by 2028.

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Energy harvesting is the process of converting ambient energies present in the environment into electrical energy for use in powering autonomous electronic devices. Ambient energies such as solar, thermal, piezoelectric, radiofrequency, and kinetic are captured and stored to charge low-power devices used in wearable electronics and wireless sensor networks. Components such as regulators, controllers, converters, sensors, transmitters, power management integrated circuits (PMIC) offer safe, secure, and effectively turn waste heat into usable electrical energy. Companies are using energy harvesting systems across various industries, such as consumer electronics, military & aerospace, automotive, and healthcare. Additionally, the development of advanced energy harvesting systems contributes to the industrialization of energy harvesting technology.

Rising adoption of energy harvesting systems (EHS) in rural areas; growing demand for safe, power-efficient, and durable energy systems; increasing trends for green energy; and favorable initiatives by the government are the major factors driving the growth of the energy harvesting system market.

Moreover, factors such as the adoption of ocean energy harvesting and the adoption of sensors in wearable electronics are further driving the growth of this market.

Impact of COVID-19 on the Energy Harvesting System Market

The COVID-19 pandemic severely affected numerous industries, such as automotive, healthcare, manufacturing, construction, and energy. The pandemic caused a major impact on energy systems worldwide, curbing investments and threatening to slow the expansion of key clean energy technologies worldwide.

Countries such as the U.S., the U.K., China, and India have been negatively affected by the COVID-19 pandemic and have experienced a decline in energy demand due to strict lockdowns and restrictions imposed by their respective governments.

In addition, factors such as reduced production rate, closure of manufacturing sites, and the slowdown of R&D investment have negatively impacted the growth of the energy harvesting system market globally.

However, the healthcare sector witnessed a positive impact during the COVID-19 pandemic. Healthcare resources have been prioritized to cater to patients affected by the SARS-CoV-2 virus. The COVID-19 pandemic increased the demand for accurate, safe, and instant medical testing and diagnosis systems.

Furthermore, the utilization of low-power electronic devices in the healthcare industry continuously drives the demand for energy harvesting systems worldwide. The medical devices used to monitor blood sugar, heart rate, oxygen levels, and blood pressure by converting waste energy into electrical energy have encouraged various healthcare companies to adopt energy harvesting systems.

The steep decline in investments and developments in the energy sector has lowered electricity demand globally. According to the International Energy Agency (IEA), the nationwide lockdowns reduced electricity demand by over 20%, with smaller effects for partial lockdowns. The complete lockdowns reduced daily electricity demand by at least 15% in countries such as France, India, Italy, Spain, the U.K., and the U.S. Furthermore, the electricity demand of Italy fell by over 25% due to the lockdowns induced …….

Source: https://www.globenewswire.com/news-release/2022/01/03/2359874/0/en/Energy-Harvesting-System-Market-Worth-15-01-Billion-by-2028-Exclusive-Report-by-Meticulous-Research.html

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