Introduction to the Energy Harvesting System Market

The global Energy Harvesting System (EHS) market is expected to reach a value of 15.01 billion USD by 2028, growing at a Compound Annual Growth Rate (CAGR) of 26.3% from 2021 to 2028. This exponential growth is driven by various key factors, including the increasing adoption of EHS in rural areas, a growing demand for power-efficient, durable energy systems, the rise of green energy trends, and favorable governmental initiatives.

Major Factors Driving Market Growth

The main drivers of the market growth include:

The rising adoption of EHS in rural areas to ensure energy access and sustainability. An increasing demand for power-efficient energy systems to enhance energy security and reduce environmental impact. An upsurge in green energy trends, emphasizing cleaner and sustainable energy sources. Favorable initiatives by governments to encourage the adoption of renewable energy technologies. The rising adoption of ocean energy harvesting, which presents new opportunities for market expansion. The growing use of sensors in wearable electronics, which facilitates the development and deployment of advanced EHS solutions.

Impact of COVID-19 on the Energy Harvesting System Market

The outbreak of the COVID-19 pandemic in 2020 had a significant impact on the investments and technological advancements across different verticals. The pandemic led to economic slowdowns, shutdowns of manufacturing industries, and disruptions in supply chains, affecting numerous industries such as automotive, construction, and energy. However, the healthcare sector saw a positive impact during the pandemic.

In hospitals, piezo and pyroelectric wearable sensors play a crucial role in detecting physiological signals of patients infected with the SARS-CoV-2 virus. These non-invasive sensors aid in the collection of remote, contactless physiological data, which is beneficial for patient monitoring without the need for direct physical interaction.

Various government initiatives and partnerships between healthcare companies have propelled the adoption of EHS to combat the pandemic. For instance, in June 2021, the IKEA Foundation donated €2 million to SELCO Foundation to support the second wave of the COVID-19 pandemic in India. SELCO implemented a nine-month program using renewable energy innovations to provide relief and aid 500,000 people in recovering from the crisis and building resilience. SELCO benefited 46,000 people through decentralized healthcare and testing services, including 60 portable solar-powered COVID-19 care hospitals, mobile testing kiosks, vans, and isolation centers. These facilities were powered by renewable energy, which was also used to assist small farmers and entrepreneurs in navigating the crisis.

Challenges and Market Dynamics

Despite the promising growth, some segments of the EHS market witnessed a decline in demand due to a drop in overall energy harvesting system services. However, the overall market is expected to continue growing at a steady pace, driven by the increasing adoption of renewable energy sources and the development of innovative EHS technologies.

Conclusion

The global Energy Harvesting System market is poised for substantial growth, offering significant opportunities for market players in the coming years. The integration of renewable energy technologies and the development of advanced EHS solutions will continue to shape the market landscape, contributing to a more sustainable and efficient energy future.