DUBLIN–(BUSINESS WIRE)–The “Energy Harvesting System Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global energy harvesting system market is expected to grow at a compound annual growth rate of 12.75% over the forecast period to reach a market size of US$820.59 million in 2026, from US$354.25 million in 2019.
Companies Mentioned
ABB Honeywell Cymbet Fujitsu Texas Instruments Microchip Technology STMielectronics Powercast Corporation EnOcean GmbH General Electric The market is expected to surge in the coming years, because of the increasing growth in the revenue of the consumer electronics industry, adoption of renewable energy, extensive implementation of Internet of Things devices in automation, surging demand for safe, durable, and power-efficient systems, the proliferation and segmentation of urban population, and favorable schemes and initiatives by the governments, globally, are expected to be a major factor in the market growth, during the forecast period. Electric vehicle growth is also expected to be a major factor in the overall market growth, because of the emergence of tire pressure management systems in automobiles.
The energy harvesting systems in tires are used to propel and power up small electric components, such as sensors. These trends are expected to have a positive effect on the energy harvesting systems market growth during the forecast period. Major companies are making significant developments in the market. Increasing UAV demand, from the defense industry, has been making a positive impact on the market growth. For Instance, Hybrid Tiger, a Group 2 UAV, which had been designed to build synergistic range and multiple day endurance benefits, through an integrated PMS had given a public demo at the Naval Research Laboratory, Maryland, USA, in April 2021.
The energy harvesting systems market is expected to be driven by the growth in renewable energy, globally. According to the International Energy Agency in 2018, the renewable power capacity, globally, would expand by 50% between the year 2019 and 2024 and would be led by solar power. Solar PV was expected to account for almost 60% of the total expected growth, with onshore wind capacity representing around one-quarter. Offshore wind was expected to contribute around 4% of the overall surge, and its capacity was forecasted to triple by the year 2024, due to the competitive auctions in the United States, China, and the European Union. China had been expected to account for 40% of the worldwide capacity expansion during the forecast period. The country had enhanced its irrigation system, lower its curtailment rates, and improved the competitiveness of both onshore wind and solar PV. Increasing solar capacity, worldwide, is expected to drive market growth, in the coming years.
The market is expected to surge in the coming years, due to the growth in electric vehicle sales, globally. According to the International Energy Agency, sales of electric cars rose to 2.1 million, worldwide, in the year 2019. The electric car sales registered and generated an approx. 40% on year surge, between the years 2018 and 2019. China and Europe achieved new and novel records in the electric car market share in the year 2019. The electric car sales were also driven by the reduction in purchase subsidies in countries like China and The United States of America. The latter ran a federal tax credit program for major electric vehicle manufacturers such as Tesla and General Motors, which was a positive development for the market. Tesla, one of the major American players in the EV market, announced that the company delivered 499,550 vehicles in the year 2020.
The company produced 509,737 vehicles in the year 2020. Another major United States Company known as General Electric announced that it would spend USD 20 billion through 2025, on the development of the next-generation autonomous and EV vehicles. Electric vehicles and cars accounted for approx. 2.6% of worldwide car sales, and around 1% of global car stock in the year 2019. By the year 2019, the electric car numbers on the roads soar from 17,000 in the year 2010, to 7.2 million in the year 2019. Nine major nations had more than 100k electric cars on the road in the year 2019. China accounted for 47%, of the total 7.2 million.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Global Energy Harvesting System Market Analysis, By Technologies
6. Global Energy Harvesting System Market Analysis, By Application
7. Global Energy Harvesting System Market Analysis, by Geography
8. Competitive Environment and Analysis
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/fwtwtg.