COVID-19: Potential Impact on Energy Harvesting System Market is Estimated to Record Highest CAGR in Coming Years

Energy harvesting systems comprise storage systems, transducers, and power management integrated circuits. The demand for transducers is expected to be the highest in the coming years, which is primarily ascribed to the rising adoption of internet of things by several industries, technological innovations in networking and power intelligence, and declining cost of actuators and sensors.

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These systems find application in security, building & home automation, transportation, consumer electronics, and industrial sectors. The building & home automation sector made the most use of energy harvesting systems in the past, owing to the rising need for energy-efficient power systems and growing installation of sensor-based technologies.

 The demand for energy harvesting systems is particularly predicted to increase in North America and Asia-Pacific in the coming years. This is attributed to the swiftly increasing need for energy-efficient components and peripherals from the industrial sector and heavy spending by regional governments for encouraging the adoption of energy harvesting systems in private and public spaces.

Moreover, the growing focus on the development of advanced energy harvesting systems, majorly in emerging economies including China and India, is proving beneficial to the energy harvesting system market globally.

Hence, the need for energy harvesting systems is growing due to the rising demand for energy-efficiency and surging penetration of wireless electronic devices.