The global energy harvesting system market size was valued at USD 452.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.2% from 2020 to 2028. The growing applications of the Internet of Things (IoT) including smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications, among various others are further expected to drive the market. Factors, such as growing environmental awareness, supportive government policies, and Greenhouse Gas (GHG) emission reduction targets, and rising demand for energy are expected to drive the market over the forecast period.
The U.S. accounted for the largest share of the North American regional market in 2020. The U.S. is among the early adopters of energy-efficient solutions in the world for sectors, such as power generation and energy harvesting. This can be attributed to the increased importance given to clean energy solutions as per the energy act introduced by the U.S. government.
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North America, led by the U.S., Mexico, and Canada, accounted for the second-largest revenue share of the global market in 2020 owing to the presence of intelligent building and building automation vendors. Favorable policies and regulations regarding increasing energy efficiency of buildings and high awareness regarding green buildings have driven the market growth.
Key Player Mentioned:
- ABB
- Schneider Electric
- Bionic Power, Inc.
- STMicroelectronics
- Cymbet
- EnOcean GmbH
- Powercast Corp.
- Mahle GmbH
- Analog Devices, Inc.
Application Segment Analysis:
- Consumer Technology
- Home & Building Automation
- Industrial
- Transportation
- Security
- Others
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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The global market is highly competitive due to the presence of major companies across the regions. Companies operating in the global market are emphasizing expanding their global footprints to increase revenue and market share. Companies are expanding their services in the Asia Pacific, Central & South America, and Europe regions to cater to the rising needs of the emerging economies.
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