Market Synopsis:
According to Market Research Future (MRFR)’s assessment, the global energy harvesting market has been prognosticated to expand at a steady CAGR over the forecast period 2016 to 2022. The increasing cases of power outages are likely to propel the expansion of the market over the next couple of years.
These systems generate energy from external sources and store for small autonomous wireless devices. The increasing adoption of Energy Harvesting systems in wearable technology is expected to augment the market over the next couple of years. The system facilitates the conversion of energy to electricity and stores it in battery units. It is poised to boost the growth pattern of the global energy harvesting system market in the years to come.
Energy harvesting systems are anticipated to penetrate different industry verticals such as healthcare in the upcoming years. This, in turn, is expected to catapult the energy harvesting system market on an upward trajectory.
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The growing market for IoT owing to rising deployment of automation is presumed to favor the expansion of the energy harvesting system market in the foreseeable future. In addition, the increasing awareness about energy conversation is anticipated to have a positive influence on the expansion of the market across the review period.
Supportive laws framed by the governments for efficient use of energy are likely to catalyze the growth of the energy harvesting system market in the upcoming years. Increasing demand for a durable power source is one of the primary driving factors responsible for accelerating revenue creation in the market. The initiatives undertaken for building green environments are poised to support market growth in the nearby future.
Key Players
Some of the major players in Global Energy Harvesting Market include ABB Limited (Switzerland), Fujitsu (Japan), Honeywell International Inc.(U.S.), Siemens AG (Germany), Microchip Technology Inc. (U.S.), Convergence Wireless (U.S.), Cymbet Corporation (U.S.), STMicroelectronics (Switzerland), and Texas Instruments (U.S.) among others.
Market Segmentation
The global energy harvesting system market is segmented on the basis of components, methods, sensors, and application.
By components, the market is segmented into transistors, controllers, solar cells, capacitors, batteries, switches, and others. The high growth of transistors segment is driven by growing adoption of transducer devices such as photovoltaic cells and piezoelectric devices to generate energy for low-power devices. These devices are used in building and home automation applications to power devices such as occupancy sensors, smoke detectors, heaters, lighting control devices, switches, and gateways.
By methods, the market is segmented into vibration, photovoltaic, thermal and others. Vibration energy harvesting is largely used in various applications because of available vibration energy from machine process pumps and other devices.
By sensors, the market is segmented into temperature, pressure, humidity, and IR among others. The growing demand for temperature sensors is attributed to its high demand in buildings and home automation sector for monitoring room temperature in residential and commercial buildings, air duct temperature monitoring, and warehouse temperature monitoring among other applications.
By application, the market is segmented based on automation, consumer electronics, industrial, transportation and others. The energy harvesting system in the industrial application is predicted to hold the leading position on account of its applications such as machine health monitoring, pressure pump health monitoring, tank level monitoring, and flow control.
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Regional Analysis:
By region, the global energy harvesting system market has been segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is currently placed at the forefront position in the global marketplace and is prognosticated to retain its position through the assessment period. The U.S. is poised to contribute mist significantly towards the development of the energy harvesting system market in the region. Europe, too, is expected to signify developmental opportunities and exhibit a positive growth pattern over the next couple of years. Meanwhile, Asia Pacific is expected to scale the highest CAGR over the assessment period. The region is anticipated to exhibit the steepest rise in the growth curve in the forthcoming years.
Industry News:
In April 2019, researchers at the Thayer School of Engineering at Dartmouth College along with UT Health San Antonio have developed a prototype of the energy-harvesting transducer for medical implants.
In March 2019, e-peas, Belgian energy harvesting specialist, is raising funds for the development of ultra-low power and sensors for the Internet of Things (IoT).
In March 2019, the U.K. government is consulting on the creation of industrial energy efficiency fund. It is also inviting views on the Industrial Energy Transformation Fund’s design worth £315 million.
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