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Market Synopsis:According to Market Research Future (MRFR)’s assessment, the global energy harvesting system 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.
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.
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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.
Energy Harvesting System Global Market - Segmentation
• Segmentation by Components: Transistors, controllers, solar cells, capacitors, batteries, and switches among others
• Segmentation by Methods: Vibration, photovoltaic, and thermal among others
• Segmentation by Sensors: Temperature, pressure, humidity and IR among others
• Segmentation by Application: Automation, consumer electronics, industrial, and transportation among others
Key Players
Some of the major players in Global energy harvesting system 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.
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Energy Harvesting System Global Market - Regional Analysis
North America is dominating the market of energy harvesting system. High growth in the field of technology and heavy investment by the key players in the field of research and development and new product launches are some of the major factor supporting the market growth. The market is also expected to witness rapid demand from residential sector as prices of electricity in the region is increasing day by day. Europe stands as second largest market for energy harvesting system due to increasing awareness about the benefits offered by energy harvesting system. The region is also expected to show positive growth rate due to the government initiatives towards the promotion of carbon free energy. Asia-Pacific on the other hand has emerged as fastest growing market. Growth of Asian countries such as China and India are expected to create huge demand in the near future. Major companies are also focusing on Asian countries and making investment towards the market of energy harvesting system.
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