Energy Harvesting Market Overview:
According to the Consumers International Organization, globally, with the advent of the Internet of Things (IoT) nearly four billion people will join the network of the connected devices by 2020. IoT transformation has changed the energy-driven consumer electronic devices, thereby encouraging the use of efficient energy harvesting systems throughout the world. The global energy harvesting market was valued at 278.19m in 2018, after gaining traction through wide application in various electronic equipment such as wearable, smartphones, wireless sensor networks (WSNs), and many others. There is a huge gap between the energy required to operate these devices and the energy available in the global scenario. This implicates the necessity for harvesting energy to bridge the gap, consequently pushing forth the global energy harvesting system market growth. The energy harvesting systems market is projected to grow at a robust CAGR of 18.48% through to 2025.
Multifarious industries such as medical, consumer electronics, automation, and other industries depend largely on the ambient power systems in recent times. Concurrently with the emergence of sustainable energy harvesting systems, there is a significant replacement of battery and high energy-consuming products across the world. The demand generated by the home and building automation segment is anticipated to increase considerably at a CAGR of 16.14% during the forecast period of 2019-2025. Europe is the main region successfully marching towards clean technology usage for executing various industrial purposes. Europe is also significant for technological advancements such as cultivating the provision for better implantable medical electronics, pollution monitoring sensors, preference for green buildings, and many others. Furthermore, companies such as EnOcean, Pavegen and Micropelt are promoting the energy harvesting solutions for various end-users which will subsequently generate healthy revenue income in this region. Consequently, Europe which contributed a major regional share of 36.4% to the global energy harvesting market and is anticipated to accomplish prominent development in this sector in the future years.
Energy Harvesting Market Growth Drivers:
· Growing IoT trend will effectively increase the need for wireless sensors and energy efficient autonomous systems in the global market. As a result, this will stimulate the need for efficient energy harvesting systems which will reduce the need for battery charging thereby minimizing the overall cost. Consequently, IoT intervention in the several industrial and non-industrial purposes will elevate the energy harvesting market demand.
· Rising demand for energy-efficient products, increasing preference for harvesting renewable energy, construction of automated buildings and homes, and mounting growth of electronic devices such as smartwatches and smartphones considerably generate demand for power-efficient technologies which influences the energy harvesting market growth.
Energy Harvesting Market Companies:
The leading energy harvesting companies in the global market includes Cymbet Corporation, ABB Ltd, Powercast Corporation, Honeywell International Inc., Microchip Technology Inc., General Electric, Texas Instruments Inc., EnOcean GmbH, and others.
EnOcean GmbH is a Germany-based company credited for delivering energy harvesting wireless technology for building automation, smart home, machine to machine applications, and various others.
Energy Harvesting Market Trends and Innovations:
· Smart Wearable Without Battery Backup:
Innovation is fueling the trend of market competition across the world. Recently, NOWI introduced a new innovative technology which enables IoT devices such as smartwatches to power through the energy available in the surrounding which includes radio waves, light, heat, and physical movement. It is claimed to can easily function with an extended longtime service and also doesn’t require any battery installation. This breakthrough development will eventually revolutionize the face of IoT products thereby upheaving the energy harvesting market growth.
· Energy Harvesting Driven Pacemakers:
Pacemakers are vital devices for saving many lives whence it also poses the risk of interaction of harmful battery components with the human body. A research conducted by the University of Connecticut and UCLA offered a solution to this problem by developing a superconductor based energy harvesting method for modern pacemakers. Moreover, this revolutionary superconductor gets charged through the heat and movement of bodily fluids. Significantly, this technology will boost the development in the energy harvesting sector whereby leveraging huge demand and growth.
Energy Harvesting Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Energy Harvesting market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Energy Harvesting in the Energy Harvesting market and their specific applications in different areas.
Energy Harvesting Market: Industry Coverage:
The global energy harvesting market can be segmented on the basis of technology, application, and end-user. Technology classification includes thermoelectric energy harvesting, photoelectric energy harvesting, and others. Based on application, bifurcation includes wireless switching, wireless HVAC sensors, and others. By end-users, this market can be divided into home and building automation, consumer electronics, and others.
The Energy Harvesting market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study includes:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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