Global Energy Harvesting Market is expected to reach USD 1,030 million by 2026 growing at a CAGR of 10.7% from 2019 to 2026: Proficient Market
The “Global Energy Harvesting Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2019 – 2026″ report has been added to ProficientMarket.com’s offering.
According to the report, global energy harvesting market in 2018 stood at USD 500 million and is expected to reach USD 1,030 million by 2026 growing at a CAGR of 10.7% from 2019 to 2026.
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Energy harvesting which is also known as power harvesting is the process that capture minute amount of energy from various naturally occurring energy sources, accumulate them and store them for later use. It is usually carried out for small, wireless autonomous devices that include wearable electronics as well as wireless sensor networks. Also, this system is typically providing small amounts of power for low-energy electronics and consist of the electronic circuitry to manage and protect the storage units. Furthermore, it is widely finding its application in the low power electronic devices, automotive industry, and several others. Apart from that, energy harvesting system ensures durable and maintenance-free energy, less carbon emission, and ease of use solutions.
Global Energy Harvesting Market Key Players: The research study includes profiles of leading companies operating in the global energy harvesting market. Key players profiled in the report include:
Greenpeak Technologies B.V.
Honeywell International Inc.
Microchip Technology Inc.
Texas Instruments Incorporated
Voltree Power Inc.
Bionic Power Inc.
O-Flexx Technologies GmbH.
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Drivers for the Global Energy Harvesting Market: 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. Also, shift in the consumer preference towards energy saving technology is projected to boost the market. In addition, the initiative of the government for a green and clean environment is propelling positive impact factors on the growth of the market. Moreover, the implementation of energy harvesting technology in the building infrastructure in response to advancements in technologies is another factor driving market growth.
Opportunities for the Global Energy Harvesting Market: Owing to advancements in nanotechnology, players operating in the global energy harvesting systems market are expected to be presented with significant growth opportunities during the forecast period. Additionally, integration of Nano devices with different functionalities enables reduction of the size of energy harvesting devices and makes them more portable and convenient. This factor is expected to drive growth of the global energy harvesting systems market to a significant extent over the next 10 years.
Restrains for the Global Energy Harvesting Market: High initial costs associated with production of energy harvesting systems are among some of the factors expected to impact growth of the global energy harvesting systems market. Despite various advantages over conventional products, lack of awareness among people regarding availability and usage of such devices is expected to constrain growth of the global energy harvesting systems market to a certain extent over the forecast period.
Region Wise, Global Energy Harvesting Market Analysis: On the basis of region, global energy harvesting market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America market is expected to dominate in the global energy harvesting systems market, due to increasing penetration of building automation in new construction projects in countries in the region. In addition, increasing investment in R&D in advanced technological solutions in North America is expected to drive market growth. North America region is followed by Asia pacific and Europe.
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Global Energy Harvesting Market: Product analysis
Light Energy Harvesting
Vibration Energy Harvesting
Thermal Energy Harvesting
RF Energy Harvesting
Light energy harvesting technology held the largest share of the energy harvesting system market. The growth of light energy harvesting is also attributed to the increasing number of companies involved in the production of solar products for building automation, consumer electronics, and security applications. Also, several companies are providing solar energy-based solutions for building automation and consumer electronics applications.
Global Energy Harvesting Market: Application analysis
Building & Home Automation
Building & Home Automation held the largest share of the energy harvesting system market. The growth can be attributed to the increasing adoption rate of wireless sensor networking and the Internet of Things for home automation and control systems, which implement energy harvesting devices and sensors.
Global Energy Harvesting Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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