Energy, as we know, is available in different forms such as solar, wind, thermal, and mechanical, among others. Energy harvesting is a process of capturing or collecting, storing, and managing the energy in such a manner that it can be used later for any purpose, mainly by converting it into electrical energy. It is one of the most promising and efficient technologies to meet the energy crisis as well as the increased demand for energy at a global level. Energy harvesting technology ensures safe and durable solutions, ease of use, maintenance-free, and less carbon emission. Moreover, it is fast penetrating in the construction sector, especially with the new constructions coming up. Advancements in technology such as the Internet of Things (IoT) have led to the increased efficiency of the energy storage devices, which has further boosted the demand for energy harvesting systems, thereby triggering the growth of the overall market as well.
Driving and Restraining Factors
The major factors responsible for the significant growth of the worldwide energy harvesting system market are:
- Increasing demand for safe and durable power source
- Rising demand for energy across major industries
- Growing adoption of IoT for building automation on a large scale
- Increase in green environment initiatives by the government
- Increased demand for smart home and wireless sensor networking in industries in the America
In addition to the aforementioned factors, growing use of portable medical devices and ocean energy harvesting are expected to offer an array of growth opportunities for this market. However, high initial costs, low adoption rate in developing countries, and limitations of remotely installed networking modules are some of the factors that may slowdown the market growth. Moreover, standardization of communication protocols remains a major challenge for this market.
Glimpse of the Market
Projected to grow at a CAGR of 19.6% during the forecast period from 2016 to 2022, the value of the global energy harvesting system market which was estimated to be USD 268.6 Million in 2015 is expected to reach USD 974.4 Million by 2022. Geographically, the Americas are expected to hold the largest market share by 2022, owing to the growth in applications in building & home automation, need for green energy source, increased government initiatives, and demand for safe and durable power sources.
Among applications, building and home automation segment is expected to continue dominating the market, whereas the industrial application segment is expected to witness significant growth during the forecast period. Based on technology, the segment of light energy harvesting held the largest market share in 2015, and this trend is expected to continue over the projected period as well.
Major players for energy harvesting system are Laird Plc. (U.K.), Mide Technology Corporation (U.S.), Lord Microstrain (U.S.), EnOcean GmbH (Germany), IXYS Corporation (U.S.), Linear Technologies (U.S.), Cypress Semiconductor Corp. (U.S.), STMicroelectronics (Switzerland), Texas Instruments (U.S.), Fujitsu (Japan), Murata Manufacturing Co., Ltd. (Japan), and Cymbet Corporation (U.S.).
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The global market for energy harvesting has been studied and predicted on the basis of following segmentation:
- Technology: Light Energy Harvesting, Vibration Energy Harvesting, Electromagnetic/ Radio Frequency (RF) Energy Harvesting, Thermal Energy Harvesting
- Application: Building and Home Automation, Consumer Electronics, Industrial, Transportation, Security
- Geography: Americas, Europe, Asia-Pacific, RoW