IndustryARC’s recent report estimates that the global energy harvesting market stood at a value of $278.19 million in 2018. The analyst states that growing inclination towards the Internet of Things (IoT) devices necessitates convenient ways of its applications, also complying with energy efficiency which is achieved by deploying innovative and revolutionary energy harvesting systems. Wireless sensor network (WSNs) technology collaborated with energy scavenging methods offers solution which requires less human interference and automation technique significantly saving valuable energy utilized, subsequently generating huge demand in the global market. This shows the essentiality of power harvesting systems globally, experiencing a demand pull inflation which is evaluated to grow at a robust CAGR of 18.48% through to 2025.
The report is titled “Energy Harvesting Market: By Technology (Thermoelectric Energy Harvesting, Photoelectric Energy Harvesting, and Others); By Application (Wireless Switching, Wireless HVAC Sensors, and Others); By End User (Home & Building Automation, Consumer Electronics, and others); & By Geography - Forecast (2019-2025).” This report offers information about the changes in global energy harvesting market, also focusing on prevalence of new technological adoption by market leaders to gain huge revenue and the niche market statistics to aid vendor’s purview.
Global Energy Harvesting Market: Competitive Landscape:
Europe is dominating the global energy harvesting market with a huge regional share of 36.4% in 2018. As per the report, this domination was driven by growing commercial and residential building automation, increasing preference for IoT devices, and green energy trend in this region. The home and building automation segment under end-user application of the market is projected to experience 16.14% CAGR during the forecast period 2019-2025.
Major key players in the global energy harvesting market are ABB Ltd, Enocean Gmbh, Honeywell International Inc., Powercast Corporation, Cymbet Corporation, General Electric, Microchip Technology Inc., Texas Instruments Inc., and others. The report provides a comprehensive study and future scope for the aforementioned consolidated companies. Additionally, it proffers a comprehensive analysis of the market landscape for startups to gain traction in the forthcoming years. ABB Ltd. is a Swedish multinational company which is prominent for energy harvesting services such as electrification, industrial automation, smart grid, robotics technology, and many more. One of its novel contribution to this market is the Wireless HART temperature sensor, which harvests energy from cold or hot body surfaces without relying on battery and wired cable connection which is likely to benefit the present industrial processes where abundant of heat energy can be exploited to generate electrical energy.
Global Energy Harvesting Market: Disruptive Trends and Growth Drivers
The deployment of IoT devices on a large scale generates huge demand for necessary sensor networks for connecting and synchronizing on a single platform, which relies heavily on battery power for operating which is one of the major constraint for IoT integrated networking. Energy harvesting captures energy from ambient sources and supplies it to the devices thus offering a sustainable solution for increasing the lifetime of IoT devices without relying on battery backup. Consequently, the development of IoT technologies will provide a boost for global energy harvesting market growth.
Moreover, energy harvesting systems are observed to replace the heavy use of battery thereby, promoting eco-friendly and cost-effective methods for utilizing cloud-based smart technologies.
Green technology trend such as smart home and building automation is on rise in recent years, which relies on WSNs for monitoring and controlling various electronic and electrical systems. The increasing demand for smart technology will positively affect the energy harvesting market growth for eco-friendly method of exploiting huge amount of electrical energy from latent sources.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.