Market Dynamics
The market for energy harvesting system is projected to grow at a staggering CAGR during the forecast period (2016-2022), reports Market Research Future (MRFR).
An energy harvesting system comprises an electronic circuit, sensing elements (sensors and transducers), and a storage unit. This system uses unconventional energy sources to charge the transducer, which is then converted into electricity and stored in the battery unit. The system also possesses a complementary electronic circuit which manages the generated power and protects the storage unit and primary circuitry.
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Drivers and Restraints
Expansion of the global energy harvesting system market is mainly owing to the growing adoption of energy harvesting systems in remote locations to prevent power interruptions and enhance the reliability of an electronic system. Energy harvesting systems utilize residual energy in the atmosphere to convert it into a usable form of energy.
Also, growing measures to reduce carbon footprints, reduced dependence on fossil fuels, increasing adoption of Internet of Things (IoT) and big data, and accelerated demand for power-efficient systems are some of the key factors driving the growth of the market.
However, the process of conversion done by the system is complex and requires a precise system to effectively harvest energy; a factor can increase the cost of deployment of these systems. This can negatively impact the growth of global energy harvesting system market during the review period.
On the contrary, with increasing applications of energy harvesting systems across several industries, companies operating in the market are continuously launching new products to enhance their offerings. This highly affects the market growth in a positive way. To illustrate the point, in January 2018, EnOcean GmbH unveiled self-powered wireless sensors for energy harvesting solutions in IoT. It is based on the company's Bluetooth and sub 1 GHz band (ISO/IEC 14543-3-1x) wireless standards.
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.
Market Segmentation
The global energy harvesting system market is segmented on the basis of components, methods, sensors, and application.
By components, the market is segmented into transistors, controllers, solar cells, capacitors, batteries, switches, and others. The high growth of transistors segment is driven by growing adoption of transducer devices such as photovoltaic cells and piezoelectric devices to generate energy for low-power devices. These devices are used in building and home automation applications to power devices such as occupancy sensors, smoke detectors, heaters, lighting control devices, switches, and gateways.
By methods, the market is segmented into vibration, photovoltaic, thermal and others. Vibration energy harvesting is largely used in various applications because of available vibration energy from machine process pumps and other devices.
By sensors, the market is segmented into temperature, pressure, humidity, and IR among others. The growing demand for temperature sensors is attributed to its high demand in buildings and home automation sector for monitoring room temperature in residential and commercial buildings, air duct temperature monitoring, and warehouse temperature monitoring among other applications.
By application, the market is segmented based on automation, consumer electronics, industrial, transportation and others. The energy harvesting system in the industrial application is predicted to hold the leading position on account of its applications such as machine health monitoring, pressure pump health monitoring, tank level monitoring, and flow control.
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Regional Outlook
By region, the global energy harvesting system market is segmented into North America, Asia Pacific (APAC), Europe and the Rest of the World.
North America is presumed to lead the global energy harvesting system market with the largest market share. This is owing to increasing automation and smart home market in the United States (U.S) and other nations.
The APAC market is projected to generate high growth rate during the forecast period. The growth can be attributed to the increasing awareness about the benefits offered by the energy harvesting system across various industries. The market in the region maintains a sturdy foundation on account of growing demand from residential sector due to prices of electricity increasing day by day.
Europe has been contributing substantial revenue share to the global energy harvesting system market, owing to the rise in automation of buildings and homes, and rapid growth of the industrial automation sector. The market in the region is developing extremely well with IoT and big data technologies giving it a real impetus.
Industry Development
August 2018 – Researchers at Penn State’s Materials Research Institute and the University of Utah have developed a wearable energy harvesting device. The device generates energy from the swing of an arm while walking or jogging. The size of the device is the same as that of a wristwatch and produces enough power to run a personal health monitoring system.
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An intensifying CAGR is estimated to shape the global energy harvesting system market in the impending period.The inclination of the general population towards energy conservation is estimated to expand the energy harvesting technologies market.
Also, the focus on safe and durable power sources development is predicted to create a novel scope for expansion in the energy harvesting system market.Competitive Analysis The backing from administrative bodies around the world is escalating because the market requires an additional impetus to attain regularity in such a situation.
The stress on modernization is appraised to see an upswing in the coming years, as the user requirements have to be tackled in an improved manner to safeguard the revival of the worldwide market.
The conflict in the forces of demand and supply is appraised to produce a measured development context in the market.The eminent contenders in the energy harvesting system market include Fujitsu (Japan), Honeywell International Inc.(U.S.), STMicroelectronics (Switzerland), Siemens AG (Germany), Microchip Technology Inc. (U.S.), ABB Limited (Switzerland), Convergence Wireless (U.S.), Cymbet Corporation (U.S.), and Texas Instruments (U.S.) among others.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/1167Segmental Analysis The segmental investigation of the energy harvesting system market is carried out on the basis of components, methods, sensors, application and region.Based on the components, the energy harvesting system market is segmented into batteries, solar cells, capacitors, transistors, controllers, and switches, among others.Based on the methods, the energy harvesting system market is segmented into photovoltaic, vibration, and thermal, among others.Based on the sensors, the energy harvesting system market is segmented into pressure, humidity, temperature, and IR, among others.The application-based segmentation of the energy harvesting system market comprises of automation, consumer electronics, industrial, and transportation, among others.Based on the regions, the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.Detailed Regional Analysis The regional review of the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.
The extraordinary growth in the arena of technology and substantial investment by the vital companies in research and development and new product introductions are some of the foremost factor backing up the market development.
