Pune, India -- (SBWIRE) -- 10/16/2018 -- 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.
Energy Harvesting System Global Market - Segmentation
- Segmentation by Components: Transistors, controllers, solar cells, capacitors, batteries, and switches among others
- Segmentation by Methods: Vibration, photovoltaic, and thermal among others
- Segmentation by Sensors: Temperature, pressure, humidity and IR among others
- Segmentation by Application: Automation, consumer electronics, industrial, and transportation among others
Energy Harvesting System Global Market - Regional Analysis
North America is dominating the market of energy harvesting system. High growth in the field of technology and heavy investment by the key players in the field of research and development and new product launches are some of the major factor supporting the market growth. The market is also expected to witness rapid demand from residential sector as prices of electricity in the region is increasing day by day. Europe stands as second largest market for energy harvesting system due to increasing awareness about the benefits offered by energy harvesting system. The region is also expected to show positive growth rate due to the government initiatives towards the promotion of carbon free energy. Asia-Pacific on the other hand has emerged as fastest growing market. Growth of Asian countries such as China and India are expected to create huge demand in the near future. Major companies are also focusing on Asian countries and making investment towards the market of energy harvesting system.
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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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