Energy harvesting, one of the most capable technology to deal with the energy crises without changing the accessible energy sources, is foreseen to observe astounding demand and innovation in the near future. The global energy harvesting market is anticipated to reach US$ 974.4 million from US$ 268.6 in 20015 with a robust CAGR of 19.6% during 2016-2022. A number of newly innovated competent energy applications and extensive approval of renewable energy sources are projected to play a very important role in the development of the global energy harvesting market during the forecast period 2016-2022.
There has been growing demand for secure, power efficient and stable systems, which need least amount or no maintenance. This is a key driver of market growth, estimated to carry on pushing the demand for devices based on the energy harvesting technology. Increasing applications of the energy harvesting technology in building and home automation is another key driver to the market growth. Favorable initiatives by various governments and green energy trend in the market are also boosting the market on a global level. Plenty of renewable energy sources, including wind, tidal and ocean energy deliver a reliable platform for the innovation of energy harvesting applications. Moreover, relatively higher initial costs with these devices and energy harvesting technology produce low current, which makes it incompatible for the application in all types of energy domains, are likely to hamper the growth of the market globally.
Segmentation of the global energy harvesting market is done on the basis of technology, system, application and geography. On the basis of technology market is segmented into light energy harvesting, electromagnetic/ vibration energy harvesting and thermal energy harvesting. Light energy harvesting further sub segmented into solar, infrared and UV Radiation. On the basis of system, energy harvesting market is segmented into thermoelectric, electrodynamics, photovoltaic, radio frequency (RF) transducers piezoelectric and electromagnetic transducers. On the basis of application, energy harvesting the market is segmented into consumer electronics, building and home automation, industrial, transportation and security.
Segmentation by geographically of the energy harvesting market is done into North America, Asia Pacific, Europe, and RoW. Among these, Europe are expected to remain the dominating markets in the future years, with a major market share due to burgeoning encouragement and investments by The European Commission in R&D of energy harvesting and storage devices. Asia Pacific and North America will also account for noteworthy market shares by 2022 end. In North America, the US will dominate, whereas in Asia pacific, Japan will reportedly contribute the leading share to the energy harvesting market revenues.
Major operating market players in the global energy harvesting market are, ABB Limited, Arveni, Cymbet Corporation, Fujitsu Limited, Honeywell International Inc., Microchip Technology Inc., Nextreme Thermal Solutions, Schneider Electric, Siemens AG, STMicroelectronics N.V., Texas Instrument Incorporated etc. mergers & acquisitions, technical collaboration, partnership agreement, expansions and innovation are the key strategies adopted by the market players to sustain in the market.