Global energy harvesting market was valued at $ 345.06 million in 2017 and is estimated to generate revenue $ 868 million by 2026, rising at a CAGR of 10.67% during forecast period. The pervasive application of IOT like consumer electronics and growing demand for energy saving are some of the major factors augmenting the demand for energy harvesting devices across the globe.
The global energy harvesting market is segmented on the basis of source, system, application, and geography. The various sources of energy harvesting are thermal energy, mechanical energy source, light energy source, electromagnetic/ radio frequency energy source, and others. Rising demand for the smart meters, initiatives taken by the government to save energy, and demand for sustainable power are the major drivers for the global energy harvesting market.
Europe holds the colossal market share in terms of revenue in 2017 and is estimated to hold the largest market share by 2026. Both Europe and North America are major markets for energy harvesting technologies, with multimillion-dollar investment projects towards renewable and sustainable energy developments. Asia Pacific is evolving at the highest CAGR during the forecast period 2018-2026. Positive outlook towards economy is one of the key driving factors for Asia Pacific energy harvesting market. Africa and MENA are lucrative investment destinations for ROW energy harvesting market over the forecasted period, with countries like South Africa, Saudi Arabia, and UAE leading the market growth.
Major players mentioned in the energy harvesting market are ABB Limited, Arveni, Convergence Wireless, Cymbet Corporation, Enocean Gmbh, Fujitsu Limited, Green Teg, G24i Power Ltd, Mouser Electronics, Inc., Honeywell International Inc., Microchip Technology, Laird Technology, Schneider Electric, Siemens Ag, STMicroelectronics N.V., and Texas Instrument Incorporated.