The energy harvesting market of Asia Pacific is estimated to register a CAGR of 11.49% over the forecast period of 2020-2028. The rising demand for smart cities in the densely populated regions, for which thousands of devices and sensors are being deployed to develop the capability needed for the transformation. The use of energy harvesting systems is expected to grow as these devices contain various components that require energy harvesting systems to power devices.
In order to research the energy harvesting market further, the Asia Pacific region is divided into countries such as Japan, South Korea, Indonesia, Australia & New Zealand, Vietnam China, Thailand, India, and the rest of Asia Pacific. Indonesia has abundant resources of solar energy. The photovoltaic technology is used to directly convert solar energy into electricity, though the potential is utilized in a limited way in the country. Thailand is committed to developing its alternative energy capabilities, and has a huge potential to utilize solar radiation as an alternative source of energy. The country aims to increase its production of solar energy and economic support for this renewable technology. Thailand’s AEDP has a target to increase power generation from small hydropower plants from 142 megawatts to 324 megawatts by 2021.
In the last few decades, Vietnam has been successful in developing the power sector. The government collaboration with USAID’S VLEEP, i.e., Vietnam Low Emission Energy Program, allows industry energy buyers to purchase electricity directly from independent renewable energy producers. In Australia, smart grid solutions are much in demand to tackle aging infrastructure, rising electricity costs, and the political pressure to close coal fire stations. New Zealand has significantly invested in smart grid technologies over the past decade.
Siemens AG, Honeywell International Inc., G24I Power, Fujitsu Limited, ABB Ltd., are some of the well-known companies operating in the market.
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