Global Energy Harvesting System Market to Witness 11.5% CAGR During 2018 – 2024
Posted: May 23, 2020
The global energy harvesting system market is predicted to grow at 11.5% CAGR during the forecast period with the market size reaching USD 843.2 million by 2024. The market is driven by factors such as excessive demand for durable, safe, and power-efficient systems that necessitate the least amount of maintenance along with increasing initiatives undertaken by government authorities towards green energy.
The market for energy harvesting system market is primarily driven by the exaggerating emphasis on energy harvesting from various sources such as wind, solar and thermal power along with excessive efforts from various government organizations to drive the utilization of renewable energy sources. The increasing procedures for diminishing carbon footprints worldwide are another factor in the growth of the global energy harvesting system market.
Based on technology, the energy harvesting system market is segmented into vibration, radio frequency (RF), light, and thermal. Among all these segments, light energy has been generating the largest revenue throughout the estimated period and will continue to be the most used technology during the forecast period. The large market size of the light energy segment is due to the massive accessibility of advanced applications and the availability of sunlight in the solar energy domain across the globe.
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Europe accounted for the major share in the Energy Harvesting System industry in 2017, globally as the growth of the energy harvesting system market in this region is attributed towards the widespread adoption of this system in the automotive domain for the establishment of both commercials as well as passengers’ car segment. Moreover, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to exaggerated growth in both manufacturings as well as the construction domain in various emerging countries of this region.
Globally industry players operating in the energy harvesting system market are leveraging market growth by launching new products in the market that is further enhancing their product portfolio. For instance, EnOcean GmbH launched self-powered wireless sensors in IoT for energy harvesting solutions that are based upon standardized specifications.
The key players operating in the energy harvesting system market include Fujitsu Group, Arverni, Cymbet Corporation, Convergence Wireless, Powercast Corporation, Honeywell International Inc., Texas Instruments Incorporated, STMicroelectronics N.V., ABB Ltd., Bionic Power, Inc., Energy Partners, Yantra Harvest Energy Private Limited, and EnOcean GmbH.
Global Energy Harvesting System Market Coverage
Technology Insight and Forecast 2014-2024
- Radio Frequency (RF)
- Thermal Solutions
Component Insight and Forecast 2014-2024
- RF Transducer
- Storage Battery
- Power Management Integrated Circuit (PMIC)Network
Application Insight and Forecast 2014-2024
- Building and Home Automation
- Consumer Electronics
Energy Harvesting Market System Market by Region
- The U.S.
- The U.K.
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
Rest of the World (RoW)
- South Africa
- Saudi Arabia
- Other Countries
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