The global market of energy harvesting system is witnessing significant growth due to the growing demand of energy, as this system captures even a small amount of energy that is wasted in day-to-day industrial processes. The factors driving the energy harvesting system market include the demand for safe and durable power source, increasing implementation of Internet of Things (IoT) for building automation, and increasing number of green environment initiatives by the government across several countries.
Energy harvesting technology is one of the most promising advancement, as it supports in the global problem of energy saving without depleting the forms of energy. It is a technology that converts the excess energy available in environment (such as solar power, thermal energy and wind energy) into usable energy for low power electronics. The energy derived from these sources are captured, accumulated, stored and managed by energy harvesting system for viable purposes. Energy is also harvested by scavenging low-grade ambient energy, or wasted energy sources such as incident light, vibration, electromagnetism, radio frequency (RF), human body functions, and temperature gradient. This technology can be used as an alternate source to feed a primary power source, thus enhancing the overall reliability of the system. The new technical developments have increased the efficiency of these energy harvesting systems, capturing even fraction amount of energy and transforming them into electrical energy.
Energy harvesting reduces the dependency on battery power and harvest free source of energy. The increasing governmental support for the energy harvesting and energy storage technology is likely to drive the market in future. The lack of awareness among people about the energy harvesting concept, along with its high initial cost may hinder the growth of global energy harvesting system market. Ample growth opportunities exist in the energy harvesting system market with advancements in nanotechnology. Nanotechnology is expected to reduce the size of energy harvesting devices and makes it portable which enhances the market growth.
Based on technology,light energy harvesting is expected to be the largest market of the energy harvesting system. It uses solar energy, UV light, IR light, or indoor light to generate electricity and provide power to low-power electronics devices or for storage in batteries. The abundance of solar energy enables companies to research more on solar-powered products with higher power efficiency. Among the applications, building and home automation application is expected to be the largest market for energy harvesting systems during 2016-2022. The systems in building and home automation application are used to power the wireless sensor network in buildings to reduce the energy consumption and to control the home electronics automatically or remotely. The energy harvesting system is also used in the industrial application for powering wireless sensors for level, pressure, flow and temperature measurement. It is also used to control lighting systems and climate sensors for environment monitoring. The industrial wireless sensor networking market is expected to grow at a high rate in the developed countries, which can be the major opportunity for the growth of energy harvesting system market.
Geographically, North America is expected to be the largest market of energy harvesting system. The market in North America is expected to grow due to its growing applications in building & home automation, increasing industrial wireless sensor networking, the need for green energy source and government initiatives. The market is expected to witness highest growth in the Europe, because of the significant funds provided by the European Commission for research & development in energy harvesting technologies. The U.K. and Germany are expected to be the emerging markets for industrial automation followed by the U.S. and Canada. These countries are expected to have several new opportunities in the field of transportation, consumer electronics, and medicine for the energy harvesting system market.
The key players in the global energy harvesting system are ABB Limited, General Electric Company, Siemens AG, Schneider Electric SE, Honeywell International Inc., Arveni, Fujitsu Limited, EnoCean GmbH, Microchip Technology Inc., Greenpeak Technologies B.V., STMicroelectronics, Cymbet Corporation, Texas Instruments Incorporated and Convergence Wireless.
Global Energy Harvesting System Market Segmentation:
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