Energy Harvesting Market will experience a noticeable growth by 2027
The global energy harvesting market size is predicted to grow at a healthy CAGR by 2027, states the recent Market Research Future’s (MRFR) energy harvesting market share. Energy harvesting, simply put, is a highly promising technology for addressing the energy crises sans altering the current sources of energy. Thermoelectric, electrodynamics, photovoltaic, and others are its different technologies, and thermal and gravitational, electrical, chemicals, mechanical, and nuclear are the different energy sources. Owing to its alluring features and plentiful benefits, energy harvesting has wide applications in different industries, including healthcare, aerospace and defense, consumer electronics, industrial, automotive, and others.
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On the contrary, technological complexities, inadequate awareness amid consumers regarding the use and availability of devices based on harvested energy, higher initial costs of devices, and lower current generation are factors that may impede the global energy harvesting market trends over the forecast period. Besides, the on-going COVID-19 impact is also impacting the energy harvesting market growth.
Various factors are propelling the global energy harvesting market share. According to the recent MRFR report, such factors include the burgeoning demand for enduring, power-efficient, and safe systems that need minimal or no maintenance, growing concern for the environment, increasing adoption in home automation and building, green energy trend, and the availability of renewable energy sources in abundance such as ocean, wind, tidal energy that offer a dependable platform for innovations of energy harvesting applications, and the advent of nanotechnology.
The MRFR report highlights an inclusive segmental analysis of the global energy harvesting market based on energy sources, applications, and technology.
By technology, the energy harvesting market is segmented into thermoelectric, electrodynamics, photovoltaic, and others.
By application, the global energy harvesting market is segmented into healthcare, aerospace and defense, consumer electronics, industrial, automotive, and others. Of these, the consumer electronics segment will lead the market over the forecast period.
By energy sources, the global energy harvesting market is segmented into thermal and gravitational, electrical, chemicals, mechanical, and nuclear.
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Based on the region, the report covers the recent trends and energy harvesting industry opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe is predicted to spearhead the market over the forecast period. Constant research & development initiatives for procuring renewable, affordable sources of energy coupled with favorable initiatives undertaken by the government for regulating the market are adding to the global energy harvesting market growth in the region.
The global energy harvesting market trends in North America is predicted to have healthy growth over the forecast period. The increasing use of wireless sensor networks, rising penetration of building automation in new construction sites, and growing usage of renewable energy sources to power small electronic devices are adding to the global energy harvesting market growth in the region. The US holds the maximum share in the market.
The global energy harvesting market in the APAC region is predicted to have sound growth over the forecast period. The huge population in China & India and the need for affordable and efficient sources are adding to the energy harvesting market growth in the region.
The global energy harvesting market in the RoW is predicted to have steady growth over the forecast period.
Leading contenders profiled in the global energy harvesting market report include Texas Instruments Inc. (U.S.), Enocean (Germany), Microchip Technology, Inc., (U.S.), Arverni (France), Fujitsu (Japan), ABB Limited (Switzerland), Green Peak Technologies (Netherlands), Levant Power Corporation (U.S.), Honeywell International, Inc. (U.S.), and ST Microelectronics (Switzerland). Industry players have encompassed several strategies to stay at the forefront, such as mergers, acquisitions, partnerships, new product launches, geographic expansions, and others.
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