Many environmental experts consider energy harvesting as the most promising technology to meet the global energy crisis. The growing global concern over greenhouse gas emission, along with depleting non-renewal energy sources is driving the growth of the global energy harvesting market. Moreover, the higher penetration of energy harvesting at domestic level is expected to boost the growth of the global energy harvesting market during the forecast period.
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The energy harvesting process is performed in three separate stages. In the first stage, the energy is captured through wind mills, solar plates, and others. The energy captured is then stored in the electrical form by means of super-capacitor, connection of multiple capacitor, and batteries. In the last stage, the energy stored is offered to the application in systems and consumer devices. The speculation regarding the off-grid usage of energy harvesting technology, in addition to high installation and maintenance costs associated with energy harvesting is hindering the growth of the global energy harvesting market. The lack of awareness about energy harvesting in developing countries is also acting as a restraint in the growth of the market in Asia-Pacific. However, the abundance availability of renewal energy sources in form of wind energy, tidal energy, and solar energy in Asia-Pacific remains an untapped opportunity for the growth of the energy harvesting market in the region.
Among the industrial verticals, the buildings segments largely use solar, pulse, and thermal energy harvesting methods. On the other hand, the industrial segments are more dependent on the thermal and vibrational energy harvesting method.
The growing government support for the energy harvesting technology is expected to boost the growth of the global energy harvesting market during the forecast period. Moreover, the advancement in nanotechnology is expected to reduce the cost and size of the energy harvesting equipment, which in turn, is expected to drive the growth of the global energy harvesting market.
Europe accounted for the largest share in the global energy harvesting market in 2014. The increased adoption of energy adoption in Europe, in addition with increased funding for research and development in energy harvesting by European Commission is fueling the growth of the energy harvesting market in Europe. Asia-Pacific is likely to be the fastest growing market during the forecast period. The increasing government expenditure towards green and environment friendly power sources, along with untapped renewal energy sources in the region is expected to be the prime driving factor behind the growth of the energy harvesting technology in Asia-Pacific. Country wise, China, India, and Japan are the major energy harvesting markets in Asia-Pacific. The major markets in Europe include Germany, the U.K., and France. The North American market is driven by large presence of energy harvesting technologies in the U.S. and Canada. In Latin America, Brazil is the largest market of energy harvesting technologies.
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The building segment accounted for the highest market share, among the industry verticals of the global energy harvesting market in 2014.
Some of the competitors in the global energy harvesting market are ABB Group, Convergence Wireless, Inc., Fujitsu Ltd., GreenPeak Technologies, and Infinite Power Solutions.
Energy Harvesting Market Segmentation
Breakdown by Module
- Thermo Harvesters
Breakdown by Industry Vertical
- Automotive TMPS
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