The global energy harvesting system market is poised to register a noteworthy CAGR between 2016 and 2022, as indicated by a report added to Radiant Insights, Inc. Mounting demand for energy, coupled with depleting fossil fuels, is augmenting demand for energy harvesting systems. Energy harvesting is emerging as one of the most promising technologies for addressing the global problem of energy shortage. The main goal of this technology is to not just generate large scale of energy but to capture even a small amount of it that is wasted in day-to-day industrial processes.
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Increasing utilization of renewable energy sources for power generation is expected to stoke the growth of the market. Rapid rate of adoption of renewable energy sources, coupled with the goals of green energy and de-carbonization, can fuel the demand for energy harvesting systems. Government support also plays an imperative role in the development of the market. Several governments are supporting the deployment of these systems by taking initiatives such as providing tax benefits.
Growing trend of building and home automation can also trigger market growth. Since the underlying principle of building and home automation is to conserve energy, implementation of energy harvesting technology is likely to go up. On the other hand, lack of awareness among people, especially in emerging economies, regarding the concept of energy harvesting can hamper growth prospects. High deployment cost of these systems can also negatively impact the growth of the market.
Nevertheless, emergence of wearable sensors is creating tremendous growth opportunities for the market. For instance, in September 2017, scientists from the Ulsan National Institute of Science and Technology (UNIST) in South Korea developed an energy harvesting system that can generate power from ambient heat by simply being attached to garments. It can also be attached to windows and outer walls of a building. Similarly, growing incorporation of wireless sensor networks into energy harvesting systems can shape the future of the market.
The energy harvesting system market has been segmented on the basis of component, technology, consumer, and geography. By technology, the market is divided into RF energy harvesting, vibration energy harvesting, light energy harvesting, and thermal energy harvesting. In terms of component, the market is classified into PMICs, secondary batteries, and transducers. Key consumers are consumer electronics, security, industrial, transportation, and building and home automation.
Based on geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Africa and Middle East. Europe is estimated to account for a large share in the global arena throughout the forecast period (2017–2022). The European Commission is allocating significant funds for research and development of energy harvesting technologies, thereby escalating the growth of the market. Advancements in nanotechnology are also working in favor of the market in the region.
North America, on the other hand, will exhibit a remarkable CAGR during the review period, thanks to growing trend of building and home automation. New construction projects in the pipeline that are accepting renewable energy as the source of power are also anticipated to allow the market to gain traction.
Some of the key players in the market are Texas Instruments, STMicroelectronics, Fujitsu, Cypress Semiconductor Corp., Cymbet Corporation, and Linear Technologies.
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