Energy Harvesting System Market Overview
Energy harvesting is the process of converting small amounts of readily available energy in the environment into usable electrical energy. The future of the energy harvesting system market looks promising with opportunities in various industries such as transportation and logistics, industrial, and building automation. The global market for energy harvesting system was valued at $234.88m in 2017 and is estimated to reach $649.4m by 2023, growing at a CAGR of 18.48% during the forecast period 2018-2023. The Asia-Pacific (APAC) region is dominating the energy harvesting market due to growing industrialization coupled with high demand for energy applications in the region. The APAC energy harvesting system market is estimated to grow at a CAGR of 29% during the period 2018-2023
Energy Harvesting System Market Outlook
There are several ways to convert energy available in the environment, and the challenge is to employ the right technology to harvest or capture the energy and convert it into usable format. Based on the technology employed, the market can be classified as thermoelectric energy harvesting, photoelectric energy harvesting, mechanical energy harvesting, and so on.
The industrial and transportation & logistics end-user segments hold a major share of the energy harvesting system market, and are estimated to further grow at a CAGR of 22% and 20% respectively during the forecast period. According to Industry ARC findings, the wireless sensing and telematics application segment is forecast to hold the largest market share during the forecast period. Wireless Sensing network is an emerging communication technology that allows faster data transfers in critical industrial sites that require surveillance and monitoring.
Energy Harvesting System Market Growth Drivers
The demand for renewable and clean energy resources are escalating exponentially. However, to ensure that greenhouse gasses and other forms of pollution are not created, energy harvesting technique can be used. Integrating energy harvesting system will have a much smaller impact on the environment.
Furthermore, Energy harvesting system eliminates the need for cables. Wearable devices such as wearable computers, cell phones, and radio communication equipment can be powered or recharged by employing energy harvesting devices. The need for harvesting naturally occurring energy is crucial; and thus, over the coming years, the market for energy harvesting system is forecast to grow.
Energy Harvesting System Market Challenges
The energy harvesting market is undergoing transition as technology is rapidly changing.Many end-user industries are ready to implement modern technology, but the cost factor is acting as an obstacle in achieving a higher adoption rate across the globe.
Energy Harvesting System Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Energy Harvesting System Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the technology of energy harvesting, and their applications in specific end user industries.
Energy Harvesting System Market Report: Industry Coverage
Technology of energy harvesting: Thermoelectric Energy Harvesting, Photoelectric Energy Harvesting, Mechanical Energy Harvesting, Radio Wave Energy Harvesting, Regenerative Energy Harvesting
Applications: Wireless Switching, Wireless HVAC Sensors, Wireless Sensing and Telematics, Tire Pressure Monitoring System, Asset Tracking, Remote Health Monitoring
End users: Home and Bilding Automation, Consumer electronics, Industrial, Transportation & Logistics.
The Energy Harvesting System Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: the U.S., Canada, Brazil, Rest of Americas
- Europe: the U.K., Germany, France, Rest of Europe
- APAC: China, India, Japan, Rest of APAC
- Rest of the World: Middle East and Africa
Energy Harvesting System Market Key Players Perspective
Honeywell International Inc., is the world’s leading diversified technology and manufacturing company, Honeywell with Perpetua Power Source Technologies, Inc. introduced an Energy Harvester solution for use with the popular Honeywell XYR6000 transmitters. Using the heat sources found in environments, Power Pucks fully power XYR6000 series transmitters at its maximum update rates without the need for battery replacements for the life. XYR6000 series transmitters are available with full benefits of lower wireless installation costs and decreased wired alternatives without incurring battery maintenance expenses.
Some of the other key players mentioned in this report are ABB Ltd., Microchip Technology Inc., Fujitsu, Analog Devices Inc., and Silicon Laboratories Inc.
Energy Harvesting System Market Trends
- The Department of Homeland Security (DHS) has awarded $199k to the Boston-based Protect the Force, Inc. to develop photovoltaic (PV) energy harvesting fabrics. PV materials produce electricity through exposure to light, and then, the energy harvesting fabrics produce and store electricity within a fabric weave to power portable devices.
- A new ultrathin device that harvests electricity from human motion has been developed at Vanderbilt University's Nanomaterials and Energy Devices Laboratory. This device is based on battery technology and made from layers of black phosphorus. It generates small amounts of electricity when it is bent or pressed even at extremely low frequencies characteristic of human motion.