Energy has ubiquitous applications and the significant growth in industrialization & infrastructure over the past few years have had a significantly positive impact on the global energy harvesting market. Market Research Future has published a new report on the subject which closely examines the market and provides unique and accurate insights on trends, opportunities, and restraints that the market is likely to experience during the forecast period of 2016 to 2027.
Growing demand for energy in end-use industries has been identified as a key factor driving robust growth for the global Energy Harvesting Market. Consumers are demanding technologies which save energy or use renewable energy thus further fuelling the demand for products in this market. Solar, wind and water energy are still undergoing development for prime efficiency which is expected to increase demand in the coming years.
The high costs associated with setting up of energy harvesting plants and manufacturing is expected to pose a challenge to competitors looking to enter the market. However, growing awareness and the R&D of innovative and transformative energy harvesting technologies is expected to increase the scope of application, demand and provide new avenues for growth.
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Segmental analysis of the market allows an expansive view of the market and its components, thus providing accurate understanding of growth of the market. The global energy harvesting market has been segmented by energy source, technology, application and region.
By energy source, the market has been divided into chemicals, mechanicals, electrical, nuclear, thermal and gravitational.
By technology, the market has been segregated into electrodynamics, photovoltaic, thermoelectric, and others.
By application, the market has been segmented to include consumer electronics, industrial, aerospace & defence, automotive, healthcare and others.
By region, the global market has been segregated into North America, Europe, the Asia Pacific (APAC) and the Rest of the World (RoW)
Analysis of major market leaders in MRFR’s report provides an accurate portrayal of the competitive landscape and future trends. The prominent market leaders that have been profiled include ST Microelectronics, ABB Limited, Arveni, Enocean, Microchip Technology Inc., Texas Instruments Inc., Levant Power Corporation, Honeywell International Inc., Green Peak Technologies and Fujitsu.
Latest Industry News
Researchers at Soochow University in China have developed a device which harvests solar energy when the climate conditions are sunny and mechanical energy when it rains. This has been accomplished by attaching a transparent nanogenerator to a silicon solar cell which converts mechanical energy into electricity. The double function of this device may provide a consistent source of energy, particularly in regions with unpredictable weather changes.
Honeywell has just launched a building energy management system (BEMS) called IQ Vision. The product software integrates Trend Control Systems controllers, smart devices, and protocols into a platform which allows operators to manage and save energy in real-time. IQ Vision also provides several built-in functions which are all aimed at highlighting and investigating a buildings energy use.
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Europe leads the market with the most significant market share globally due to the highly encouraging government regulations that support this market. Moreover, there is a lot of research and development that is ongoing in this region to find renewable, and affordable sources of powerful energy, thus fueling rapid market growth for the region.
The Asia Pacific and North America are fast-growing market segments that carry a lot of potential. However, the Asia-Pacific is expected to overtake Europe’s market lead and possess the largest market share by the end of the forecast period. Due to the sheer size of the population in these regions using power and the strong need to find affordable and highly efficient energy sources will motivate rapid growth of the global energy harvesting market during the forecast period.
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