The global energy harvesting market is projected to record a CAGR of 7.5% from 2022-2032.
“A number of newly developed and efficient energy applications, broad acceptance of renewable energy sources, and green energy harvesting are likely to play a critical role in the growth of the worldwide energy harvesting Industry.”
Growing applications of the energy harvesting technology and home automation is another key driver to the market growth. The green energy harvesting trend is effectively governing the market, while favourable initiatives by various governments are also boosting the market on a global level. Energy harvesting on a significant scale is used in industrial WSNs, and this trend is projected to continue during the forecast period.
What Restrains the Growth of the Energy Harvesting Market?
“Shift in energy harvesting technology from off grid to smart grid will drive the energy harvesting demand”
Energy harvesting technology is utilized off-grid or on-demand; both of these usage patterns, however, have inherent technological challenges that may limit the market’s demand for energy harvesting equipment. Another deterring factor includes inadequate awareness among consumers about the availability and usage of the energy harvesting systems based on harvested energy.
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Moreover, relatively higher initial costs associated with these devices are expected to curtail the growth of the market globally. The energy harvesting technology generates lower current, which makes it incompatible for the application in all types of energy domains. Shifting to a smart grid paradigm can help the energy harvesting market in the direction of prosperity.
How is the Global Energy Harvesting Market Classified?
“Energy harvesting encompasses a wide range of energy harvesting systems, energy harvesting devices, energy harvesting technologies which are utilized for energy storage in a variety of energy harvesting projects”.
The energy harvesting market based on application is segmented as wireless sensor network (WSN), consumer electronics, industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare, and others (research, animals, and farming).
Among these, consumer electronics, including mobile phones, wrist watches, calculators, and piezoelectric gas lighters, cover the maximum share of the global energy harvesting market, followed by military and aerospace-based applications. However, building and home automation is the fastest growing application segment in the energy harvesting sector.
Energy harvesting is also an integral part in a wireless sensor network (WSN) these days. Building and infrastructure, home automation of lighting, security, and electronics, and WSNs for bridges are among the most popular energy harvesting applications in recent years using multiple devices for energy harvesting.
A current trend in wireless energy harvesting is the use of mmWave (millimeter wave) for 5G cellular networks. Energy harvesting is estimated to find increasing applications in the automobile industry in the near future.
The advent of nano technology has offered ample growth opportunities to the energy harvesting market. Since nanotechnology helps manufacturing of compact-sized devices, the emergence of portable energy devices based on energy harvesting technology is the most likely occurrence in the market.
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Which Region Is Likely to have a Dominant Stance in the Energy Harvesting Market?
“Investment in new energy harvesting technologies and energy harvesting materials along with energy storage devices will be preferred by energy harvesting projects”
The energy harvesting market can also be segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and the Middle East and Africa. America is projected to remain the dominating markets in 2016, with a significant market share.
Europe will be the fastest growing market, owing to burgeoning promotion and investments by The European Commission in R&D of energy harvesting and energy storage devices. North America and Asia Pacific will also account for remarkable market shares by 2020 end.
In North America, the U.S. will dominate, whereas in APAC, Japan will reportedly contribute the largest share to the total energy harvesting market revenues.
Key Questions Answered in the Report
What is the Growth Outlook for the Global Energy Harvesting Market?
The global energy harvesting market is anticipated to register a CAGR of 7.5% from 2022 to 2032.
How much can the Energy Harvesting Market Grow by 2032?
The global energy harvesting market in likely to cross US$ 1 Bn mark by 2032.
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