Global Energy Harvesting Systems Market - Segmented by Technology, Application(Consumer Electronics, Building and Home Automation, Industrial), and Region - Growth, Trends and Forecasts (2018 - 2023)
The Energy Harvesting Systems Market was valued at USD 358.20 million in 2017, and it is expected to reach a value of USD 664.68 million by 2023, at a CAGR of 10.85%, over the forecast period (2018 - 2023). The scope of the report is limited to applications, such as consumer electronics, building and home automation, industrial, and transportation, among others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and Rest of the World.
The green energy trend is effectually governing the market, while favorable initiatives by governments also boost the market on a global level. The combination of energy harvesting and ultra-low-power microcontroller units have augmented the wealth of applications that previously were not feasible. The ease of availability of such solutions is propelling their rate of adoption across the wide range of applications aggressively. Moreover, the abundance of renewable energy sources, including tidal, wind, and ocean energy, provide a dependable platform for the innovation of energy harvesting applications. Various organizations and governments have been using energy harvesting technology in the form of watermills, windmills, and solar power systems, to cater to the increasing energy demands across the globe.
Increasing Investments in Green Environment Initiatives by the Government Push the Use Of Energy Harvesting Systems
With rapid economic growth observed around the world, energy consumption of the average global citizen has been on the rise. Further, developments in industrialization have drastically increased the energy demand in the sector, to meet production demand. Rapid advancements in power generation and transmission capabilities have made power cheaper and widely available, and the concept of climate change and the evolving environmental threat of Green House Gases (GHSs) have proven to be a global menace that affect crop cycles, weather systems, and entire ecosystems. Besides, atmospheric CO2 levels have increased by more than 40% to 45% since pre-industrial times, and it was approximately 400 parts per million by volume (ppmv) in the year 2015. Due to these reasons, major industries are ramping up their efforts to reduce greenhouse gas emissions, by using various smart technologies, which increases the demand for energy harvesting technologies.Moreover, the UN’s climate change policies portray some of the best examples that indicate how various industrial sectors can contribute in making a huge impact in cutting emissions in the next 15 years, which may increase the demand for energy harvesting systems market globally.
Infrastructure Application Accounted for the Maximum Market Share
The building and home automation application of energy harvesting system market is likely to grow at a significant rate over the forecast period, due to the increasing adoption of energy harvesting devices in building and home automation equipment in the Americas and Europe. The advent of wireless sensors networks was a major breakthrough in the energy systems market. Recent advances in energy harvesting (EH) technologies permits wireless sensor network (WSNs) to extend their lifetime, by utilizing energy that is readily available through natural resources. A sensor operates on a photovoltaic cell that charges based on artificial light and daylight. The control algorithm is applied to the home automation system, for results. Power manager manages the energy harvester and node supply. This paper measures the energy that is harvested from daylight or artificial light, and checks for its consumption, energy harvested, and available energy, and evaluates them concerning time and seasons (summers and winters). This harvested energy is put to use by controlling the home automation using WSNs.
Due to Increasing Investment in R&D in Advanced Technological Solutions, North America Dominated the Market
With the rapid technological developments, this region became the most critical market for building and home automation investments in 2016, which use renewable energy, and thus, drive the growth of the energy harvesting systems market. The United States accounted for most of the revenue in the North American region. The market is expected to witness substantial growth, due to the flourishing industrial and transportation sector, which is impacted by the administration, to make the country an energy independent state. Additionally, EPA (US Environmental Policy Agency) imposes unprecedented greenhouse gas regulation, due to the increasing greenhouse gases emissions, which further drive the market. It is also expected that with these regulations, the emissions of these gases is expected to go down. The realization of the hazards of these gases considerably reduced the amount of emissions in 2015, and with majority of the regulations, such as regulations for light-duty passenger cars and trucks, in the region, in 2016 and 2017, are anticipated to further reduce the emission content.
Also, the expansion of automotive, railways, and increasing number of electronic gadgets in the region drive the demand for the energy harvesting market. Moreover, the growing use of renewable energy and so-called distributed generation systems, is expected to boost the market over the forecast period. Meanwhile, public and private investment is increasing in sustainable energy technologies, to increase energy efficiency.
Key Developments in the Market
- December 2017 - Hager Group acquired German energy storage specialist E3/DC GmbH. The storage systems from E3/DC complemented their energy management offerings. Hager Group already develops and produces some of the central elements required for energy management, such as distribution boards, electric vehicle charging stations and control devices, and associated software. The acquisition benefited Hager, with E3/DC energy storage systems becoming the standard in a growing number of residential and commercial buildings.
- February 2017 - The EnOcean Alliance, along with 14 of its members, presented energy harvesting wireless solutions for building automation and the Smart Home. The self-powered switches and sensors offer flexibility regarding positioning, can be expanded at any time and are maintenance-free. The EnOcean Alliance also offers the benefits of an extensive and established ecosystem of interoperable energy harvesting wireless sensor solutions that are available to worldwide intelligent buildings.
These solutions help enhance the utilization of buildings, create new service models and make buildings more flexible, energy-efficient and altogether more cost-effective. With IBM and Vertuoz by ENGIE as new promoter members, the ecosystem of the EnOcean Alliance continues to grow and promotes the standardization of intelligent building solutions for the IoT.
Major Players - Microchip Technology Inc., Fujitsu Limited, Arveni SAS., Enocean Gmbh, ABB Limited, Cymbet Corporation, Qorvo Inc., Honeywell International Inc., Stmicroelectronics N.V., Texas Instruments Incorporated, Siemens AG, and Schneider Electric SE, among others.
Reasons to Purchase the Report
- Impact of opportunities offered by energy management and energy harvesting systems across various industries.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Regional analysis of the market.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook