Increasing demand and awareness for power-efficient, safe and durable systems requiring minimum or no maintenance are anticipated to drive the market growth. Furthermore, growing trend for green energy, implementation of energy harvesting technology (IoT) in buildings and home automation and favorable initiatives by the governments is projected to fuel the market growth over the forecast period.
The energy harvesting technology helps in supporting the global problem of energy saving without depleting the forms of energy. The energy is harvested by scavenging wasted energy sources such as vibration, radio frequency (RF), incident light, electromagnetism, temperature gradient and human body functions or low-grade ambient energy.
The energy can be utilized as the alternate energy source for feeding the primary power source, hence enhancing the overall reliability of the system. The technology further reduces the dependency battery power. Increasing the governmental support for the energy harvesting and storage is anticipated to drive the market growth over the forecast period. Furthermore, advancements in the field of nanotechnology is anticipated to reduce the size of energy harvesting devices making the device portable, enhancing the market growth.
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Energy Harvesting, also known as energy scavenging is the process of capturing and accumulating the small amount of byproduct energy as heat, sound, light, vibration or movement. The energy captured can be used later in both low power and low voltage applications in portable or mobile markets such as consumer devices, medical equipment, industrial controls, transportation and military.
The energy captured is a residual energy as a byproduct of industrial process or environmental phenomenon and is known as the “free energy”. For instance, mechanical energy resulting from vibration, thermal energy heat escaped from furnaces and through other sources.
Market Key Players:
Some of the key players in the energy harvesting market are:
- Siemens AG
- ABB Ltd.
- Texas Instrument
- Cymbet Corporation
- Honeywell International
Shifting preferences of the consumer for energy saving technologies is anticipated to have direct positive impact on the demand in the market. However, high initial set up cost and lack of awareness spread for energy harvesting technology may hinder the market growth.
Motion Energy Harvesters is one of the few technologies launched in the year 2017, is in the form of fabric which is used for harvesting both sunshine and motion. The motion-generated harvester is developed by the team at the Georgia Institute of Technology. Since, the size of the devices is getting small, the demand for energy to power the gadgets increases, therefore the energy harvesting technology is utilized as the supplement for the battery power.
Europe is expected to be the leading regional market over the forecast period owing to the implementation of various technologies such as micro-electro-mechanical-system (MEMS). Furthermore, North America is also anticipated to hold major share in the market owing to the rising adoption of home automation, increasing demand of green energy resources, and industrial wireless network.
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