Growing Adoption of Internet of Things to Bolster Global Energy Harvesting System Market

Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Energy Harvesting System Market Research Report.

Market Dynamics

The market for energy harvesting system is projected to grow at a staggering CAGR during the forecast period (2016-2022), reports Market Research Future (MRFR).

An energy harvesting system comprises an electronic circuit, sensing elements (sensors and transducers), and a storage unit. This system uses unconventional energy sources to charge the transducer, which is then converted into electricity and stored in the battery unit. The system also possesses a complementary electronic circuit which manages the generated power and protects the storage unit and primary circuitry.

Drivers and Restraints

Expansion of the global energy harvesting system market is mainly owing to the growing adoption of energy harvesting systems in remote locations to prevent power interruptions and enhance the reliability of an electronic system. Energy harvesting systems utilize residual energy in the atmosphere to convert it into a usable form of energy.

Also, growing measures to reduce carbon footprints, reduced dependence on fossil fuels, increasing adoption of Internet of Things (IoT) and big data, and accelerated demand for power-efficient systems are some of the key factors driving the growth of the market.

However, the process of conversion done by the system is complex and requires a precise system to effectively harvest energy; a factor can increase the cost of deployment of these systems. This can negatively impact the growth of global energy harvesting system market during the review period.

On the contrary, with increasing applications of energy harvesting systems across several industries, companies operating in the market are continuously launching new products to enhance their offerings. This highly affects the market growth in a positive way. To illustrate the point, in January 2018, EnOcean GmbH unveiled self-powered wireless sensors for energy harvesting solutions in IoT. It is based on the company's Bluetooth and sub 1 GHz band (ISO/IEC 14543-3-1x) wireless standards.

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Market Segmentation

The global energy harvesting system market is segmented on the basis of components, methods, sensors, and application.

By components, the market is segmented into transistors, controllers, solar cells, capacitors, batteries, switches, and others. The high growth of transistors segment is driven by growing adoption of transducer devices such as photovoltaic cells and piezoelectric devices to generate energy for low-power devices. These devices are used in building and home automation applications to power devices such as occupancy sensors, smoke detectors, heaters, lighting control devices, switches, and gateways.

By methods, the market is segmented into vibration, photovoltaic, thermal and others. Vibration energy harvesting is largely used in various applications because of available vibration energy from machine process pumps and other devices.

By sensors, the market is segmented into temperature, pressure, humidity, and IR among others. The growing demand for temperature sensors is attributed to its high demand in buildings and home automation sector for monitoring room temperature in residential and commercial buildings, air duct temperature monitoring, and warehouse temperature monitoring among other applications.

By application, the market is segmented based on automation, consumer electronics, industrial, transportation and others. The energy harvesting system in the industrial application is predicted to hold the leading position on account of its applications such as machine health monitoring, pressure pump health monitoring, tank level monitoring, and flow control.

Regional Outlook

By region, the global energy harvesting system market is segmented into North America, Asia Pacific (APAC), Europe and the Rest of the World.

North America is presumed to lead the global energy harvesting system market with the largest market share. This is owing to increasing automation and smart home market in the United States (U.S) and other nations.

The APAC market is projected to generate high growth rate during the forecast period. The growth can be attributed to the increasing awareness about the benefits offered by the energy harvesting system across various industries. The market in the region maintains a sturdy foundation on account of growing demand from residential sector due to prices of electricity increasing day by day.

Europe has been contributing substantial revenue share to the global energy harvesting system market, owing to the rise in automation of buildings and homes, and rapid growth of the industrial automation sector. The market in the region is developing extremely well with IoT and big data technologies giving it a real impetus.

Competitive Dashboard

The major players in the global market are Siemens AG (Germany), Microchip Technology Inc. (U.S.), ABB Limited (Switzerland), Fujitsu (Japan), Honeywell International Inc. (U.S.), Convergence Wireless (U.S.), Cymbet Corporation (U.S.), STMicroelectronics (Switzerland), and Texas Instruments (U.S.) and others.

Industry Development

• August 2018 – Researchers at Penn State’s Materials Research Institute and the University of Utah have developed a wearable energy harvesting device. The device generates energy from the swing of an arm while walking or jogging. The size of the device is the same as that of a wristwatch and produces enough power to run a personal health monitoring system.