Global Market for Energy Harvesting is projected to grow, registering a CAGR of 9.54% during the forecast period, 2020-2026
SOUTHLAKE, TX, UNITED STATES, December 13, 2019 /EINPresswire.com/ — 2020 Energy Harvesting Market is forecast to grow at a strong CAGR of 9.54% through 2026, notes OG Analysis. Energy Harvesting System Market is driven by the flawless operation of harvested energy even under power fluctuating conditions.
With harvesting energy as an efficient alternative to operate when there is no conventional power source or batteries, the market growth is exponential with the growing energy consumption. Energy can be harvested from many energy sources including solar energy, environmental vibrations can be captured by a piezoelectric element, temperature differentials or thermoelectric generators, magnetic fields or radiofrequency and many alike.
Energy harvesting systems with economic cost and reliable power transmission to remote locations is among the key market driver for energy harvesting systems industry during the forecast. The trending market application also comprises of supply of energy to monitor and control oil and water valves of remote pipelines.
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Nevertheless, key market companies and start-ups are expected to massively penetrate the market growth despite the heavy investments required to enter it, given the attractive market growth opportunities.
The development of Big Data and IoT technologies and the need to replace batteries drive the market growth
The growing dependence on the on-time power supply at low cost requires meeting the task of efficient and cost-effective power distribution creates thermoelectric energy harvesting systems market growth opportunities during the fiscal term.
In addition, OEMs of wearable electronics, ODMs of surgically implanted electronics such as pacemakers, electronic smart cards, and many other real-time clocks or memory applications are increasingly observed to trigger the market growth.
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Insights on market applications, forms, and regional market trends through the forecast period
Mechanical energy harvesting is considered to be the most prominent technique, which is based upon piezoelectric components, followed by Ferroelectric for low power applications. The extensive use of low power portable devices such as low power sensors and alarms which run for a long duration without power circuitry also tends to influence the market demand and value.
Thermal energy through thermoelectric materials is emerging as one of the most promising technologies for increasing energy efficiency and reducing energy waste in industrial processes and automotive applications. Presently, key market players are observed to focus on extending the economic operating range of conventional technologies to challenge the 30% or above energy lost through waste heat in industries.
Solar energy through photovoltaic energy harvesting materials converts solar radiation into electric currents. This segment is expected to know a staggering growth in the coming years driven by growth in commercial applications such as transport electrification.
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The growth in production of EVs drives the development of charging infrastructures which eventually triggers the energy harvesting market growth. China remains the world’s largest EV market, followed by Norway and the United States. Therefore, the dwell of the electric market drives the energy harvesting market growth across the Asia Pacific.
Further, major OEMs in the energy harvesting market are European and US companies. Europe is home to most of the leading market players and the Middle East as well as the Africa zone dominates the market with a major market share.
The prominent market players are positioned in the market thanks to the low or moderate threat posed by substitutes, new entrants, buyers or suppliers. The top sellers of global energy harvesting systems include the energy harvesting space include ABB, EnOcean GmbH, Convergence Wireless, Mide Technology Corporation, Lord Microstrain, Linear Technologies, Microchip Technology, Murata Manufacturing Co. Ltd., Infinite Power Solution Inc., Linear Technologies, and Cypress Semiconductor Corp.
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Source: EIN Presswire