the global Energy Harvesting Market is expected to witness a CAGR of around 9% during the forecast period (2021–2027).
A comprehensive overview of the global energy harvesting market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the energy harvesting market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
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Market Overview
Energy harvesting is the process in which energy is captured from a system's environment and converted into usable electric power. Energy harvesting allows electronics to operate where there's no conventional power source, eliminating the need to run wires or make frequent visits to replace batteries. They're mostly found in low-power electrical devices like sensors, watches, and household appliances. These devices offer a cost-effective alternative to traditional power sources such as batteries. Furthermore, the increasing implementation of Internet of Things (IoT) devices for building and home automation coupled with rising government initiatives for the integration of energy-efficient systems and technologies across sectors is expected to drive the market for energy harvesting during the forecast period. Thus, the global Energy Harvesting Market is expected to witness a CAGR of around 9% during the forecast period (2021–2027).
COVID-19 Impact
Industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across sectors such as manufacturing, power generation, renewables, and oil and gas. The outbreak and the resulting economic slowdown have had an intermediate impact on the energy harvesting industry. Further, the COVID-19 pandemic negatively impacted the semiconductor manufacturing equipment market in 2020 and 2021, resulting in a decline in the revenues for market players. However, the market is expected to remain robust due to the rise in demand for consumer electronic devices, smart home devices, electric vehicles, and smart and connected medical devices, among others.
Global energy harvesting report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into:
· Light Energy Harvesting
· Vibration Energy Harvesting
· Radio Frequency Energy Harvesting
· Thermal Energy Harvesting
Based on technology, the market is classified into light energy harvesting, vibration energy harvesting, radiofrequency energy harvesting, and thermal energy harvesting. Amongst them, the light energy harvesting category held a significant market share in 2020. This is mainly ascribed to the growing trend for green energy and favorable government initiatives for the adoption of renewable sources for power generation coupled with the increase in the manufacturing of solar-based products. Furthermore, continuous technological advancements and the growing efficiency of photovoltaic cells are expected to drive the market. Small solar cells are frequently used in consumer and industrial applications, including street lighting controls, portable power supplies, and satellites. Since light sources tend to be intermittent, solar cells are used to charge batteries and/or supercapacitors to provide a stable energy source.
By Application, the market is primarily bifurcated into:
· Consumer Electronics
· Building and Home Automation
· Industrial
· Transportation
· Others
Based on application, the market is categorized into consumer electronics, building and home automation, industrial, transportation, and others. During the forecast period, the building and home automation category is expected to witness significant growth in the market. This is mainly due to the increasing requirement for energy-efficient facilities coupled with advancements in wireless communication technologies. The combination of IoT and building automation has also enabled the exchange of information among several electronic devices and the cloud without the need for direct human intervention that makes buildings smart and implements energy harvesting devices and sensors.
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Global Energy harvesting Market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø U.K.
Ø France
Ø Italy
Ø Spain
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø Australia
Ø Rest of Asia-Pacific
· Rest of World
For a better understanding of the market adoption of the Energy Harvesting industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. In 2020, North America, accounted for a significant share in the market owing to high investment and active deployment of the advanced technologies in the region. Furthermore, due to its well-developed information communication technology (ICT) infrastructure and higher number of connected device adoptions, North America is expected to hold a dominant position in the market. North America's economic strength and well-established technical infrastructure provide a solid foundation for the IoT market's growth. In addition, factors such as the increasing number of connected devices, the increasing internet penetration rate in the region coupled with rising deployment of smart energy projects, building and home automation systems and devices, and focus on smart manufacturing.
The major players targeting the market includes:
· ABB Limited
· Analog Devices Inc
· Convergence Wireless Inc.
· Cymbet Corporation
· EnOcean GmbH
· Fujitsu Limited
· Powercast Corporation
· STMicroelectronics NV
· Texas Instruments Incorporated
· Microchip Technology Inc.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global energy harvesting industry. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global energy harvesting industry?
· Which factors are influencing the global energy harvesting industry over the forecast period?
· What are the global challenges, threats, and risks in the energy harvesting market?
· Which factors are propelling and restraining the energy harvesting industry?
· What are the demanding global regions of the energy harvesting market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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