The global market of energy harvesting system is witnessing significant growth due to the growing demand of energy, as this system captures even a small amount of energy that is wasted in day-to-day industrial processes. The factors driving the energy harvesting system market include the demand for safe and durable power source, increasing implementation of Internet of Things (IoT) for building automation, and increasing number of green environment initiatives by the government across several countries.
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Energy harvesting technology is one of the most promising advancement, as it supports in the global problem of energy saving without depleting the forms of energy. It is a technology that converts the excess energy available in environment (such as solar power, thermal energy and wind energy) into usable energy for low power electronics. The energy derived from these sources are captured, accumulated, stored and managed by energy harvesting system for viable purposes. Energy is also harvested by scavenging low-grade ambient energy, or wasted energy sources such as incident light, vibration, electromagnetism, radio frequency (RF), human body functions, and temperature gradient. This technology can be used as an alternate source to feed a primary power source, thus enhancing the overall reliability of the system. The new technical developments have increased the efficiency of these energy harvesting systems, capturing even fraction amount of energy and transforming them into electrical energy.
Energy harvesting reduces the dependency on battery power and harvest free source of energy. The increasing governmental support for the energy harvesting and energy storage technology is likely to drive the market in future. The lack of awareness among people about the energy harvesting concept, along with its high initial cost may hinder the growth of global energy harvesting system market. Ample growth opportunities exist in the energy harvesting system market with advancements in nanotechnology. Nanotechnology is expected to reduce the size of energy harvesting devices and makes it portable which enhances the market growth.
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Geographically, North America is expected to be the largest market of energy harvesting system. The market in North America is expected to grow due to its growing applications in building & home automation, increasing industrial wireless sensor networking, the need for green energy source and government initiatives. The market is expected to witness highest growth in the Europe, because of the significant funds provided by the European Commission for research & development in energy harvesting technologies. The U.K. and Germany are expected to be the emerging markets for industrial automation followed by the U.S. and Canada. These countries are expected to have several new opportunities in the field of transportation, consumer electronics, and medicine for the energy harvesting system market.
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