Energy Harvesting System Market Will Reach $659.6 Million by 2023 and Is Growing at a CAGR of 11.0% During 2018 – 2023

Global energy harvesting system market is expected to reach $659.6 billion by 2023, growing at a CAGR of 11.0% during 2018–2023. Growing measures to reduce carbon footprints, lower dependence on fossil fuels, rising adoption of IoT and big data, and growing demand for power-efficient systems are some of the major factors driving the growth of the market.

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Of all applications of energy harvesting systems, building and home automation has been contributing the highest revenue globally, with an estimated contribution of more than 35% in 2017. It is also expected to be the fastest growing category during the forecast period. This is due to rapid increase in implementation and installation of sensor-based technologies, and increase in demand for energy efficient power systems, from residential and commercial sectors.

Europe has been contributing the largest revenue share to the energy harvesting system market, followed by North America. It is mainly attributed to the rise in automation of buildings and homes, and rapid growth of the industrial automation sector in these regions.

Energy harvesting system market is developing well, and IoT and big data technologies have given it a real impetus. It is generally considered as the abstraction of operational power from the atmosphere to decrease the requirement of external power sources or batteries. Habitually, electricity is utilized to achieve some active sensing and interconnect the sensor data wirelessly over local area network (LAN) or wide-area network (WAN). In the coming years, millions or billions of devices are going to be connected to the internet. It is not surprising to allude that energy harvesting will be highly beneficial for IoT applications. The emergence of new energy harvesting techniques has been proven to drive energy in ultra-low power applications. This provides immense growth opportunities to the energy harvesting system market across the globe.

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Some of the key players in the energy harvesting system market are Arveni, Convergence Wireless, Cymbet Corporation, Powercast Corporation, Texas Instruments Incorporated, Fujitsu Group, ABB Ltd., Honeywell International Inc., STMicroelectronics N.V., EnOcean GmbH, Voltree Power, Inc., Bionic Power, Inc., Energy Partners, and Yantra Harvest Energy Private Limited.

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