Energy Harvesting Market Projected to Witness a Double-Digit CAGR During 2014 - 2020
FMI’ extensive research indicates that the global energy harvesting market is anticipated to gain momentum and grow at a double-digit CAGR by 2020 end. A number of newly innovated efficient energy applications and widespread acceptance of renewable energy sources are expected to play a vital role in the growth of the global energy harvesting market during the forecast period 2014-2020.
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Key Drivers: Energy Harvesting Market
During the past decade, there has been growing demand for safe, power efficient, and enduring systems, which require minimum or no maintenance. This is a major driver of market growth, expected to continue pushing the demand for devices based on the energy harvesting technology. Growing applications of the energy harvesting technology in building and home automation is another key driver to the market growth.
Moreover, industrial WSN demand energy harvesting on a large scale, which is expected to continue during the forecast period as well. The green energy trend is effectively governing the market, while favourable initiatives by various governments are also boosting the market on a global level.
Abundance of renewable energy sources, including tidal, wind, and ocean energy provide a dependable platform for the innovation of energy harvesting applications. This is also an influential factor contributing to the growth of market.
Key Restraints to Market Growth
The technology based on energy harvesting is typically used off-grid or on-demand. However, both of these usage patterns possess some technological complexities, which may restrict the widespread demand for energy harvesting devices in the market. Another deterring factor includes inadequate awareness among consumers about the availability and usage of the devices based on harvested energy.
Moreover, relatively higher initial costs associated with these devices are expected to curtail the growth of the market globally. The energy harvesting technology generates lower current, which makes it incompatible for the application in all types of energy domains.
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Global Energy Harvesting Market: Segmentation
FMI’s research on the global energy harvesting market provides a six-year forecast, segmenting the market on the basis of different energy sources/fields, applications, and geography.
On the basis of different energy sources/fields, the energy harvesting market is segmented into radiation (solar, electromagnetic, and light), mechanical (fluid, elastic, kinetic, and potential), chemical (battery, fuel cells, and phase change), nuclear, magnetic, electric, thermal, and gravitational. Among these, electric and magnetic fields form the most common source for harvesting energy.
Based on the application, the energy harvesting market is segmented as wireless sensor network (WSN), consumer electronics, industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare, and others (research, animals, and farming). Among these, consumer electronics, including mobile phones, wrist watches, calculators, and piezoelectric gas lighters cover the maximum share of the global energy harvesting market, followed by military and aerospace-based applications. However, building and home automation is the fastest growing application segment in the energy harvesting sector. Energy harvesting is also an integral part in a wireless sensor network (WSN) these days.
According to the geography, the energy harvesting market is segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and the Middle East and Africa. Among these, Americas are projected to remain the dominating markets in 2016, with a significant market share. However, Europe will be the fastest growing market, owing to burgeoning promotion and investments by The European Commission in R&D of energy harvesting and storage devices. North America and Asia Pacific will also account for remarkable market shares by 2020 end. In North America, the U.S. will dominate, whereas in APAC, Japan will reportedly contribute the largest share to the total energy harvesting market revenues.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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