ID: MRFR/E&P/0545-HCR | February 2021 | Region: Global | 110 pages
The CAGR for the energy harvesting market is expected to be 9.5% until 2027. Global energy harvesting captures and stores energy from readily available sources. Examples include solar, hydroelectric, and wind energy. This energy is used when needed at a later date.
It’s especially useful for devices that use low and high volts of electricity. Some of these devices include the Apple FitBit watch and other similar related devices. It’s also used for sensor networks that operate without using wires. Energy harvesting operates by providing less energy to these devices and networks. It has two benefits. It helps conserve energy and lower energy bills, and it protects the circuitry that powers these devices and networks.
COVID-19 made its grand entry on the global stage during the Spring of last year. At first, government officials and public health officials thought that this was nothing more than a nuisance virus.
COVID-19 had far-reaching complications and implications for those who got it and successfully recovered. Some of these people became diabetic since COVID-19 can (in some instances) substantially and dramatically raise blood sugar levels. Other people suffered from strokes. What made matters worse was the fact that people who recovered could get a much more severe version of COVID-19 a few months later because the antibodies only lasted for a few months
Governments around the world responded by imposing quarantines and lockdowns. This affected many industries, including the energy harvesting industry. Suddenly, the costs of harvesting energy went up dramatically and quickly because raw materials were hard to find. Energy harvesting companies were forced to recuperate these costs by charging consumers more for using energy.
List of companies
One major driver of growth in this industry has been rapid growth in many devices and applications that are powered by low-energy batteries. This is especially true for batteries that are located in the boondocks.
More people and institutions are using the Internet of Things (IoT) in terms of devices. This is driving growth by increasing demand and the need for efficient energy harvesting devices and systems.
As demands for energy harvesting devices grow around the world, manufacturers are responding by investing in research and development. The result has been a new generation of energy harvesting devices that store and release/use naturally generated electrical energy more efficiently. This has helped lower the overall cost of energy/electricity for the end customer.
The cost of harvesting and storing naturally generated electrical energy is high. This is expected to hold growth back for the forecasted period. Also, the equipment needed for energy harvesting is expensive. Most companies don’t have the money to pay for this.
There are no standards or protocols in the industry. This is especially true of remotely installed networking modules. This is expected to hold back growth in the industry.
One of the biggest challenges that energy harvesting manufacturers face lies in creating new generations of devices that are more affordable and do a much better job of generating and harvesting energy from natural sources.
Cumulative growth analysis
The CAGR for the energy harvesting market is expected to be 9.5% until the end of 2027
Levant Power Corporation is a major American player in the energy harvesting industry. It has managed to stay competitive in the industry by investing heavily in research and development. This has allowed it to come up with a new generation of energy harvesting devices and technologies that are more effective and efficient in terms of generating and storing naturally generated electrical energy.
The global energy harvesting market can be segmented into the following technologies:
By energy source
The major regions in the global energy harvesting market are:
The North American region is expected to have the largest market share of all of the regions in the world until at least 2027. What’s driving demand for and growth in this market is the fact that more and more residential and commercial units use energy harvesting systems. The automotive and industrial sectors are also growing dramatically. These two sectors rely on energy harvesting systems for power. This has also accounted for rapid growth and a high market share in both America and Canada.
The European Union also has the largest market share of all of the regions in the world. This is expected to continue until 2027. Many governments are passing regulations requiring homes and commercial buildings to generate most of their energy through energy harvesting systems. They are also offering companies that generate these energy harvesting systems tax breaks and other incentives to do so! This is driving breakneck growth in the global energy harvesting industry in this region.
The North American and Asia-Pacific regions are expected to have the world’s fastest-growing markets for energy harvesting systems. The main reasons for this are a greater need for these energy harvesting systems, more demand for these systems, and more awareness of the many benefits that these systems offer. This is leading more and more individuals and companies to use energy harvesting systems in their buildings and electronic devices. The Asia-Pacific region is expected to have the largest regional market share by the end of 2027.
The global energy harvesting industry is very competitive despite relatively high barriers to entry. The fact that it has a relatively high CAGR and is very lucrative as an industry makes it that way. Companies are surviving by using a combination of three very popular business survival methods: invest heavily in research and development, enter into strategic partnerships, enter into mergers and acquisitions with other companies.
Research and development investments help companies come up with the technologies and know-how that are capable of creating a new generation of more effective and efficient energy harvesting systems that are also friendlier for the environment. They can also create energy harvesting systems that are more innovative and have more diverse applications in the process.
Entering into strategic partnerships allows these companies to have access to previously inaccessible resources and knowledge. This allows them to enter into new markets on a strong footing. It also allows them to solidify their position in existing markets efficiently. Companies that have entered into strategic partnerships can work together to increase their overall market share in both new and mature markets.
Mergers and acquisitions allow companies to have access to knowledge and resources that they previously didn’t have access to. This allows them to enter into new markets on a strong footing. It also allows them to solidify their position in existing markets efficiently., companies that have entered into mergers and acquisitions can work together to increase their overall market share in both new and mature markets.
Levant Power Corporation is a major American player in the energy harvesting market. It has solidified its dominant position in this market by investing heavily in research and development. This has allowed it to come up with a new generation of energy harvesting systems that are more efficient and effective while being friendlier on the environment. These energy harvesting systems have newer and more diverse applications.
It has also entered into strategic partnerships and merged with/acquired other companies with superior knowledge. This has also helped it to keep its strong market position.
The CAGR for the energy harvesting market is expected to be 9.5% until at least the end of 2027. The fact that many governments around the world are passing stricter environmental laws is driving growth. So is the fact that more and more people are using the Internet of Things.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Energy Source, Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Levant Power Corporation (U.S.), Honeywell International, Inc. (U.S.), Green Peak Technologies (Netherlands), Fujitsu (Japan), ABB Limited (Switzerland), Arveni (France), Enocean (Germany), Microchip Technology, Inc., (U.S.), Texas Instruments Inc. (U.S.), ST Microelectronics (Switzerland)|
|Key Market Opportunities||Access through various remote locations|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The energy harvesting market can thrive at a lucrative CAGR across assessment period.
Honeywell International, Inc. (U.S.), Fujitsu (Japan), Green Peak Technologies (Netherlands), and ABB Limited (Switzerland) are key players of the energy harvesting market.
Chemicals, electrical, mechanicals, thermal, nuclear, and gravitational are sources of energy used in energy harvesting.
Electrodynamics, thermoelectric, and photovoltaic are technologies that are used in energy harvesting.