Global energy harvesting system market is set to reach USD 843.2 million by 2024, growing at a CAGR of 11.5% during the forecast period. The growth of this market is attributed towards excessive demand for durable, safe and power-efficient systems that necessitate least amount of maintenance along with increasing initiatives undertaken by government authorities towards green energy. Energy harvesting systems develops diverse arrangements established upon the amount, source and type of energy that is converted into electrical energy. This harvesting system utilizes a source of energy such as light, vibration and heat.
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The exaggerating emphasis on energy harvesting from various sources such as wind, solar and thermal power along with excessive efforts from various government organizations to drive the utilization of renewable energy sources are the major factors that are driving the growth of energy harvesting system market globally. With the alarming rate of air pollution and global warming government organizations are continuously making determinations in order to eliminate the dependence and overutilization of fossil fuels and hence stimulate the adoption of renewable energy sources. Furthermore, increasing procedures for diminishing of carbon footprints worldwide is another factor pertaining towards the growth of global energy harvesting system market. Additionally, ever-changing patterns in rainfall and soaring temperatures are further fluctuating the budding arrangements of plants thereby strengthening the requirement of energy harvesting system and thus increasing its market revenue.
Geographically, energy harvesting system market in Europe is the largest revenue holder, globally. The growth of energy harvesting system market in this region is attributed towards widespread adoption of this system in automotive domain for the establishment of both commercials as well as passengers’ car segment. Moreover, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to exaggerated growth in both manufacturing’s as well as construction domain in various emerging countries of this region.
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The key players operating in the energy harvesting system market includes Fujitsu Group, Arveni, Cymbet Corporation, Convergence Wireless, Powercast Corporation, Honeywell International Inc., Texas Instruments Incorporated, STMicroelectronics N.V., ABB Ltd., Bionic Power, Inc., Energy Partners, Yantra Harvest Energy Private Limited, and EnOcean GmbH.
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