Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSOctober 2019: According to International Energy Agency (IEA), the installation of solar PV systems on homes, commercial buildings and industrial facilities is set for a tremendous growth over the next 5 years and the world’s total renewable-based power capacity will grow by 50% between 2019 and 2024.
Introduction to Energy Harvesting
Energy harvesting, also known as energy scavenging or power harvesting, is a process of capturing and storing small amounts of ambient energy derived from external sources to power wireless device such as wearable electronic, wireless sensor networks (WSN) and solar panels. The benefits of energy harvesting are that, they are maintenance free, eco-friendly and improves efficiency. The most common energy harvesting devices are solar cells, wind turbines, photovoltaic (PV) cells, antennas and thermoelectric generators.
Market Size and Forecast
Increase in energy consumption rate and environmental concerns along with the demand for environmentally friendly and sustainable energy resources combined with the strict government regulations towards energy harvesting are some of the significant factors boosting the market growth. The energy harvesting market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by technology into light energy harvesting, thermal energy harvesting, electromagnetic/radio frequency energy harvesting, vibration energy harvesting and kinetic energy harvesting. Among these segments, the segment for light energy harvesting is anticipated to hold the leading share in the market on account of rise in number of companies providing solar-energy based solutions such as building automation, solar cells and security applications.
Growth Drivers
Increasing Demand for Power Efficient and Green Energy to Boost the Market Growth
There has been growing requirements of renewable energy sources such as solar, wind, thermal, tidal and vibration energy on account of its benefits such as minimum maintenance and environment friendly. As per the International Renewable Energy Agency (IRENA), the share of renewables in meeting global energy demand is expected to grow by one-fifth in the next five years to reach 12.4% in 2023. Further, the market growth is attributed to the large-scale applications of energy harvesting technology in industrial wireless sensor networks (WSN) and, building and home automation. These factors are anticipated to significantly expand the energy harvesting market. CLICK TO DOWNLOAD SAMPLE REPORT
Government Regulations
The government initiatives and regulations imposed on using the sustainable energy systems is anticipated to boost the market growth. UN Framework Conventional on Climate Change (UNFCCC) started initiatives and laid regulations which emphasize on transferring the green technologies.
Rise in Industrialization and Urbanization to Drive the Market Growth
The urban infrastructure and industrialization all over the world are emerging at a fast pace owing to availability of renewable energy resources on a large scale. However, the demand for energy resources by industries are met by the advanced and innovative techniques based on energy harvesting. On the back of these, the energy harvesting market is predicted to grow over the forecast period.
Restraints
Lack of Consumer Awareness and Higher Initial Cost to Hamper the Market Growth
Despite the advancement in technology, there is a limited awareness among consumers on the usage and availability of energy harvesting. Also, there is a higher initial investment on the devices which are based on energy harvesting. This is estimated to hinder the growth of energy harvesting market in the future.
Market Segmentation
Our in-depth analysis of the global energy harvesting market includes the following segments:
By Technology
By Component
By Application
By End User
By Region
On the basis of regional analysis, the global energy harvesting market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for energy harvesting in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market devices working on energy harvesting. Moreover, the growing utilization of renewable energy to power tiny electronic devices in home automation and increasing government activities to promote energy harvesting are met in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing internet-of-things (IoT) and growing digital infrastructure in the region. The improving advanced technologies are facilitating the transformation of urban areas into smart cities which are sustainable and energy efficient. This concept of smart city especially in evolving country such as India further raise the demand for energy harvesting.
The energy harvesting market is further classified on the basis of region as follows:
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