Energy Harvesting Technology: Future for Sustainable Energy
According to Goldstein Research, “Energy harvesting is an alternate source of energy which enhances the overall reliability of the energy system to fulfil the unmet needs mainly during peak hours or power outages. Energy harvesting technology is increasingly becoming a reliable source to meet primary energy demand and thereby supporting the overall market growth across the globe. Moreover, growing inclination towards renewable energy and rising technological developments to increase the efficiency of energy harvesting devices are also likely to bring new business scopes for the growth of energy harvesting market.”
Global Energy Harvesting Market Outlook 2024
Global energy harvesting market is segmented on the basis of technology, by the system and by the end user. Based on end-users, consumer electronics segment dominated the market in 2016. Increasing demand for consumer electronic products such as calculators, mobile phones, security & surveillance cameras, wrist watches, and piezoelectric gas lighters are increasing the demand for energy harvesting technology. Growing adoption home automation to increase the energy efficiency is accelerating the energy harvesting market across the globe. Moreover, increasing spending on aerospace & defence industry and rising automotive production are the key factors booming the energy harvesting market across the globe.
Asia-Pacific energy harvesting market valued USD 72.6 billion in 2016 and is anticipated to reach over USD 254 billion by 2024, registering a healthy CAGR over the forecast period. Huge adoption of energy harvesting technology in countries such as China, Japan, South Korea, Japan and India are expected to propel the energy harvesting market in Asia-Pacific region. Government is focusing more on energy harvesting & storage technology and deployment of smart home projects in the region are likely to support the market growth.
Acquisitions & collaborations as a strategy to build smart energy future
Leading players are adopting mergers & acquisitions, technical collaboration, innovations and expansions as their business strategies to maintain their presence in the market. For instance, in 2016, Honeywell International Inc. acquired Intelligrated, a material handling automation and software engineering for USD 1.5 billion. In 2015, America based leading microcontroller provider Microchip Technology Incorporated acquired Micrel Incorporated to expand their portfolio with linear and power management products, communications products and LAN solutions. With these acquisitions market players are focusing to gain a strong position in industrial, automotive and communications sectors, energy harvesting market is expected to witness remarkable growth during the forecast period.
Global Energy Harvesting Market
The report contains a detailed overview of the global energy harvesting Energy Harvesting market in terms of market segmentation by technology, system and by the end user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global energy harvesting market also provides competitive outlook of some of the major players of global energy harvesting market which includes profiling of companies such as ABB Limited, Arveni, Cymbet Corporation, Fujitsu Limited, Honeywell International Inc., Cypress Semiconductor Corp., Siemens AG, General Electric Company, Microchip Technology Inc., Nextreme Thermal Solutions, Schneider Electric SE, STMicroelectronics N.V., Texas Instrument Incorporated, EnoCean GmbH, Greenpeak Technologies B.V., Convergence Wireless, Voltree Power, Silicon Laboratories Inc., Murata Manufacturing Co. Ltd., Mide Technology Corporation, Laird Plc., Lord Microstrain, POWERLeap Inc., Levant Power Corporation, Marlow Industries, Inc., MicroGen Systems, Maxim Integrated and G24 Innovations Limited. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global energy harvesting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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