Energy Harvesting System Market Worth $974.4 Million by 2022
Building and home automation application segment is leading the market
PUNE, India — The global energy harvesting system market is forecast to reach $974.4 million by 2022, increasing at a compound annual growth rate (CAGR) of 19.6 percent between 2016 and 2022, according to a new market research report published by MarketsandMarkets.
The factors driving the energy harvesting system market include the demand for a safe and durable power source, the extensive implementation of Internet of Things (IoT) devices for building automation, and the increasing number of green environmental initiatives by governments.
The building and home automation application segment has been among the early adopters of energy harvesting systems for powering wireless sensor networks. Energy harvesting systems are being used for indoor environment control systems, lighting systems, and safety systems. The market for the industrial application of energy harvesting systems is expected to witness significant growth during the forecast period. The industrial sector is targeted for wireless sensor networks incorporating temperature sensors, pressure sensors, flow sensors, level sensors, occupancy sensors, and climate sensors.
Light energy harvesting held a large share of the energy harvesting system market in 2015. It uses solar energy, UV light, IR light, or indoor light to generate electricity and provide power to low-power electronic devices or for storage in batteries. The abundance of solar energy is leading to more research on solar-powered products with higher power efficiency.
The energy harvesting system market in the Americas is expected to hold the largest share of the global market by 2022 owing to the major driving forces such as growing applications in building and home automation, industrial wireless sensor networking, need for green energy sources, and government initiatives. The U.K. and Germany are expected to be the emerging markets following the U.S. and Canada. The energy harvesting system market is expected to have numerous opportunities in these countries.
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Publication date: 5/6/2016