Global Energy Harvesting Market is Projected to Record a CAGR of 7.5% from 2022-2032: Report
The global energy harvesting market is projected to record a CAGR of 7.5% from 2022-2032, according to Future Market Insights report.
December 09, 2022. By News Bureau
“A number of newly developed and efficient energy applications, broad acceptance of renewable energy sources, and green energy harvesting are likely to play a critical role in the growth of the worldwide energy harvesting Industry.”
Growing applications of the energy harvesting technology and home automation is another key driver to the market growth. The green energy harvesting trend is effectively governing the market, while favourable initiatives by various governments are also boosting the market on a global level. Energy harvesting on a significant scale is used in industrial WSNs, and this trend is projected to continue during the forecast period.
“Shift in energy harvesting technology from off grid to smart grid will drive the energy harvesting demand.”
Energy harvesting technology is utilized off-grid or on-demand; both of these usage patterns, however, have inherent technological challenges that may limit the market’s demand for energy harvesting equipment. Another deterring factor includes inadequate awareness among consumers about the availability and usage of the energy harvesting systems based on harvested energy.
Moreover, relatively higher initial costs associated with these devices are expected to curtail the growth of the market globally.
The energy harvesting technology generates lower current, which makes it incompatible for the application in all types of energy domains. Shifting to a smart grid paradigm can help the energy harvesting market in the direction of prosperity.
“Energy harvesting encompasses a wide range of energy harvesting systems, energy harvesting devices, energy harvesting technologies which are utilized for energy storage in a variety of energy harvesting projects”.
The energy harvesting market based on application is segmented as wireless sensor network (WSN), consumer electronics, industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare, and others (research, animals, and farming).
Among these, consumer electronics, including mobile phones, wrist watches, calculators, and piezoelectric gas lighters, cover the maximum share of the global energy harvesting market, followed by military and aerospace-based applications. However, building and home automation is the fastest growing application segment in the energy harvesting sector.
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