Green Energy Revolution The Growing Landscape of Energy Harvesting Technologies

Sustainable Energy Conservation Techniques to Power Global Energy Harvesting Market Demand

Energy harvesting is a technology used in capturing energy from the surrounding environment with the help of IoT nodes. Employment of IoT devices as well as rollout of 5G services can be lucrative avenues for flexible materials.

The report on the global energy harvesting market by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2023-2032). The effects of the COVID-19 pandemic on the market value are discussed in high detail.

Competitive Analysis

·         Levant Power Corporation (U.S.)

·         Honeywell International Inc. (U.S.)

·         Green Peak Technologies (Netherlands)

·         Fujitsu (Japan)

·         ABB Limited (Switzerland)

·         Arveni (France)

·         Enocean (Germany)

·         Microchip Technology Inc. (U.S.)

·         Texas Instruments Inc. (U.S.)

·         ST Microelectronics (Switzerland)

Market Scope

The global energy harvesting market can exhibit a stellar growth rate of 9.5% over the forecast period.

Huge Demand for Maintenance-free Systems to Drive Energy Harvesting Market

The energy harvested by industrial applications and be utilized for homes and commercial uses can drive demand for energy harvesting. Portable devices fueled by lithium-ion, lead-acid, and magnesium-ion batteries are prone to high replacement and increase upkeep costs. But energy harvesting can increase the uptime of equipment by a large share. Investments by various companies to reduce the equipment and sensor cost can support the trend.

Energy Harvesting Schemes in Development of Smart Cities to Favor Global Market

Plans for introducing energy harvesting schemes in smart cities for conserving energy and reducing reliance on utility providers can bode well for the market. This is evident with the Hong Kong government encouraging renewable energy schemes by promoting installation of energy harvesting devices on rooftops of buildings. The Solar Harvest scheme by the government has managed to attract schools and NGOs to participate in the Feed-in-Tariff (FiT) scheme.

Changing of Batteries to Challenge Market Growth

Replacement of worn-out batteries in IoT devices can pose a challenge to early adopters owing to different types of cells and various placements of devices. Varying energy demands of various devices and different battery replacement intervals can be burdensome and lead to hesitancy among potential buyers. Battery replacement costs of wireless sensor networks in remote locations can be bothersome and pose problems in the market.

COVID-19 Impact Analysis

The COVID-19 pandemic will prove to be fruitful for the energy harvesting market. This is attributed to increasing inclination towards IoT ecosystems by home and company owners. Rapid pace of urbanization and awareness of sustainability among customers can drive the demand for energy harvesting systems. The lockdowns had affected the market temporarily due to which companies may hike prices of their products to sustain their position.

Segmentation Analysis

Harvesting of Light Energy Technology to Garner Significant Market Revenue

The light energy harvesting technology is poised to gain significant revenue owing to efficiency of photovoltaic cells and investments in solar energy. Light will be converted into energy and used in powering portable and indoor products. Huge potential of electric cars being charged using solar energy is likely to increase its acceptance among potential customers to store abundant energy.

Automation of Buildings and Homes to be Biggest Market Application

Automation of buildings and homes will be the biggest application of the energy harvesting market owing to increasing use of IoT ecosystems and wireless sensor networks (WNS). Implementation of energy harvesting sensors and devices in homes for providing security and comfort to owners can drive the market demand significantly. Recently, EnOcean has developed sensors and devices for attaining energy from the environment and send sensor data within the building for optimal usage and conservation purposes.

Regional Analysis

Europe to Lead Global Energy Harvesting Market

Europe is set to capture maximum share of the Solar energy harvesting market. This is attributed to legislations enforced by governments to conserve energy in residential homes and commercial complexes. Incentives and tax breaks offered to early adopters can propel market demand significantly.

New research initiatives undertaken to improve energy conservation techniques can be beneficial to the market. Recently, a team of researchers in Switzerland have managed to harvest energy from wooden floorings. The energy will be captured via our footfalls and be stored in a nanogenerator for powering small electronic devices.

Industry Update

Wiliot, an energy harvesting startup, has developed a silicon-based self-powering chipset capable of harvesting energy from unlicensed band spectrums. This is expected to garner attention in IT workspaces that acts as a hub for radio and Bluetooth waves.

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