Energy Harvesting System Market Displaying Significant Growth in Coming Years
The rising adoption of green energy along with that of wireless sensor networks installed with energy harvesting systems are some of the factors responsible for the growth of the energy harvesting system market. In 2017, the market generated a revenue of $358.5 million, and it is expected to progress at a CAGR of 11.0% during the forecast period (2018–2023).
These systems are based on energy harvesting methods, which allow battery-free working of wireless sensors and autonomous devices and help in their operation in areas where battery replacement is tough.
The natural resources generally used for the generation of energy, for example fossil fuels, are finite and take a heavy toll on the environment. As per the BP Statistical Review of World Energy, in 2010, the world was left with only 188.8 million tons of oil in the reserves that are known to humans, which is only enough to meet the world’s demands for the coming 46.2 years. Thus, it has become vital to look for new ways that could help generate energy and reduce environmental degradation, and energy harvesting could be the way to achieve this.
The global energy harvesting system market attained a value of $358.5 million in 2017, and it is further predicted to grow at a CAGR of 11.0% in the coming years. The growth of the market is because of the rising adoption of internet of things (IoT) and increasing demand for power-efficient systems for building automation.
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This is ascribed to the rapid adoption of internet of things (IoT) in different industries, reducing cost of actuators and sensors, and technological developments in the networking and power intelligence domains. Hence, due to the technological advancements in energy harvesting systems and increasing adoption of solar energy, the growth of the market is expected to be augmented.
Energy Harvesting System Market Segmentation
- Electromagnetic / RF
- Power Management Integrated Circuits (PMIC)
- Storage Systems