According to a study, from Persistence Marketing Research, he global energy harvesting equipment market is expected to register a CAGR of 9.9% during the forecast period of 2018 to 2028.
North America, SEA & others of APAC, and Western Europe are expected to account for an approximate market share of 50% by the end of the forecast period.
The study segmented the global energy harvesting equipment market on the basis of energy source, end user, industry vertical, product category, and region. With respect to the energy source, the thermoelectric sub-segment is expected to register the highest growth in the global energy harvesting equipment market.
Under the end user segment, the commercial sub segment is expected to dominate the global energy harvesting equipment market throughout the forecast period.
On the basis of industrial vertical, the home & building automation sub segment is expected to register the highest market share in the global energy harvesting equipment market by the end of the forecast period. On the basis of the product category, the energy harvesting ICs sub segment is expected to witness a higher growth rate as compared to other products.
In the coming years, small and medium enterprises are expected to be the top adopters of energy harvesting equipment. Energy harvesting equipment is expected to help them improve their business functionality by reducing operating costs of electricity and improving productivity. Investments in energy harvesting equipment are witnessing significant growth. These factors are expected to boost the energy harvesting equipment market across the globe. Furthermore, energy harvesting equipment has also been adopted by various governments for producing green energy with the help of different energies captured from ambient energies.
The global annual revenue from the deployment of energy harvesting equipment devices is expected to be valued at $2,6bn by the end of 2028. The dominant regions, i.e. North America, China, SEA & others of APAC, and Western Europe, are expected to collectively account for most of the global energy harvesting equipment market.
The energy harvesting equipment market in Latin America economies and China are likely to dominate the global energy harvesting equipment market over the forecast period.
Demand for energy harvesting equipment is being driven by the digital transformation that is gaining traction in manufacturing, retail, IT, education, and wholesale industries.
Furthermore, on the basis of geography, the North America energy harvesting equipment market is expected to dominate the global energy harvesting equipment market due to high adoption of green energy developing equipment in the U.S. and the availability of resources for offering advanced energy harvesting equipment experience to the end-users in the region.
The launch of advanced intelligent energy harvesting equipment by providers as well as strategic collaborations, acquisitions, and mergers will help increase the overall corporate revenue in the global energy harvesting equipment market. These factors are fuelling the growth of the energy harvesting equipment market in North America. Moreover, the Energy Harvesting Equipment market has high potential in SEA & Other of Asia Pacific, Latin America, and China owing to the increasing adoption of government and public initiatives in the regions.
According to report, increasing awareness about the adoption of green energy, high growth opportunities across developing countries, and an increase in the number of new service providers of energy harvesting equipment are some of the factors that are likely to increase revenue and new innovation strategies to enable the manufacturers of energy harvesting equipment to reach new growth markets.
Examples of some of the market participants in the global energy harvesting equipment market report are Tigo Energy; greenTEG; EnOcean; Murata Manufacturing, Ocean Harvesting Technologies, Renesas Electronics and Cymbet Corporation.
