The global energy harvesting market is being propelled by the growing awareness regarding the conservation of energy, states a new research report by Transparency Market Research (TMR). The report is titled, “Energy Harvesting Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2023.” It presents an analysis of the market based on energy source, technology, application, and geography. The report also discusses important market dynamics such as current trends, future opportunities, and factors driving or restraining the global energy harvesting market.
Energy harvesting is gaining importance steadily over the years owing to the growing awareness regarding efficient use of energy. Energy harvesting involves the process of extracting small amounts of energy that would be otherwise lost if not captured. This left-over energy is harvested to help power other devices, thus leading to an efficient use of energy. As solar, tide, and wind energies are being widely used, residual energy extracted from these sources can have a significant economic and environmental impact. These benefits are driving the global energy harvesting market.
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Factors hampering the growth of the market include their high initial set up cost which may emerge as a concern for the players entering the business. Limited awareness about energy harvesting is another restrain that will hinder the market’s growth in the coming years. However, players are increasingly investing on research and development activities which are expected to lead to an emergence of innovative energy harvesting technologies such as ocean energy harvesting. This will likely widen the opportunities for players in the energy harvesting market.
The energy harvesting market is segmented on the basis of energy sources into radiation, mechanical, chemical, nuclear, gravitational, magnetic, chemical, and thermal. Of these, the use of electric and magnetic sources is most common. On the basis of technology used, the market is segmented into vibration energy, light energy, electromagnetic energy, thermoelectric energy, and fluid energy harvesting. By geography, the energy harvesting market is segmented into Asia Pacific, North America, Europe and South and Central America, and Middle East and Africa. Among these, Europe, followed by North America is expected to expand at a fast pace. The U.S. in North America and Japan in Asia Pacific are significant contributors to the energy harvesting market.
The report profiles key players operating in the global energy harvesting market. They are: Arveni, Perpetuum, EnOcean, SolePower, GreenTeg, Siemens AG G24 Innovations, Fujitsu, Honeywell International, ABB Ltd. The recent developments of these companies along with their growth strategies have been included in the report. In addition to this, the report gives information regarding key mergers, collaborations, and partnerships between companies.
