Energy Harvesting System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Energy harvesting systems find its main use in various low-powered electrical systems like home appliances, watches, and sensors. These low-powered electrical systems offer an efficient alterative to existing power sources, such as batteries.
The global energy harvesting system market has been segmented on the basis of technology, application, and region. The sole purpose of providing such an all-inclusive report is to provide a deep and 360-degree view of the market.
The global energy harvesting system market has witnessed quite a few developments over the last few years. These market developments suggest a trend and give an idea about the growth factors of the global Energy Harvesting System market. One such development of the market is mentioned below:
Demand for Power-efficient and Green Technology to Spur Demand in the Market
There are several factors that propel growth of the global energy harvesting system market, such as increasing demand for durable, power-efficient, and safe systems that need no or minimum maintenance. Besides, wide implementation of internet of things (IoT) technology in building and home automation sector, growing demand for green technology, and increased government initiatives boost growth of the global energy harvesting system market.
Use of batteries has witnessed a stellar rise across the globe. In accordance with the data of European Portable Battery Association (EPBA), nearly 225,000 metric tons or roughly around 11 billion portable batteries are being used in today’s world. The use of such a huge number of batteries is likely to leave harmful effect on the environment. Use of such a large number of batteries also leads to wastage of valuable resources.
The integration of energy harvesting systems in many of the electronic gadgets are likely to diminish the need to keep a continuous check on the use of batteries for the purpose of supply of power. Furthermore, the cost related to each change is also reduced, which encourages growth of the global energy harvesting system market.
On the other hand, dearth of awareness amongst the people is estimated to pose challenges in the growth of the global energy harvesting system market. Although, leading energy harvesting companies have made some noteworthy marketing and promotional activities to increase the sales of energy harvesting systems, the sale has not been as expected.
In terms of region, the global energy harvesting system market has been segmented into the regions of Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Of all the regions, North America is likely to come up as a rapidly growing region of the market. Sharp rise in the demand for energy-efficient peripherals and components from the industrial segment is likely to emerge as a growth factor for the North America energy harvesting system market over the tenure of assessment.
The global energy harvesting system market is segmented as:
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