Energy Harvesting System Market to Reach 19.6% CAGR in 2022
MarketsandMarkets released a report stating that the energy harvesting system market worldwide is anticipated to have a total of $974.4 million revenue by 2022, with a compound annual growth rate (CAGR) of 19.6 percent between this year and 2022.
The demand for a safe and durable power source, the increasing number of green environmental programs by the government, and the comprehensive implementation of Internet of Things (IoT) are the factors that boost the industry.
TheNews reported that for powering wireless sensor networks, the home and building automation application category has been one of the first adopters of energy harvesting systems. Energy harvesting systems are being used for indoor environment control systems, safety systems, and lighting systems. In terms of the fastest growth within the forecast period, the market for industrial application of energy harvesting systems is leading the other segments. The industrial category is aimed at wireless sensor networks including pressure sensors, level sensors, climate sensors, occupancy sensors, and temperature sensors.
In 2015, the energy harvesting system market’s largest share belonged to the light energy harvesting. It makes use of solar UV light, solar energy, IR light, or indoor light to produce electricity and provide power for storage in batteries or to low-power electronic devices. The great amount of solar energy is making it possible to conduct more researches on solar-powered products with higher power efficiency.
By 2022, the energy harvesting system market in the Americas is forecast to have the largest share. This is due to the various boost factors such as the need for green energy sources, government initiatives, industrial wireless sensor networking, and growing applications in building and home automation. Germany and the United Kingdom are also anticipated to be the rising markets after Canada and the United States.
The target audience of this report includes technology providers and investors, start-up firms, venture capitalists, government bodies, analysts, strategic business planners, and private equity firms. The scopes of the global energy harvesting system market included in the report are technology, application, and geography.