Global energy harvesting equipment market procured $372 million in the year 2017 and is predicted to grow at a 11.4% CAGR over 2018-2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the energy harvesting equipment market based on product, technology, end user and region.
Energy harvesting equipment uses electricity existing in the environment to supply power to various circuits and appliances. These tools are of major help at locations with no conventional power sources, and for applications in remote areas, underwater, and across other challenging locations. Some key energy harvesting equipment applications observed during the study include implantable devices, remote corrosion monitoring systems, and remote patient monitoring, RFID, structural monitoring, IoT, equipment monitoring, and others.
According to the report, the foremost factor that has surged the demand for energy harvesting equipment over the years is the growing awareness concerning the environment among consumers, while the adoption of these tools has been accelerated by the depletion of fossil reserves and rising energy costs. Other factors that support the growth of the energy harvesting equipment market include the growing need for energy efficiency, favorable government initiatives, and rising awareness pertaining to the use of renewable energy sources. The market is slated to witness humongous growth opportunities over the forecast timeframe owing to growing demand from home automation, building, and wearable devices. Also, technological advancements and high adoption of wireless sensor networks will contribute to product demand, cite the report.
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The report further delivers an in-depth qualitative and quantitative analysis of the market trends and growth prospects of the energy harvesting equipment market between 2017 to 2026. A detailed geographic overview of the market encompassing North America, Latin America, Europe, MEA and Asia-Pacific regions is also contained within the report. North America is further categorized into the U.S., Canada, and Mexico. Europe is segmented into the UK, Germany, France, Italy, and the Rest of Europe. Asia-Pacific is divided into India, China, Japan, and Rest of Asia-Pacific.
In terms of revenue, North America held the biggest share of the global market in 2017, accredited to the introduction of favorable government regulations and rising awareness about surging environmental pollution. Growing demand from the building and home automation sector has further augmented the adoption of energy harvesting equipment in the region.
The competitive landscape of the global energy harvesting equipment market is made up of diverse international and small and medium-sized enterprises. The major industry participants profiled in the report comprise of GreenPeak Technologies, Fujitsu Limited, Texas Instruments Incorporated, Enocean GmbH, ABB Limited, Microchip Technology Inc., Arveni SaS, Siemens AG, Cymbet Corporation, and Honeywell International Inc.
Key growth strategies of these firms include launching new products to enhance their portfolio in the market. Moreover, owing to technological advancements, these firms are consistently innovating and launching new customized products that serve growing customer needs. Expansion strategies often include leading companies acquiring other companies and improving their product range and geographical reach to augment market revenue. Acquisitions allow key players to enhance their market position, which would eventually contribute to the global energy harvesting equipment market growth over the estimation period.