According to the recent study titled ‘GLOBAL Energy Harvesting Market 2020-2028’, available with Market Study Report, global energy harvesting market is set to grow at a yearly rate of 10.15% during the forecast period 2020-2028.
 

Escalating demand for sensors in smart city projects, advancements in manufacturing industries, and growing IoT implementation for building automation are catalyzing global energy harvesting market growth.
 

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Rising utilization of wearable devices is bolstering the demand for sensors and is expected to present new growth opportunities in the upcoming years. However, high development costs associated with the technology and low adoption rate in developing nations, along with dearth of knowledge pertaining to energy harvesting are the major challenges for business progression.
 

Based on source, global energy harvesting market is divided into light (solar energy, UV energy, infrared energy), electromagnetic/RF (far field, near field), mechanical (vibration, pressure), thermal, and others. On the basis of system, the industry is categorized into photovoltaic, electrodynamic, thermoelectric, electromagnetic transducers, and RF transducers. The application segmentation is comprised of consumer electronics, building and home automation, transportation, industrial application, and security & defense.
 

Considering the regional outlook, North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa are the prime contributors to the overall energy harvesting market remuneration. Among these, Asia Pacific industry size is expected to expand significantly in the ensuing years, chiefly due rising penetration of IoT, and development of smart grids and smart buildings in the region. In fact, IoT-enabled technologies are being increasingly adopted to address the resource and infrastructure challenges caused by rapid urbanization. To facilitate this development, smart devices and sensors are in high demand in the region.
 

Top contenders in global energy harvesting market sphere are Texas Instruments, Inc., STMicroelectronics NV, Siemens AG, Schneider Electric SE, Laird Technologies, Inc., Microchip Technology, Inc., Honeywell International, Inc., Mouser Electronics, Inc., G24i Power Ltd., greenTEG AG, Fujitsu Ltd., EnOcean GmbH, Cymbet, Convergent Wireless Communications Pvt. Ltd., and ABB Ltd.