NEW YORK, March 28, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global energy harvesting system market is expected to reach $659.6 billion by 2023, growing measures to reduce carbon footprints, lower dependence on fossil fuels, rising adoption of IoT and big data, and growing demand for power-efficient systems are some of the major factors driving the growth of the market.
Of all applications of energy harvesting systems, building and home automation has been contributing the highest revenue globally, with an estimated contribution of more than 35% in 2017. It is also expected to be the fastest growing category during the forecast period. This is due to rapid increase in implementation and installation of sensor-based technologies, and increase in demand for energy efficient power systems, from residential and commercial sectors.
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Europe Stands as the Largest Energy Harvesting System Market
Europe has been contributing the largest revenue share to the energy harvesting system market, followed by North America. It is mainly attributed to the rise in automation of buildings and homes, and rapid growth of the industrial automation sector in these regions.
Rising Adoption of IoT And Big Data is the Key Growth Driver
Energy harvesting system market is developing well, and IoT and big data technologies have given it a real impetus. It is generally considered as the abstraction of operational power from the atmosphere to decrease the requirement of external power sources or batteries. Habitually, electricity is utilized to achieve some active sensing and interconnect the sensor data wirelessly over local area network (LAN) or wide-area network (WAN). In the coming years, millions or billions of devices are going to be connected to the internet. It is not surprising to allude that energy harvesting will be highly beneficial for IoT applications.
Browse report overview with 73 tables and 52 figures spread through 141 pages and detailed TOC on "Energy Harvesting System Market" at: https://www.psmarketresearch.com/market-analysis/energy-harvesting-market
Emergence of Motion Energy Harvesters— A Lucrative Opportunity for Market Growth
A majority of wearables available in the energy harvesting system market are fitness trackers and other health application devices, which can also be driven by human motion. As wearables are becoming more preferred and common among consumers, the demand for energy to drive them is also increasing. Energy harvesting is emerging as a way to aid extra battery power in wearables. Energy harvesting also supplies energy to devices when the battery is exhausted and there is no availability of power supply.
Energy Harvesting System Market Competitiveness
As the energy harvesting system market sees high growth opportunities due to growth in energy harvesting practices in consumer electronics, and building and home automation categories, the competition gets tightened.
With increasing applications of energy harvesting systems across various industries, companies operating in this market are increasingly launching new products to enhance their offerings. For instance, in January 2018, EnOcean GmbH unveiled self-powered wireless sensors for energy harvesting solutions in IoT, in the International Consumer Electronics Show program which was held in Las Vegas. The solution is based on the company’s Bluetooth and sub 1 GHz band (ISO/IEC 14543-3-1x) wireless standards.
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