WELLESLEY, Mass., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Due to the ability to convert waste heat to power small devices, along with providing economic advantages for developing countries, the global market for energy harvesting is experiencing extremely rapid growth, according to an updated report from BCC Research.
BCC Research estimates this market will grow from $1.7 billion in 2018 and to nearly $4.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 20.2%, as outlined in the market research report “Global Markets, Technologies and Devices for Energy Harvesting.”
With the increase in power consumption around the world, many companies and research institutions are developing technologies to convert waste heat back to energy and to increase the efficiency of energy usage.
Research Highlights
- Regionally, the America’s share of the energy harvester market, in terms of value, is expected to decrease from 46.6% to 45.4% during the forecast period.
- Meanwhile, the Asia-Pacific region’s share of the energy harvester market, in terms of value, is expected to increase from 31.5% to 32.8% during the forecast period.
- Overall, the industry is anticipated to increase threefold. However, there will be a steep decline in ASPs in most of the sensor application categories.
“Energy harvesting remains an upcoming technology with ample upside potential, especially in industrial applications, during the forecast period,” the report notes. “Significant work will be required in order for chemical, radiation and thermal energy source stakeholders to rise to a comparable level of innovation activity when contrasted with mechanical sources.”
Improvements in Transducer Materials Drive Market
Another trend advancing the use of energy harvesters has been the development of transducer materials with improved energy-conversion metrics. For example, alternatives are being developed for the polycrystalline and monocrystalline silicon cells used in solar/PV power-sourced energy harvesters. Alternatives to silicon are based on compound semiconductor materials with superior band-gap properties. Similarly, considerable advances have occurred in the development of piezoelectric materials with superior flexibility properties.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.