Global Energy Harvesting System Market: Overview
Energy is available in different forms such as mechanical, solar, thermal, the wind, and others. In order to manage, collect, and store energy so that is can be used later in many applications a system is used which convert the stored energy into electrical energy, this system is known as energy harvesting system. This system is very efficient to meet energy crisis. Energy harvesting system ensures durable and maintenance-free energy, less carbon emission, and ease of use solutions.
Global Energy Harvesting System Market: Growth Factors
Energy harvesting system is an enduring system that is power efficient and safe and it requires no maintenance thus driving the global energy harvesting system market. The emergence of improved and advanced energy harvesting technology also contributes to the global market growth. Increasing adoption of energy harvesting technology in building and home automation has positively influenced the market. Growing demand from various industries for energy harvesting contributes to market share. The increasing awareness regarding green energy trend and effective and favorable initiatives taken by various governments is expected to fuel the market growth. Availability of the plenty renewable energy sources such as the ocean, tidal, and the wind energy offers a dependable platform for new innovation in energy harvesting applications. However, technological complexities and lack of knowledge about usage of the devices are restraining the global energy harvesting system market.
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Global Energy Harvesting System Market: Segmentation
The global energy harvesting system market is segmented based on the energy sources which include chemical, radiation, magnetic, gravitational, nuclear, electric, and thermal. Of these, electric energy sources dominate the global energy harvesting system market. On the basis of application, the global market is classified as military and aerospace, wireless sensor network, automotive, consumer electronics, healthcare, building, bicycle dynamo, industrial, and others. The consumer electronics segment is further sub-segmented into piezoelectric gas lighters, mobile phones, calculators, and wrist watches. Geographical segmentation of the market is diversified into North America, Europe, Asia-Pacific, and Rest of the World.
Global Energy Harvesting System Market: Regional Analysis
North America region dominates the energy harvesting system market owing to the economic development of the region. North America is followed by Europe which is growing at a faster rate due to the higher investments that are made by The European Commission in the research and development of storage devices and energy harvesting. In the coming years, the North American and Asia-Pacific region will witness a remarkable market growth.
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The US in the North American region and Japan in Asia Pacific holds the largest market share of total energy harvesting market revenues. The factors that contribute to the market growth in Asia Pacific region is the increasing population and the rising disposable income.
Global Energy Harvesting System Market: Competitive Players
Major players that are operating in the global energy harvesting system market are STMicroelectronics, ABB Limited, Maxim Integrated, Levant Power Corporation, Enocean, Microchip Technology, Inc., Marlow Industries, Inc., Arveni, G24 Innovations Limited, Green Peak Technologies, MicroGen Systems, Cypress Semiconductor Corp., Texas Instruments Inc., and Honeywell International, Inc.
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