Ever-rising demand for energy coupled with depleting fossil fuels is escalating the uptake of energy harvesting systems. Energy harvesting involves conversion of ambient or wasted energy into electrical energy. Energy harvesting systems capture, collect, store, and manage energy in such a way that it can be used for various applications, including security, industrial, transportation, and building and home automation.
Sales of Transducer Devices to Increase at Significant Pace through 2022
Some of the commonly utilized technologies in energy harvesting systems are radiofrequency (RF), vibration, light, and thermal energy harvesting. Light energy harvesting is expected to command a large share in the market, owing to the abundant availability of solar energy. Popularity of thermal energy harvesting is growing among both manufacturers and end users. As a result, manufacturers are increasingly implementing this technology in their offerings. For instance, in September 2017, a team of researchers from the Ulsan National Institute of Science and Technology (UNIST) in South Korea developed a wearable energy harvesting system that operates on the temperature difference between the hot and cold sides. The device is based on a thermoelectric generator.
Increasing reliance on renewable energy sources coupled with growing focus on green energy and de-carbonization can work in favor of the global energy harvesting system market. According to a report added to Radiant insights, Inc.; favorable government initiatives can play a vital role in the development of the market. Emerging trend of home and building automation can augment the market. However, high cost of energy harvesting systems and low awareness levels pertaining to the concept of these systems can negatively impact market growth.
Europe will be a prominent destination for key players in the market throughout the forecast horizon (2017 to 2022). Measures taken by the European Union are promoting research and development of energy harvesting technologies, thereby propelling the market.
Some of the key companies operating in the market are Texas Instruments, STMicroelectronics, Fujitsu, Cypress Semiconductor Corp., Cymbet Corporation, and Linear Technologies.