Market Trends of Energy Harvesting Systems Industry
This section covers the major market trends shaping the Energy Harvesting Systems Market according to our research experts:
Consumer Electronics to Hold Significant Market Share
- Energy harvesting systems are increasingly used in consumer electronics, such as wearables, smartphones, remote control units, wireless appliances, body implants, etc.
- Moreover, Energy harvesting systems allow consumer electronic products to operate where conventional power sources are unavailable. Such features extend the use and eliminate the geographical constraint for devices to always be near a power source. Such features are driving the use of energy harvesting systems in consumer electro.
- For instance, energy harvesting systems are used in remote control units, where power is harvested from the force applied by the user in pressing the button. Recently, ARM has built such a device with the low power of the ARM Cortex-M0+ processor.
- The energy captured may be used in most wireless applications, body implants, wearables, and other low-power consumption applications. Even if the harvested energy is not enough to power the entire device, it may still be used to extend the life of conventional batteries.
- For example, researchers from the Chinese University of Hong Kong have developed a device that may harvest energy from the human knee during walking without a substantial increase in effort for wearers. The demonstrated device generates up to 1.6 mW of power without significantly changing breathing patterns.
- The proliferation of connected devices and the need for less expensive and reliable energy sources drive the growth of energy harvesting systems in the consumer electronics industry.
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North America to Hold the Largest Market Share
- Due to the region's ongoing and rapid technical advancements, North America has emerged as the most critical market for investments in building and home automation, which employ renewable energy and propel the demand for energy harvesting systems.
- The majority of the region's revenue came from the United States. Due to the administration's intention to make the nation an energy-independent state and the thriving industrial and transportation sectors, the industry is anticipated to experience significant expansion.
- Comparatively to other markets, the North American market is seeing a high level of industrial IoT adoption, boosting the need for energy harvesting systems.
- Government programs to reduce energy emissions from outdated and public buildings have also contributed to this growth. For instance, 50 of the federal government's most energy-intensive buildings will have installed sophisticated and smart building technology due to a deal the U.S. General Services Administration signed with IBM.
- Additionally, the smart cities project launch has altered the local market environment. In addition to holding events to promote collaboration and knowledge sharing amongst cities, businesses, and colleges involved in creating smart cities around the nation, this effort also includes various grants and funding packages.
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