Energy harvesting refers to the integrated approach of collecting, storing and harnessing energy; primarily ambient energy for various applications under the purview of both on-demand and off-grid usage. Although a greener and efficient solution, energy harvesting is expensive in nature and is adopted only when other sources of energy are not approachable. However, it is imperative to understand that harvested energy is preferred on the basis of demand and not on the basis of supply or availability of the energy sources.
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Market segmentation of energy harvesting includes segmentation on the basis of different energy sources/fields, applications and geography. The major drivers of the global energy harvesting market include the growing need of end-use application segments, especially for the consumer segment, along with rapid technological advancements and relatively economical, efficient and greener solution offerings. Some of the key restraints of the global energy harvesting market include the technological uncertainty associated with off-grid and on-demand usage of energy harvesting-based technology, associated expensive nature and lack of awareness about energy harvesting usage among consumers. Although gaining popularity, energy harvesting technology is not yet applicable in all domains; particularly unsuitable for powering mesh wireless networks due to capacity to generate relatively low current. The nature and availability of abundant renewable sources of energy, especially ocean and tidal energy along with enhanced awareness programs and efficient methods can serve as a positive opportunity for the energy harvesting market at a global level.
On the basis of different energy sources/fields, the energy harvesting market can be segmented as: radiation (solar, electromagnetic and light, etc.), mechanical (fluid, elastic, kinetic and potential), chemical (battery, fuel cells and phase change), nuclear, magnetic, electric, thermal and gravitational. The usability of these energy sources depends upon the location of the energy harvester and can be restricted to a specific application for a given location. Among these, energy harvesting using electric and magnetic fields is most common.
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On the basis of application, the energy harvesting market is segmented as: wireless sensor network (WSN), consumer electronics, industrial, building, bicycle dynamo, military & aerospace, automotive, healthcare and others (research, animals, farming, etc.). Among these, consumer electronics including mobile phones, wrist watches, calculators, piezoelectric gas lighters etc., cover the maximum share of the global energy harvesting market. This is followed by military & aerospace-based applications of energy harvesting. However, building and home automation is the fastest growing application in the energy harvesting sector. Also, energy harvesting is an integral part in a wireless sensor network these days. On the basis of geography, the energy harvesting market is segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe and the Middle East & Africa. Among these, Europe is the fastest growing market, followed by North America, APAC and other regions. In North America, the U.S. accounts for the maximum share; whereas, in APAC, Japan accounts for the largest market share of the energy harvesting market. The global energy harvesting market is expected to grow at a double-digit CAGR over the next six years.
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