(MENAFN- Ameliorate Digital Consultancy)
Persistence Market Research just published a study titled“energy harvesting equipment market – Global Industry Analysis and Forecast by 2028.” (PMR). Over the past three years, the market for energy harvesting equipment has grown in tandem with the growth of digitization and the usage of green energy.
The market for energy harvesting equipment is anticipated to show a CAGR of 9.9% by the forecast year of 2028. North America, SEA & other regions of APAC, and Western Europe are predicted to hold about 50% of the market by the end of the forecast period.
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In this report, PMR has segmented the global energy harvesting equipment market on the basis of energy source, end user, industry vertical, product category, and region. With respect to the energy source, the thermoelectric sub-segment is expected to register the highest growth in the global energy harvesting equipment market.
Under the end user segment, the commercial subsegment is expected to dominate the global energy harvesting equipment market throughout the forecast period. On the basis of industrial vertical, the home & building automation subsegment is expected to register the highest market share in the global energy harvesting equipment market by the end of the forecast period. On the basis of the product category, the energy harvesting ICs subsegment is expected to witness a higher growth rate as compared to other products.
In the coming years, small and medium enterprises are expected to be the top adopters of energy harvesting equipment. Energy harvesting equipment helps enterprises improve their business functionality by minimising operating costs of electricity and improving productivity. Investments in energy harvesting equipment are witnessing significant growth.
These factors are expected to boost the energy harvesting equipment market across the globe. Furthermore, energy harvesting equipment has also been adopted by various governments for producing green energy with the help of different energies captured from ambient energies.
The global annual revenue from the deployment of energy harvesting equipment devices is expected to be valued at US$ 2,670.5 Mn by the end of 2028. The dominant regions, i.e. North America, China, SEA & others of APAC, and Western Europe, are expected to collectively account for a majority share of the global energy harvesting equipment market.
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The energy harvesting equipment market in Latin America economies and China are likely to dominate the global energy harvesting equipment market over the forecast period. Energy harvesting equipment is adopted by several organisations in the recent years and many more organisations are expected to adopt this technology in the near future. One of the major factors driving the global energy harvesting equipment market is the digital transformation that is gaining traction in manufacturing, retail, IT, education, and wholesale industries.
Furthermore, on the basis of geography, the North America energy harvesting equipment market is expected to dominate the global energy harvesting equipment market due to high adoption of green energy developing equipment in the U.S. and the availability of resources for offering advanced energy harvesting equipment experience to the end-users in the region.
The launch of advanced intelligent energy harvesting equipment by providers as well as strategic collaborations, acquisitions, and mergers will help increase the overall corporate revenue in the global energy harvesting equipment market. These factors are fuelling the growth of the energy harvesting equipment market in North America. Moreover, the Energy Harvesting Equipment market has high potential in SEA & Other of Asia Pacific, Latin America, and China owing to the increasing adoption of government and public initiatives in the regions.
According to PMR analysis, increasing awareness about the adoption of green energy, high growth opportunities across developing countries, and an increase in the number of new service providers of energy harvesting equipment are some of the factors that are likely to increase revenue and new innovation strategies to enable the manufacturers of energy harvesting equipment to reach new growth markets.
Examples of some of the market participants in the global energy harvesting equipment market report are Tigo Energy, Inc.; greenTEG; EnOcean GmbH; Murata Manufacturing Co., Ltd.; Ocean Harvesting Technologies AB; UTAG Green Energy Technologies Inc.; ReVibe Energy; SolarEdge Technologies Inc.; Renesas Electronics and Cymbet Corporation.
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Key Segments
By Energy Source
Thermoelectric
Piezoelectric
Radio Frequency
Photovoltaic
Others
By End User
Commercial
Residential
Industrial
By Industry Vertical
Aerospace & Defense
Home & Building Automation
Government
Consumer Electronics
Others
By Product Category
Energy Harvesting Ics
Energy Harvesting Sensors
Energy Harvesting Storage
Others
Key Regional Markets
North America Energy Harvesting Equipment Market
U.S.
Canada
Latin America Energy Harvesting Equipment Market
Brazil
Mexico
Rest of Latin America
Western Europe Energy Harvesting Equipment Market
Germany
France
U.K.
Spain
Italy
Benelux
Rest of Western Europe
Eastern Europe Energy Harvesting Equipment Market
Russia
Poland
Rest of Eastern Europe
SEA and other of APAC Energy Harvesting Equipment Market
India
Australia & New Zealand
ASEAN
Rest of APAC
China Energy Harvesting Equipment Market
Japan Energy Harvesting Equipment Market
MEA Energy Harvesting Equipment Market
GCC Countries
Turkey
South Africa
North Africa
Rest of MEA
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