Wind-Induced Energy Harvesting Devices Market size is estimated to reach $183.0 million by 2026 at a CAGR of 10.10% during the forecast period 2021-2026. Due to the rising demand for a secure and durable power source, the Energy Harvesting Device Market is experiencing significant growth. Moreover, in response to developments in technology, the implementation of energy harvesting technology in building infrastructure is another factor driving market development. Further, the growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance surging implementation of IoT devices in automation and energy harvesting systems for building and home automation increasing trend for green energy and favourable initiatives by governments rising adoption of wireless sensors equipped with energy harvesting systems are some of the prominent factors for the growth of the market globally. Furthermore computational fluid dynamics (CFD) and wind tunnel experiments are conducted to measure the power output of the energy harvester. Hence the factors are analysed to drive the market growth in the forecast period 2021-2026.
Wind-Induced Energy Harvesting Devices Market Segment Analysis – By Component Type
The Transducers segment of the Wind-Induced Energy Harvesting Devices market is expected to grow at the highest CAGR of 10.3% during the forecast period. Climate change and increasing customer spending on renewable energy sources can be attributed to this. In addition, the growing emphasis on sustainable and environmentally-friendly energy sources is driving the growth of the market in this segment. The transducer can work without the wind direction restrictions and can be widely used in data monitoring, wireless data transmission, and other fields with simple structure, high energy utilization rate, low cost and environmental-friendly. Hence these factors are analysed to drive the Wind-Induced Energy Harvesting Devices industry growth in the forecast period 2021-2026.
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Wind-Induced Energy Harvesting Devices Market Segment Analysis - By End-User Industry
Building and home automation segment of the Wind-Induced Energy Harvesting Devices market is growing at the highest CAGR of 10.4% during the forecast period. The growing adoption rate of home automation and control systems through wireless sensor networking (WNS) and the Internet of Things (IoT) are implementing energy storage devices and sensors. In addition rapid increase in sensor-based technology, implementation and the increase in demand for energy-efficient power systems are driven by growth in the residential and commercial sectors. Factors, such as the extensive execution of Internet of Things devices in automation, growing demand for power-efficient and rising awareness about green and clean energy, and penetration of energy harvesting technique in home & building automation are anticipated to propel the segment growth.
Wind-Induced Energy Harvesting Devices Market Segment Analysis - By Geography
North America dominated the Wind-Induced Energy Harvesting Devices market size in 2020 with a share of 33%. With the ongoing rapid technological developments in the North American region, it became the most critical market for building and home automation investments, which use renewable energy and drive the growth of the energy harvesting systems market. This region is witnessing high adoption of industrial IoT compared to the other regions, which is also driving the demand for energy harvesting systems. This growth is further aided by government initiatives to decrease energy emissions from old and public buildings. For instance, the U.S. General Services Administration has entered into a contract with IBM to install advanced and smart building technology in 50 of the federal government’s highest energy-consuming buildings. Hence these factors will drive the Wind-Induced Energy Harvesting Devices industry outlook in the forecast period 2021-2026.
Wind-Induced Energy Harvesting Devices Market Drivers
Growing demand for power-efficient systems is analysed to drive the market in the forecast period.
The growing need to minimize carbon emissions is a major driver of the global demand for energy harvesting systems. Increased demand for power-efficient systems is also a key factor driving the growth of the market for energy harvesting systems. Minimizing energy wastage is one of the easiest ways to reduce the carbon footprint. In addition, customers are exploring the use of energy harvesting technology-based devices for different advantages, as energy harvested from renewable energy sources significantly decreases power bills and decreases the individual contribution to the carbon footprint. The increasing emphasis on reducing the carbon footprint is therefore expected to continue driving the demand for devices based on technologies for Wind-Induced Energy Harvesting Devices in the forecast period 2021-2026.
IoT intervention in several industrial and non-industrial purposes is driving the growth of the market in the forecast period
The rising IoT trend would effectively fuel the global market’s need for wireless sensors and energy-efficient autonomous systems. As a result, this will stimulate the need for efficient systems for energy harvesting, reducing the need for battery charging and thereby decreasing the overall cost. Consequently, IoT interference would increase consumer demand for energy harvesting for several industrial and non-industrial purposes. Moreover, excessive efforts by various government organizations to drive the use of renewable energy source and growing processes for reducing global carbon footprints is another factor in the growth of the Wind-Induced Energy Harvesting Devices market share.
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Wind-Induced Energy Harvesting Devices Market Challenges
Lack of standardization and consumer awareness is set to hamper the market growth.
The lack of customer awareness is observed to impede the market growth of the energy harvesting system. While major energy harvesters have had some significant marketing activities in recent years, the impact on the sales of such products has been less than anticipated. Thus, restricted consumer awareness of the availability and use of harvested energy-based devices is one of the main obstacles to the adoption of such products by the mass market. In addition, the availability of abundant encrypted devices and ecosystems decreases the less user-friendly energy harvesting system industry’s effectiveness and restricts the growth of the Wind-Induced Energy Harvesting Devices market share.
Wind-Induced Energy Harvesting Devices Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Wind-Induced Energy Harvesting Devices Market. In 2020, the market of Wind-Induced Energy Harvesting Devices industry outlook has been fragmented by several companies. Wind-Induced Energy Harvesting Devices top 10 companies include:
● Microchip Technology Inc.
● E-Peas SA
● EnOcean GmbH
● ABB Limited
● Powercast Corporation
● Advanced Linear Devices Inc
● Analog devises Inc
● STMicroelectronics
● NVTexas Instruments Incorporated
● Cypress Semiconductor Corporation
Acquisitions/Technology Launches
● In February 2020, Cymbet Corporation had collaborated with Axzon in order to launch ultra-low power, disposable data logger solution for logistics monitoring applications.
● In June 2019, ABB launched portal for home and industrial buyers, an online marketplace platform which will sell home and industrial buyers more than 6,000 items from its electrification business.
Key Takeaways
● North America dominated the Wind-Induced Energy Harvesting Devices market size in 2020 with a share of 33%. With the ongoing rapid technological developments in the North American region, it became the most critical market for building and home automation investments, which use renewable energy and drive the growth of the energy harvesting systems market.
● The Transducers segment of the Wind-Induced Energy Harvesting Devices market is expected to grow at the highest CAGR of 10.3% during the forecast period. Climate change and increasing customer spending on renewable energy sources can be attributed to this.
● The growing need to minimize carbon emissions is a major driver of the global demand for energy harvesting systems.
● Wind-Induced Energy Harvesting Devices companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Relevant Report Title:
A. Energy Harvesting Market
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