Published on : Dec 03, 2019
ResearchMoz.us has announced the addition of a report, titled “Global Energy Harvesting Equipment Market Professional Survey Report 2019”. The report on the global energy harvesting equipment offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application.
The global energy harvesting equipment market will see a stellar growth over the forecast period, starting 2019. The impressive CAGR (Compound Annual Growth Rate) that the market is set to chart will open floodgates of opportunities for players, pulling the market worth up significantly.
The growth can be attributed to rise in levels of environmental awareness. As impact of global warming hits end-users full throttle, they demand for greener energy. Also, increasing costs of energy is contributing to it. Besides, as conventional energy sources are depleting rapidly, demand for energy harvesting is increasing. To add to these, there are factors like smart homes that are being in much demand and rise in demand for wearable devices that will hugely support the growth of this market. The rising incomes observed worldwide and especially in emerging economies will also be a major growth factor as it makes technology more affordable. As can be see, more smartphones and laptops are now demanded and the trend will only continue. And, rapid technological advancement that is currently witnessed will propel it further ahead.
It is important to note here that some of the main markets for this equipment continue to be automotive industry, aerospace industry and defense. Reasons for this firm grasp of global energy harvesting equipment market on these industries is that it helps save energy, can be used in remote locations such as underwater and where traditional sources are limited. That is why it is used in remote corrosion monitoring systems, RFID, structural monitoring and Iot. It is also important to note here that governments in their bid to contribute to the well-being of environment, are warming up to the market in a major way.
The only thing that is holding the market back from reaching its full potential is the complex regulatory framework but the impact of this will be more than compensated by growth in field of big data and Internet of Things. These are all set to generate opportunities in the market landscape that are worth the last buck.
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As of now, the global energy harvesting equipment market is slightly fragmented, marked by various international and regional players. Prominent names in the playfield include Fujitsu Limited, GreenPeak Technologies, ABB Limited, Texas Instruments Incorporated, Microchip Technology Inc., Siemens AG, Arveni SaS, Cymbet Corporation, Honeywell International Inc., and Enocean GmbH, among others. In order to have an edge over competition, players take to a number of strategies. Some of these are mergers and acquisitions and strategic collaborations and partnerships. A constant focus, however, remains on improving products through innovation.
Region-wise, North America will dominate the global energy harvesting equipment market to dominate the market due to high adoption of such technology, especially in the United States. Besides, this region is marked by advanced technology and some of the biggest players. There is also a high penetration and use of electronic devices. Moreover, enterprises do not shy away from intelligent energy solutions. They use the said equipment for not just storing but also monitoring and managing energy. Other markets that will show significant growth are Europe and Latin America.
The report covers the following regions: