Published on : Dec 06, 2019
Global vibration energy harvesting systems market is likely to acquire prominence by 2024 due to growing demand for durable and power-efficient systems that need either minimum or maintenance at all. Wide use of internet of things technology (IoT) and IoT compatible gadgets in energy harvesting technology in home automation and buildings are likely to exert positive influence on the global vibration energy harvesting systems market in near future. Apart from that, growing emphasis on green technology together with encouraging initiatives by the government is expected to benefit the market over the tenure of assessment.
The global vibration energy harvesting systems market has been segmented on the basis of application, product, and region.
STMicroelectronics N.V., Kinergizer BV, Perpetuum Ltd, Murata Manufacturing Co., Ltd. are some of renowned companies that are found in the global vibration energy harvesting systems market. It has been forecasted that many of these companies emphasizing technological upgradation of the product to gain expertise in some specific application zones. It has further been noticed that market players are extremely willing to further penetrate the market irrespective of the high funding requirement.
Increased Demand for Prolonged Life of Electronic Devices Shoot up Demand
Sector of vibration energy harvesting has garnered substantial importance for its portable and low power sources. Much of the growth of the global vibration energy harvesting systems market is attributed to rapid technological progress and widespread use of mobile electronic devices. The increasing demand for wireless, mobile devices with prolonged life is registering immense growth for the energy harvesting systems.
Vibration energy harvesting systems find ample use in distributed computing, portable energy sources, self-powered wireless sensor systems, and low power microsystems. There has been substantial progress in the vibration energy harvesting systems, which enables them to deal with, store and capture certain measures of motion energy and covert that motion energy into an electrical one to provide power to low-power devices or reserve that energy for later utilization.
Healthcare and Transportation are Likely to Emerge as two Prominent Segments of the Market
Considering the parameter of application, the global vibration energy harvesting systems market has been classified into the segments of healthcare & medical application, power generation, automotive, transportation, industrial, and building & home automation. Of these segments, rapid growth transportation segment is primarily fuelled by the increasing demand for vehicle to ply on roads and substantial development of the infrastructure of transportation sector.
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In addition, healthcare segment also deploys vibration energy harvesting systems to some extent. Nevertheless, the healthcare sector is likely to register notable growth over the period of forecast. Innovations in the vibration energy harvesting system bear social advantages when it is utilized in the healthcare sector. Several associations are trying to come up with an automated pacemaker that would convert kinetic energy from the pulse generated by human heart into an electrical one.
Increased Penetration in Industrial Sectors Propel Market Growth in North America
For the purpose of analysis, the global vibration energy harvesting systems market is split in the major regions of Latin America, Europe, Middle East and Africa, North America, and Asia Pacific.
In terms of geography, North America dominates the global vibration energy harvesting systems market and is expected to continue with its dominance over the forecast period. Much of its regional supremacy is attributed to the wide use of vibration energy harvesting systems in various industrial sectors like security, consumer electronics, and transportation.
In addition, Europe is another important geographical segment in the global vibration energy harvesting systems market. Government policies that favor growth of the market is likely to act as a catalyst for growth of the market in forthcoming years. Furthermore, encouragement for research and development activities by the European Commission by way of investments and incentives are further benefitting the market in the region.