Rising adoption of Internet of Things (IoT) applications and increasing demand for power-efficient and durable systems to propel the growth of vibration energy harvesting systems market through 2024.
According to a report published by TechSci Research on Global Vibration Energy Harvesting Systems Market By Product, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2014-2024, the global vibration energy harvesting systems market is projected to reach USD183 million by 2024, on account of increasing demand for clean energy sources and extensive implementation of IoT devices in automation and energy harvesting technology in building & home automation. Moreover, rising adoption of IoT devices that require costly battery changes and technological advancement in energy harvesting techniques are also propelling the growth of global vibration energy harvesting systems market during the forecast period. However, the high initial investment and cost of implementation of energy harvesting systems and their limited acceptance in the market might hinder the growth of global vibration energy harvesting systems market.
The global vibration energy harvesting system market can be bifurcated on the basis of product type, application type and region. By application, global vibration energy harvesting systems market is dominated by consumer electronics segment, majorly owing to the increasing demand for wireless sensing gadgets and low power portable gadgets without an external power supply. Vibration energy harvesting systems are essentially utilized as equipment to convert ambient vibration into electrical energy that might be utilized directly or stored for powering electronic gadgets such as smartphones, wireless sensor networks or portable electronics.
The market for vibration energy harvesting systems in the Asia-Pacific region is expected to grow at the fastest rate during the forecast period, owing to increasing focus on the utilization of renewable energy. The Japanese government in 2015 announced the country’s aim to become the leader in renewable energy use by 2030. Fujitsu, the Japanese tech giant, is committed to 100% renewable power by joining the RE100, a global initiative of the world’s biggest companies, all committed to renewable power. Similarly, China is one of the major manufacturers of vibration energy harvesting systems in the Asia-Pacific market. The brisk growth of end-use applications such as industrial, consumer electronics and transportation is expected to drive the region’s market.
“Though the applications of vibration energy harvesting systems are somewhat limited due to its low power storage capabilities and its low conversion efficiency, the market growth of vibration energy harvesting systems is positive. With big conglomerates like Facebook, Goldman Sachs, Carlsberg Group, eBay and Fujitsu joining the RE100 to reduce carbon footprints and make the utilization renewable energy sources an everyday thing, the vibration energy harvesting systems market is expected to witness significant growth in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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Key players in the global vibration energy harvesting systems market include Perpetuum Ltd., STMicroelectronics N.V., Murata Corporation, Kinergizer BV, Renesas Electronics Corporation, Mide Technology Corporation, Smart Material Corporation, Powercast Corporation and ReVibe Energy. In order to expand their market share, companies implemented several strategies such as offering diversified product portfolios catering different segments and strategic partnerships.
“Global Vibration Energy Harvesting Systems Market By Product, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of the global vibration energy harvesting systems market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global vibration energy harvesting systems market.
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