Energy Harvesting System Market and its Key Opportunities and Challenges

(IT-NEWSWIRE.COM, November 13, 2019 ) The Energy Harvesting System Market is estimated to grow from USD 0.4 billion in 2017 to USD 0.6 billion by 2023, growing at a compound annual growth rate (CAGR) of 10.6% during the forecast period, as per a report by MarketsandMarkets.

How ocean energy harvesting presents an opportunity?

In motion energy harvesting, the motion of waves is converted into electric energy. Commercial ships can reduce their usage of power through fossil fuels by using energy harvesting system. WITT Energy (UK) developed a device that can transform wave motion from any direction into electricity. In 2013, this research attracted the Technology Strategy Board, the UK’s innovation agency, which offered around USD 2, 97,306 development grant to WITT Energy (UK).

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Moreover, many ocean-based autonomous battery-operated sensors and buoys are combined with solar power. The ambient ocean wave energy can be harvested as an alternative source of power for the low-power devices. The current research on ocean energy harvesting is expected to increase the power production for high-voltage supply. As this technology is capable of harvesting huge amounts of power, many companies such as Ocean Harvesting Technologies AB (Sweden) and Electro Standards Laboratories (US) are showing a keen interest in energy harvesting system.

Why standardization of communication protocols is a challenge?

In the energy harvesting system, standardization of communication protocols helps companies develop devices with less analytical efforts. In wireless electronics, the communication protocol is the crucial factor that connects devices with each other. The standardized protocol is important for both components and for the complete system. Various companies follow their compliance for communication; for example, devices from EnOcean follow the ISO/IEC 14543-3-1X international standard and devices from Linear Technology follow the EC6158, EDDL (IEC61804-3), and IEEE802.15.4 standards.

The difference in communication protocols majorly hinders the growth of companies working in isolation, such as Linear Technology (US) or hinders the new entrants enter the market.

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Energy Harvesting System Market and its Key Opportunities and Challenges