by Energy harvesting systems convert ambient sources of energy like light, heat or vibration into electricity. They are commonly used in low power applications like wearables, wireless sensor networks and the Internet of Things. These systems play a crucial role in powering devices that are located in remote areas without access to a power grid. Solar, thermal, kinetic and RF energy harvesting systems are some of the popular technologies used to harvest energy from different ambient sources. Government support and initiatives to promote the adoption of energy efficient products have boosted the demand for energy harvesting systems globally. Many countries provide attractive subsidies and tax incentives for enterprises incorporating energy harvesting technologies in devices and systems.
The global Energy Harvesting Systems Market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The increasing government support and subsidies for energy efficient systems is a major driver fueling the growth of the energy harvesting systems market. Many governments around the world offer financial incentives like rebates, tax deductions and subsidies for enterprises adopting renewable energy technologies or energy harvesting systems in products and industrial applications. For instance, the Canadian government offers grants up to 75% of eligible project costs for demonstration and pilot energy harvesting projects through its ecoENERGY Innovation Initiative program. This increased government funding is encouraging more companies to invest in the R&D of new and improved harvesting technologies.
The expanding applications of IoT and wearable devices present a significant opportunity for the energy harvesting systems market. Devices used in wireless sensor networks and IoT require power solutions that can continually function without replacements for years. The integration of energy harvesting in such devices makes them self-sustaining and reduces maintenance costs. This improves the viability and commercialization of IoT and makes energy harvesting an enabling technology for futuristic applications of IoT in sectors like smart cities, connected transportation and digital healthcare.
Segment Analysis
Energy Harvesting Systems Market can be segmented into type, technology, component, application, and region. The vibration energy harvesting sub-segment holds more than 30% of the market share owing to its widespread applications in industrial sector where mechanical vibrations are commonly experienced. Vibration to electric energy conversion technology is easily scalable and cost-effective making this sub-segment dominate the overall market.
PEST Analysis
Political: National and international regulations regarding emission standards and energy efficiency are pushing adoption of energy harvesting systems. Subsidies by governments for deploying renewable energy solutions will boost the market.
Economic: Rising energy costs and the need to reduce dependency on non-renewable resources is driving demand for energy harvesting technology. Return on investment is favorable for energy harvesting systems used in industrial IoT sensors and smart city infrastructure.
Social: Growing awareness about environmental protection and sustainable development is positively impacting the market. Adoption across application areas like wearable devices indicates increased social acceptance of innovative energy solutions.
Technological: Advancements in MEMS technology, power management circuits, and energy storage have enhanced performance and efficiency of energy harvesting systems. Miniaturization of components allows for wider integration across more compact devices.
Key Takeaways
The global Energy Harvesting Systems Market is expected to witness high growth over the forecast period driven by supportive government policies and rising costs of energy. The vibration energy harvesting sub-segment leads the overall market owing to its widespread industrial applications and cost-effectiveness. The global energy harvesting systems market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America captures over 30% share of the energy harvesting systems market led by U.S. Strategic investments by key players like Daikin Industries, Hitachi, and Panasonic as well as supportive policy framework will boost regional market prospects.
Key players operating in the energy harvesting systems market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics. These companies are focused on developing innovative solutions to tap unlimited power sources through environmental energy. They also undertake partnerships and collaborations for technology development and market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
