by Energy harvesting, also known as power harvesting or energy scavenging, is the process by which energy is derived from external sources (e.g., solar power, thermal energy, wind energy, salinity gradients, and kinetic energy), captured and stored for small, wireless autonomous devices, like those used in wearable electronics and wireless sensor networks. Devices powered through energy harvesting do not require a power cable or frequent battery changes and maintenance. Energy harvesting systems are used in wireless sensor networks, industrial equipment, smart homes and buildings, consumer electronics, and other IoT applications.
The Energy Harvesting System market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
High demand for energy efficient and sustainable power sources and increasing popularity of wearable devices and IoT are the major drivers fueling growth of the Energy Harvesting System market. According to International Data Corporation (IDC) report, worldwide shipments of wearable devices reached 225.0 million units in 2021, registering growth of 15.7% YoY. Increasing penetration of wearable devices increases demand for energy harvesting systems that can power these devices without frequent battery replacements. In addition, growing demand for green and renewable energy sources is also expected to support adoption of energy harvesting systems that can harvest energy from environmental sources like light, motion or thermal gradients. However, high initial investment costs and technical limitations related to power storage capacity may restraint the market growth over the forecast period.
Segment Analysis
The Energy Harvesting System market is dominated by the photovoltaic sub-segment due to the wide availability and reliability of solar energy. Photovoltaic systems leverage solar cells to convert sunlight directly into electricity and have increasing applications across industries like construction and transportation.
PEST Analysis
Political: Energy harvesting regulations promoting renewable energy adoption across regions are driving the market growth.
Economic: Rising development costs of conventional battery systems are encouraging the utilization of energy harvesting systems for long-term power requirements.
Social: Consumers’ increasing preference for green and sustainable energy sources is positively impacting the demand.
Technological: Advancements in power management ICs and efficient energy harvesting techniques are expanding the applications in IoT devices and wireless sensor networks.
Key Takeaways
The Global Energy Harvesting System Market Growth is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing adoption of energy harvesting in transportation sector. North America dominates the regional market due to stringent government regulations regarding carbon emissions and early technology adoption. Key regional markets include Europe and Asia Pacific.
Regional analysis
North America dominates the Energy Harvesting System market led by the US and Canada due to stringent government regulations regarding carbon emissions and early technology adoption. The Asia Pacific region is expected to grow at the fastest rate during the forecast period with China and Japan being the major markets. This can be attributed to increasing investments in renewable energy projects and growing demand for energy-efficient solutions across industries.
Key players operating in the energy harvesting systems are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, EPeas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc. Key players are focused on developing innovative products to expand applications in industrial IoT and consumer electronics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
