July 24, 2024
Energy Harvesting Systems Market

AI And Iot Integration Is Anticipated To Openup The New Avanue For The Energy Harvesting Systems Market

Market Overview:
Energy harvesting systems are devices or components that capture and store ambient energy from external sources such as light, heat, vibration, or motion and convert it into electrical energy for powering small devices, sensors or electronics. These systems provide useful power for applications where replacing batteries is inconvenient, unfeasible or expensive. Common energy harvesting applications include powering smart sensors, wearable devices, wireless connectivity modules in IoT devices and battery-free autonomous sensors.

Market Dynamics:
One of the key drivers for the growth of energy harvesting systems market is increasing adoption of IoT and wireless sensors across various industries. IoT technologies have become ubiquitous today with wide range of applications in industrial automation, smart infrastructure, healthcare, logistics and transportation. As more devices get connected, the need for dependable long-term power sources for these devices is growing rapidly. Energy harvesting systems are ideal for powering battery-free IoT nodes and autonomous sensors as they provide maintenance-free operation. Furthermore, stringent regulations regarding use of batteries worldwide is also fueling the demand for alternative power sources like energy harvesting systems. For example, EU has restricted use of batteries containing mercury, cadmium or lead in electronic devices. This is positively impacting the adoption of energy harvesting technologies.

The global Energy Harvesting Systems Market Share 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.

Segment Analysis
The energy harvesting systems market is dominated by the building and home automation segment, accounting for over 35% share of the global market. This segment is dominating as energy harvesting solutions help reduce dependence on batteries by powering various devices and sensors used for security, lighting, HVAC, and other building automation systems. The usage of energy harvesting wireless switches and sensors for lighting control, temperature/humidity monitoring has boosted the demand from this segment.

PEST Analysis
Political: Government regulations and initiatives towards the adoption of green technologies and sustainable energy solutions are driving the demand. subsidies and tax incentives are encouraging commercial usage.
Economic: Lower operational and maintenance costs compared to other power sources is a major economic advantage. Return on investment is 2-4 years for most energy harvesting applications.
Social: Rising awareness about green technologies and environmental protection is positively impacting adoption. Also, convenience of use and hassle-free operations is increasing social acceptance.
Technological: Advancements in energy harvesting technologies, efficient power management ICs, smaller/more powerful transducers are expanding applications in new domains. Also, integration with IoT is further boosting opportunities.

Key Takeaways
The global energy harvesting systems market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing need for sustainable and independent power sources across diverse industries. The market size for 2023 is estimated at US$ 571.46 Mn.

Regional analysis shows that Asia Pacific dominates currently with over 35% share due to widespread infrastructure development and rapid industrialization. China and India are fastest growing markets due to government initiatives and large consumer base. North America is another major region owing to presence of global players and growing commercialization of energy harvesting in various sectors including oil & gas, transportation.

Key players operating in the energy harvesting systems market 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. Major players are focusing on product development to expand applications in new domains and integration with IoT/wireless sensors to strengthen their market position. Partnerships with OEMs and system integrators is another key strategy to drive revenues.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it