July 25, 2024
Energy Harvesting Systems Market

Rising Adoption of Energy Harvesting Systems to Drive Market Growth

The global energy harvesting systems market is estimated to be valued at US$ 530.6 million in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Energy harvesting systems are devices that capture, store, and use energy from external sources such as sunlight, heat, vibrations, and electromagnetic radiation to power electronic devices. These systems offer several advantages, including reduced reliance on traditional power sources, increased efficiency, and reduced environmental impact. The growing need for sustainable and renewable energy solutions, coupled with the rising demand for wireless sensor networks and IoT devices, is driving the adoption of energy harvesting systems in various industries such as aerospace, automotive, construction, and healthcare.

Market key trends:

 Increasing adoption of energy harvesting systems for remote and wireless applications is one of the key trends driving market growth. These systems eliminate the need for battery replacement or external power sources, making them ideal for applications in hard-to-reach or hazardous environments. They are widely used in wireless sensor networks, smart grids, wearable electronics, and remote monitoring systems. Additionally, advancements in technology have led to the development of more efficient and compact energy harvesting solutions, further fueling market growth. The integration of energy harvesting systems with IoT and AI technologies is also expected to create significant growth opportunities in the market.

Segment Analysis:

The energy harvesting systems market can be segmented based on technology, application, and geography. In terms of technology, the dominant segment is solar energy harvesting systems. Solar energy harvesting systems utilize photovoltaic cells to convert sunlight into electrical energy. This technology is widely adopted due to its availability and sustainability. Solar energy harvesting systems are implemented in various applications such as building automation, consumer electronics, and transportation. The increasing adoption of solar energy harvesting systems in these sectors is primarily driving the growth of this segment.

Key Takeaways:

The Global Energy Harvesting Systems Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing demand for renewable energy sources and sustainable power generation is driving the adoption of energy harvesting systems. Governments and organizations worldwide are actively promoting the use of renewable energy, which is creating a favorable market environment for energy harvesting systems.

Regionally, the Asia Pacific region is expected to be the fastest-growing and dominating region in the energy harvesting systems market. This can be attributed to the rapid industrialization and urbanization in countries like China, India, and Japan. These countries are witnessing significant investments in renewable energy infrastructure, which is driving the demand for energy harvesting systems. Additionally, the presence of major market players and favorable government initiatives further contribute to the growth of the energy harvesting systems market in the Asia Pacific region.

Key players operating in the energy harvesting systems market include 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. These key players are actively engaged in research and development activities to innovate and enhance their product offerings. They are also focusing on strategic partnerships and acquisitions to expand their market presence and gain a competitive edge.

 

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