Energy harvesting systems facilitate the collection and storage of energy from ambient sources such as solar, thermal, wind, and kinetic energies for powering portable as well as stationary electronic devices and systems. These systems provide advantages such as wireless capabilities, autonomous operation for longer durations, and miniaturization of electronic devices with the help of energy from ambient sources. The increasing demand for wireless sensor networks to remotely monitor various industrial and biomedical applications has significantly boosted demand for energy harvesting systems in recent years. Energy harvesting systems find uses in applications ranging from wearables and consumer electronics to industrial sensors, HVAC systems, and remote asset monitoring systems. They provide self-powered solutions to wirelessly power these devices and systems while reducing costs associated with battery replacements or recharges.
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 17% over the forecast period 2023 to 2030.
Market key trends:
One of the key trends in the global energy harvesting systems market size is the increasing adoption of piezoelectric energy harvesting. Piezoelectric materials have the ability to generate electric charge in response to applied mechanical stress. They find increasing application in powering a variety of sensors, IOT devices, wearables, and biomedical implants by harvesting energy from ambient vibration and movement. Advanced piezoelectric polymers with higher efficiency and flexibility are being developed and commercialized. Another major trend is the emergence of thermoelectric energy harvesting systems capable of scavenging energy from temperature differentials in a variety of industrial processes and environments. Macro-nanostructures and new thermoelectric materials with higher figures of merit are enhancing the efficiency and cost-effectiveness of thermoelectric energy harvesting solutions. The demand for energy harvesting solutions to power wireless devices in industrial IoT applications is also growing at a rapid pace.
Threat of new entrants: The threat is moderate in the energy harvesting systems market due to the requirement of high initial investments and established brand recognition of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative technologies and buyers can switch to other renewable energy solutions easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component manufacturers and raw material suppliers in the market.
Threat of new substitutes: The threat is high due to the emergence of new energy harvesting technologies like piezoelectric systems and thermoelectric generators providing alternative solutions.
Competitive rivalry: The competitive rivalry is high due to the presence of many global as well as regional players competing on the basis of product quality, reliability, and pricing.
The global energy harvesting systems market is expected to witness high growth. 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 17% over the forecast period 2023 to 2030..
Regional analysis: North America dominated the market in 2023 due to high research and development investments by governments and private organizations in the US and Canada. Asia Pacific is expected to grow at the fastest rate during the forecast period supported by increasing government initiatives for renewable energy adoption in China, India, and South Korea.
Key players operating in the energy harvesting systems are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
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