May 18, 2024
Energy Harvesting Systems Market

Energy Harvesting Systems Market Are In Trends By Growing Demand For Green Initiatives

Energy harvesting systems convert ambient energy sources like light, heat or motion into electricity to power small electronic devices. These eco-friendly systems serve as an alternative to traditional battery replacements in applications ranging from wireless sensor networks and smart homes to wearables. Energy harvesting devices capture energy from surrounding environmental sources using solar cells, thermoelectric generators or piezoelectric materials and store it in batteries or supercapacitors for powering low-energy electronics. The advantages of energy harvesting systems include extended operational lifetimes without maintenance and reduction in battery waste. With rising environmental awareness, these self-sustainable power solutions are gaining prominence for powering the growing number of IoT devices being deployed across various industries.

The Global Energy Harvesting Systems Market is estimated to be valued at US$ 658.33 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2030.

Key Takeaways

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. Growing demand for remote sensing applications and wireless connectivity across sectors like healthcare, industrial and consumer electronics is driving the adoption of energy harvesting systems. Several organizations are also focusing on deploying energy harvesting technology for powering infrastructure in developing countries that lack access to stable energy grids to promote sustainability. With support from government regulations and initiatives toward green energy adoption, the market is witnessing increasing R&D investments by players to expand their product portfolios and global footprint.

Market key trends

One of the key trends in the Energy Harvesting Systems Market Growth is the growing integration of new materials with energy scavenging technology. Researchers are exploring the use of advanced piezoelectric materials like zinc oxide nanostructures and aluminum nitride for enhancing energy conversion efficiencies in vibration and motion-based energy harvesters. There is also focus on phase-change and thermoelectric materials to improve thermal energy harvesting. Furthermore, organizations are working on energy harvesting solutions based on new sources like radio waves, acoustic noise and radioactive decay for diverse applications including implanted medical devices and civil structures. This will help address the demand for compact, cost-effective and application-specific power sources.

Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market as resources needed for energy harvesting are scarce and existing players have strong hold.

Bargaining power of buyers: Buyers have moderate bargaining power as there are few alternatives available in the market.

Bargaining power of suppliers: Suppliers have high bargaining power as resources required are limited and critical for production.

Threat of new substitutes: Threat of new substitutes is moderate as alternatives technologies are evolving at gradual pace.

Competitive rivalry: Rivalry is high among existing players to gain higher market share and benefit from industry growth.

North America
North America holds the largest share of the energy harvesting systems market currently, valued at over US$ 290 Bn. Availability of resources, growing adoption of wireless sensors and focus on green energy are driving the market growth in the region. The US dominates the regional market owing to presence of major players and supportive initiatives for alternative energy technologies by the government.

Asia Pacific
Asia Pacific is poised to be the fastest growing regional market for energy harvesting systems during the forecast period driven by increasing industrialization, infrastructure development and adoption of smart cities concept in countries such as China, India and Japan. Growing need for clean energy coupled with rapid expansion of wireless sensor networks boost the demand in the region. Asia Pacific market is estimated to surpass North America by 2028 in terms of value.

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