The 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.
Energy harvesting systems are devices that convert ambient energy sources such as sunlight, heat, or vibration into usable electrical energy. These systems find applications in various industries such as aerospace, automotive, consumer electronics, and healthcare. The growing demand for sustainable power sources and advancements in Internet of Things (IoT) technology are driving the adoption of energy harvesting systems. These systems offer benefits such as energy efficiency, reduced maintenance costs, and extended battery life in IoT devices.
The energy harvesting systems market is driven by two key factors. Firstly, the increasing demand for sustainable power sources is fueling the adoption of energy harvesting systems across various industries. These systems allow the extraction of energy from renewable sources, reducing the dependence on conventional power sources. Secondly, advancements in IoT technology are creating opportunities for the growth of the energy harvesting systems market. The integration of energy harvesting systems with IoT devices provides a self-sustained and continuous source of power, enhancing the efficiency and reliability of these devices.
The energy harvesting systems market can be segmented based on technology, application, and end-user industry. In terms of technology, the market can be divided into light energy harvesting, vibration energy harvesting, thermal energy harvesting, and radio frequency energy harvesting. Among these, the light energy harvesting segment is expected to dominate the market. This is primarily due to the increasing adoption of solar panels and photovoltaic cells for energy generation in various industries. The advancements in solar technology and the growing demand for renewable energy sources are driving the growth of the light energy harvesting segment.
Political: The political factors influencing the energy harvesting systems market include government regulations and policies related to renewable energy. Governments across the globe are promoting the use of renewable energy sources to reduce carbon emissions and combat climate change.
Economic: The economic factors impacting the market include the cost-effectiveness of energy harvesting systems compared to traditional energy sources. The decreasing prices of solar panels and other energy harvesting technologies are driving their adoption in various industries.
Social: Social factors such as increasing awareness about the environmental impact of traditional energy sources and the desire for sustainable living are driving the demand for energy harvesting systems.
Technological: Technological advancements in energy harvesting systems, such as improved efficiency and miniaturization, are driving their adoption across various industries. The integration of Internet of Things (IoT) technology with energy harvesting systems is also fueling market growth.
The Global Energy Harvesting Systems Market Growth is expected to witness high, exhibiting a CAGR of 7.7% during the forecast period (2023-2030). This growth can be attributed to increasing government regulations promoting the use of renewable energy sources and the cost-effectiveness of energy harvesting systems compared to traditional energy sources.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the energy harvesting systems market. This can be attributed to the rapidly growing industrialization and urbanization in countries such as China and India. Additionally, increasing investments in renewable energy projects and favorable government policies are driving the adoption of energy harvesting systems in the 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 companies are focused on developing innovative energy harvesting solutions and expanding their product portfolio to gain a competitive edge in the market.