The global energy harvesting systems market size was valued at US$ 511.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. The main drivers of the Energy Harvesting Systems market are technological advancements and a growing demand for energy-efficient devices. The growing adoption of smart homes and the Internet of Things (IoT) are also expected to support the growth of the market in the future. Increased awareness about energy conservation and favorable government initiatives for building a green environment are also driving the market.
Global Energy Harvesting Systems Market: Regional Insights
North America is anticipated to witness significant growth in the global energy harvesting systems market during the forecast period. This is owing to high adoption of advanced technologies in the region such as Industrial Internet of Things (IoT), compared to any other region. Moreover, technology companies and cloud service providers in the region continue to adopt strategic collaboration, which further generates various opportunities to connect more various equipment to Industrial IoT. Along with this, the region shows highest automation adoption in all the industries. These factors are thus expected to fuel growth of the global energy harvesting systems market during the forecast period.
Moreover, Asia Pacific is also projected to show strong growth in the global energy harvesting systems market during the forecast period due to presence of major developing countries such as Japan, China, and India, among others. The major applications of energy harvesting in the region are in different sectors such as industrial, consumer electronics, home automation, and transportation. Moreover, the adoption energy harvesting solutions is increasing in building and smart home devices in the region. This is further anticipated to augment growth of the market across Asia Pacific.
Figure 1: Global Energy Harvesting Systems Market Share (%), By Region, 2022
Global Energy Harvesting Systems Market Drivers:
Increasing number of smart cities to boost the market pace
The emergence of smart cities has opened doors for connected things in waste, infrastructure, and energy sectors. These devices require several components, which work on energy harvesting system to power devices such as industrial equipment, wearables, telematics systems, energy monitors, and home appliances. Most of the infrastructure required for smart cities need different intercommunication devices including sensors that act as network members. As several devices require to be self-powered, the adoption of energy harvesting systems is likely to grow in smart cities projects. This in turn is expected to fuel growth of the global energy harvesting systems market during the forecast period.
Technological advancements in manufacturing industries to drive the market growth
The investment in modernization of manufacturing industry is increasingly growing. Several new automation devices are being used for conducting smart manufacturing. The industry is gradually adopting ‘The Smart Factory’ to integrate technology into all parts of manufacturing process, as the industry moves beyond the basic automation of the facilities. With the emergence of trends like Industry 4.0, the manufacturing industry is transforming significantly. Thus, this in turn is creating demand for advanced energy harvesting systems, which is further expected to propel growth of the global energy harvesting systems market over the forecast period.
Global Energy Harvesting Systems Market Opportunities:
Increasing data traffic and novel smart devices is expected to create growth opportunities in the global energy harvesting systems market during the forecast period. With increasing amount of data traffic and growing advent of novel devices, the demand for development of energy-efficient infrastructure and techniques is also growing all over the world. This further is likely to boost the demand for energy harvesting technologies in the future, which will offer multiple lucrative opportunities to market players in the global energy harvesting systems market.
Growing need for energy efficiency will create ample opportunities in the global energy harvesting systems market in the near future. Energy efficiency has become an important aspect to successfully design and deploy the 5G and beyond wireless networks. As per the IEEE Communications society, the need for integrating energy harvesting technologies into cognitive radio networks will increase, to overcome the issues of scarcity in spectrum and growing energy consumption forecasted in 5G. Thus, this factor is likely to benefit the global energy harvesting systems market in the near future.
Global Energy Harvesting Systems Market Trends:
Technological advancements in developed regions is a major trend
The technologically developed regions, such as North America have higher needs of energy consumption due to which, these regions are likely to be the most significant regions for the market. The countries across these regions have well established research base with laboratories that will aid in development of cost effective and practically useful energy harvesters. For instance, the U.S. has the National Renewable Energy Laboratory. Thus, such regions witness higher technological advancements, which in turn is likely to drive the demand for energy harvesting systems in the future. Consequently, the trend is expected to fuel growth of the global energy harvesting systems market in the future.
|Base Year:||2022||Market Size in 2022:||US$ 511.6 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.5%||2030 Value Projection:||US$ 912.4 Mn|
Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, E-Peas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc.
|Restraints & Challenges:||
Consumer electronics segment is gaining traction in the market
Consumer electronics such as smartphones, wearables, wireless appliances, remote control units, and body implants are increasingly using energy harvesting systems. As using energy harvesting systems enables operating of consumer electronics products without requiring conventional sources of power, the use of these systems is growing in this sector. For instance, remote control units use energy harvesting systems where the power is gathered from the force applied by the user when they press the button. Thus, increasing growth of consumer electronics is trending in the global energy harvesting systems market.
Global Energy Harvesting Systems Market Restraints:
High initial costs to impede the market growth
To manufacture energy harvesting systems, several manufacturers use the crystals, which have high outlay cost of piezoelectric crystals utilized in the energy storage. The use of thermal energy harvesters is increasing to store light energy, and these systems also have high costs. Materials such as tellurium and lead is used in the application of thermoelectric energy harvesting, which are also of high cost. This in turn adversely impacts adoption of these systems in various industries, which is further expected to impede growth of the global energy harvesting systems market over the forecast period. However, market players are looking to develop low cost solutions with high efficiency, and this is likely to support the market growth in the future.
Limitations in remotely installed networking systems to hamper the market growth
Several portable and mobile markets such as transportation, the military, and medical equipment make use of energy harvesting systems in their low-power applications. The energy harvesting systems are also used in applications requiring a battery backup, when the battery is located remotely or deployed at a place difficult to reach. The receivers and transmitters utilized in such energy harvesting systems are required to be installed in each other’s proximity for better transmission of signals. However, collecting the data at the central receiver becomes difficult, when the sensors are deployed at remote locations. Such limitations of remotely installed networking systems are likely to hinder the market growth in coming years.
Figure 2: Global Energy Harvesting Systems Market Share (%), By Technology, 2022
Global Energy Harvesting Systems Market Segmentation:
The global energy harvesting systems market report is segmented into Technology and Application.
Based on Technology, the market is segmented into Light Energy Harvesting, Vibration Energy Harvesting, Thermal Energy Harvesting, and RF Energy Harvesting. Out of which, Light Energy Harvesting is expected to dominate the global market over the forecast period and this is attributed to the growing investment in light energy harvesting technologies by several companies. For instance, the Tissot SA developed the Tissot Smart-Touch watch model that can pool power generation with the use of ambient light with Bluetooth connectivity, harvesting the energy required to power the quartz movement, the large LCD screen and large number of sensors. This in turn is likely to drive the demand for light energy harvesting systems, which in turn will drive growth of this segment.
Vibration Energy Harvesting segment is also expected to witness significant growth in the near future and this is owing to the growing technological advancement of vibration-based energy harvesting systems. The novel advanced technology allows the use of alternative vibration sources for supplying small devices, and to eliminate the need for recurrent replacement of battery or power cables, specifically for applications including oil production and aerospace structures. The demand for this advanced technology of vibration-based energy harvesting systems is growing globally, which in turn is likely to drive growth of the market.
Based on Application, the market is segmented into Consumer Electronics, Building and Home Automation, Industrial, Transportation, and Other Applications. Out of which, Consumer Electronics is expected to dominate the global market over the forecast period and this is attributed to the growing use of consumer electronics, like smartphones, wearables, wireless appliances, remote control units, and body implants. The use of energy harvesting systems enables operating of consumer electronic products where regular power sources are not available. Due to such features, the use of these technologies is extended and it also reduced geographical restrains for devices having to be near a power sources. These features of energy harvesting systems in consumer electronics is driving growth of the segment in the market.
Building and Home Automation segment is also expected to witness significant growth in the near future and this is owing to the growing adoption of energy harvesting systems in building and home automation due to various benefits of this technology, such as up to 40% energy savings. The use of energy harvesting systems eliminated the need for monitoring, replacing, and disposing batteries, which further helps save maintenance costs. Thus, growing use of this technology in building and home automation is likely to drive the market growth.
Global Energy Harvesting Systems Market: Key Developments
In September 2022, E-Peas SA along with Energous Corporation launched a novel Wireless Energy Harvesting Evaluation Kit, created for applications of energy harvesting in smart homes/smart buildings, asset trackers for warehouses and retails, and industrial IoT medical.
In January 2022, E-Pease SA introduced an Ultra-Compact Custom Power Management Solution for Cartier’s Tank watch, which is the first ever solar energy harvesting watch. The new ultra-compact PMIC developed particularly for the Tank watch consists dimensions of only 2mm x 2mm, which makes it the smallest energy harvesting product.
In February 2021, STMicroelectronics, revealed its STM32U5 series, a new-generation of extreme power-saving microcontrollers (MCUs), aimed at catering the demand for performance/power requirements for small applications including personal medical devices, wearables, industrial sensors, and home automation.
In May 2021, EnOcean, exhibited its PTM 535BZ module, which is the newest addition to the transmitter modules range of the company for battery-free switch applications.
Global Energy Harvesting Systems Market: Key Companies Insights
The global energy harvesting systems market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global energy harvesting systems market are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, E-Peas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc.
Energy Harvesting Systems is the process of converting ambient energy into a form that can be used to power electronics. This includes solar and thermal energy, as well as kinetic energy from movement or vibrations in nature.
An Energy Harvesting System is an important energy-generating technology that can be implemented to power countless IoT and M2M devices. It can also be used to harvest energy from natural sources such as sunlight, ocean waves, and wind. The energy harvesting systems use residual energy in the atmosphere, such as vibration or pressure, radio energy, and temperature differentials, to generate usable power. They are used in many applications, including consumer devices, medical equipment, transportation, and industrial controls.
The rise in use of renewable energy sources and a rise in demand for smart homes and industrial automation is expected to drive growth of the global energy harvesting systems market during the forecast period. . The growth of the market is also influenced by the ongoing trends in the Internet of Things (IoT) and big data concepts, which are expected to boost the adoption of energy harvesting systems.
However, the energy harvesting systems market growth is limited by the high capital cost and lack of awareness about the benefits of using such technologies.
Key features of the study:
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