The global energy harvesting market is estimated to attain a valuation of USD 940.7 million in 2023 and is projected to reach USD 1950 million by 2033, trailing a CAGR of 7.5% during the forecast period.
The global energy harvesting market has experienced substantial growth in recent years, propelled by the rising adoption of low-energy, battery-powered devices and the widespread integration of the Internet of Things (IoT) across various industries.
This growth is driven by the increasing demand for more efficient and secure power systems, along with the development of advanced energy harvesting devices. Furthermore, the market is poised for further expansion due to the growing adoption of energy-efficient and sustainable home automation systems.
These systems utilize ambient energy sources like solar, thermal, and mechanical energy to generate power for electronic devices.
The demand for energy-efficient home automation has surged, and energy harvesting systems enable reliable and sustainable energy sources for home powering devices. Moreover, the surging demand for energy harvesting systems is fueled by the rise of smart homes and the Internet of Things (IoT). These systems power IoT devices and sensors in smart homes, reducing reliance on batteries and minimizing environmental impact.
Increasing sustainability awareness and the need for energy conservation are driving market growth. Governments and organizations worldwide are investing in energy harvesting technologies to promote sustainable energy solutions, addressing climate change and carbon emissions concerns. Also, combining these factors is expected to drive the overall market growth during the forecast period.
Key Takeaways:
- The market in Asia Pacific is projected to expand with a promising CAGR of 7.6% during the forecast period.
- North America is expected to accumulate around 36% market share by the end of 2023.
- The European market is expected to thrive at a CAGR of 7.7% during the forecast period.
- By application, the consumer electronics segment is expected to generate demand with a CAGR of 8.2% during the forecast period.
Key Manufacturing Companies:
- ABB Limited
- Arveni
- Enocean
- Fujitsu
- Cypress Semiconductor Corp.
- Green Peak Technologies
- Honeywell International Inc.
- Levant Power Corporation
- Marlow Industries Inc.
- Microchip Technology Inc.
- MicroGen Systems
- Maxim Integrated
- G24 Innovations Limited
- Texas Instruments Inc.
- STMicroelectronics
Key Innovations in the Energy Harvesting Market:
- E-Peas SA and Energous Corporation jointly introduced a Wireless Energy Harvesting Evaluation Kit in September 2022. The kit is particularly designed for energy harvesting applications in smart buildings, smart homes, industrial Internet of Things, medical devices, and asset tracking in retail and warehouses.
- STMicroelectronics unveiled the STM32U5 series, a new generation of highly power-efficient microcontrollers (MCUs), in February 2021.
- In January 2022, E-Peas SA introduced an Ultra-Compact Custom Power Management Solution for Cartier’s inaugural solar energy harvesting watch, the Tank watch.
- In September 2022, Energous Corporation and E-Peas jointly released a new Wireless Energy Harvesting Evaluation Kit.
Market Segmentation Analysis:
By Source:
- Radiation (Solar, Electromagnetic, and Light)
- Mechanical (Fluid, Elastic, Kinetic, and Potential)
- Chemical (Battery, Fuel cells, and Phase change)
- Nuclear
- Magnetic
- Electric
- Thermal
- Gravitational
By Application:
- Wireless Sensor Network (WSN)
- Consumer Electronics, Industrial
- Building
- Bicycle dynamo
- Military and Aerospace
- Automotive
- Healthcare
- Others (Research, Animals, and Farming)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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