Market Overview:
Energy harvesting systems enable conversion of environmental energy sources like light, thermal energy, and electromagnetic waves into usable electrical energy. These systems provide alternative power solutions for low-power-consuming electronic devices such as sensors.
Market key trends:
One of the key trends in the energy harvesting systems market is the increasing adoption of IoT sensors and wireless sensor networks which consume very low power. Most of the IoT sensors are powered by batteries which need frequent replacement as they have low capacity. Energy harvesting sensor solutions provide perpetual power to such low power sensors by harvesting energy from the ambient environment using technologies like thermoelectric, piezoelectric and photonics thus eliminating need for battery replacement. This is driving growing demand for energy harvesting systems from the IoT market.
Market key trends:
One of the key trends in the energy harvesting systems market is the increasing focus on sustainable energy sources. With the growing negative environmental impacts of conventional energy sources, there is a rising demand for clean and renewable energy technologies. Energy harvesting systems offer the ability to power small electronic devices efficiently using ambient energy sources without the need for regular battery replacements. This has propelled the development of increasingly efficient energy-harvesting technologies in recent years.
The global Energy Harvesting Systems Market Share is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Energy harvesting systems provide a sustainable and cost-effective solution for powering small devices without the need for wiring or frequent battery changes. This makes them well-suited for portable devices and sensors in hard-to-reach places.
Weakness: Energy harvesting technologies currently have low power output. The amount of energy that can be harvested is limited by the ambient energy sources available.
Opportunity: The growth of IoT applications and wearable devices has opened up new opportunities for energy harvesting systems to power a variety of small autonomous devices. The development of efficient new energy harvesting technologies also presents opportunities.
Threats: Slow technological advancements and lack of standardization in energy harvesting technologies could hamper widespread adoption. Weather dependence of certain energy harvesting methods like solar is also a threat.
Key Takeaways
The global energy harvesting systems market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period of 2023 to 2030, due to increasing deployment of wireless sensor networks and IoT devices.
Regional analysis: North America is expected to dominate the global energy harvesting systems market over the forecast period. This is attributed to high adoption of smart home and building automation systems across the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing industrial automation and presence of key players in countries such as China and Japan.
Key players operating in the energy harvesting systems are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.