|Base Year Market Size
|USD 0.9 Billion
|Forecast Year Market Size
|USD 2.7 Billion
|Fastest Growing Market
The global energy harvesting system market size was valued at USD 0.9 billion in 2022 and is projected to reach USD 2.7 billion by 2031, registering a CAGR of 13.1% during the forecast period (2023-2031). Key market drivers boosting energy harvesting system market growth include the gadgets' ability to be virtually run for an endless time without harming the environment.
Energy harvesting systems are technological solutions that absorb and convert environmental energy into useful electrical power. These systems provide a self-sufficient and sustainable energy source for various electronic devices, sensors, and wireless networks. Energy harvesting is a novel technique for powering electronic components that does not require traditional battery replacement or grid-connected power sources. Population growth has raised the energy demand.
Furthermore, technical improvements in sensor-based energy harvesting systems and energy-efficient harvesting components boost global market expansion. Furthermore, available energy in the ecosystem is wasted directly or indirectly. Thus, the ability of these systems to catch and transform this energy into electrical energy, which can then be employed in autonomous electronic devices or circuits, drives the worldwide energy harvesting system market share.
The growing demand for energy-efficient solutions drives the worldwide energy harvesting system market. As businesses and consumers become more conscious of energy conservation and environmental sustainability, there is an increasing demand for solutions that cut energy use and reduce dependency on traditional power sources. Concerns about climate change and the environmental impact of energy usage have heightened awareness of the importance of sustainability. According to a Nielsen survey, 81% of global respondents believe businesses should improve the environment.
The traditional usage of batteries in electronic gadgets, sensors, and remote monitoring systems has resulted in a substantial volume of electronic trash. According to the WEEE Forum, around 16 billion phones are in use worldwide, with over 5 billion of those anticipated to be e-waste by 2022. Governments and regulatory agencies have implemented numerous industries' energy efficiency policies and standards. The European Union, for example, has enacted laws such as the Ecodesign Directive to reduce the energy consumption of devices, including those that use energy harvesting. The energy harvesting system market trend is positioned for additional growth and innovation as demand continues to climb.
The efficiency of energy harvesting technology is one of the key challenges. Indoor illumination or vibrations, for example, may not generate enough energy to power certain applications. Furthermore, scalability is an issue because not all energy harvesting systems are easily adaptable to varied use cases or locations. Energy harvesting technologies vary in their efficiency. While current solar panels can achieve 20-25% efficiencies, the actual efficiency in practical applications may be lower due to environmental factors. The design and materials employed determine the conversion efficiency of vibration energy harvesting.
Similarly, the scalability of energy harvesting devices can be complicated and expensive. For example, scaling up a solar-powered IoT network for a smart city necessitates major investment in additional solar panels and infrastructure. Every extra gadget complicates management and maintenance.
The Internet of Things (IoT) expansion represents a big opportunity for the energy harvesting systems market. IoT devices are becoming more common in various industries, creating a desire for self-powered, autonomous solutions that do not require frequent battery replacements. The Internet of Things market is quickly expanding. Statista predicts that the number of linked IoT devices globally will reach 30.9 billion by 2025, up from 13.8 billion in 2021. Because of the development of IoT devices in many industries, such as industrial, healthcare, agricultural, and smart cities, there is a greater demand for energy-efficient and self-powered solutions.
In addition, the Internet of Things includes a wide range of gadgets, from environmental sensors and smart meters to wearable health trackers and industrial equipment monitors. Energy harvesting systems are a critical technology for the IoT ecosystem since these devices require power sources that can ensure their continuous operation. As a result, the growth of the Internet of Things provides a large and expanding market for energy harvesting systems. As more sectors and applications reap the benefits of the Internet of Things, the need for self-powered, autonomous devices will rise. Energy harvesting solutions are critical to satisfying this need while ensuring IoT networks' long-term viability and efficiency.
The global energy harvesting system market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
North America is the most significant global Energy Harvesting System market shareholder and is estimated to grow at a CAGR of 12.6% over the forecast period. This is due to the region's strong adoption of modern technologies such as the Industrial Internet of Things (IoT) compared to any other region. Furthermore, technology businesses and cloud service providers in the region continue to collaborate strategically, creating new opportunities to link increasingly diverse equipment to Industrial IoT.
In addition, Government measures to minimize energy emissions from aging and public buildings have also aided this expansion. For example, the U.S. General Services Administration agreed with IBM to install sophisticated and smart building technologies in 50 of the federal government's most energy-intensive buildings. The region has the highest automation adoption across all industries. As a result, these factors are projected to drive the worldwide energy harvesting systems market during the forecast period.
Asia-Pacific is anticipated to exhibit a CAGR of 13.0% over the forecast period. Due to key emerging countries such as Japan, China, and India, among others, Asia-Pacific is expected to show high growth in the worldwide energy harvesting systems market during the forecast period. Energy harvesting has various uses in the region, including industrial, consumer electronics, home automation, and transportation. Furthermore, the region is seeing increased energy harvesting technologies in building and smart home systems. This is expected to boost market expansion in Asia-Pacific further.
Additionally, due to Asia-Pacific's low operational and labor expenses, many industry companies are considering shifting their manufacturing facilities there. Such aspects would contribute to the growth of IoT systems, hence boosting market growth. The "100 Smart Cities Mission" in India was launched in June 2015. The government has allocated a USD 14 billion fund for the implementation of 100 smart cities as well as the revitalization of 500 smaller localities. In January 2016, 20 cities were chosen for the first round of the "All India City Challenge" tournament.
Europe is predicted to be a key expanding market, with a 25% share, owing to the European Commission's booming support and investments in research and development of energy harvesting and energy storage devices. For example, the European Commission supports a "Metamaterial Enabled Vibration Energy Harvesting" project through its Horizon 2020 program. The project began in January 2021 and is projected to be completed by December 2024. This project aims to eliminate the need for batteries in the future to power wireless sensors.
Furthermore, emerging businesses might raise funding from investors to advance the creation of novel products. Barbara IoT, a Spain-based business, closed a round of around USD 469.46 thousand (Euro 400k) in January 2021 to build its industrial IoT operating system.
Major countries in the Middle East and Africa, including Saudi Arabia, the United Arab Emirates, South Africa, and Egypt, have announced intentions to build smart cities in the next years. These governments are taking substantial initiatives to support smart cities and are inviting private sector companies to deploy their smart solutions in under-construction smart cities.
|Physik Instrumente (PI) GmbH and Co. KG Mide Technology Corporation Powercast Advanced Linear Devices Inc. Tekceleo Analog Devices ZF Friedrichshafen AG Cedrat Technologies SA Cymbet Corporation Xidas
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The global energy harvesting system market is segmented based on technology, components, applications, and region.
By Technology, the market is further segmented into Light Energy Harvesting, Vibration Energy Harvesting, Radio Frequency Energy Harvesting, and Thermal Energy Harvesting.
Light Energy Harvesting holds the major market share. Light energy harvesting, often known as solar energy harvesting, is gathering energy from natural or artificial light sources such as sunshine or interior lights. Light energy is typically converted into electricity using photovoltaic cells (solar panels). There is a surge in the number of significant firms engaged in developing solar energy-based products classified as light energy harvesting. This gathered energy is then efficiently used in industries such as building automation and consumer electronics.
Mechanical vibrations, oscillations, or motions in the environment generate electrical energy in vibration energy harvesting. Piezoelectric materials, which generate a voltage when mechanical stress is applied, are frequently employed in vibration energy harvesting devices.
Based on components, the market is sub-segmented into Energy Harvesting Transducers, Power Management Integrated Circuits (PMIC), and Storage Systems.
Energy Harvesting Transducers mostly influences the market growth. Energy harvesting transducers are the devices or components that capture energy from their surroundings. Transducers can be photovoltaic cells (solar panels), piezoelectric materials, antennas, or thermoelectric materials, depending on the energy harvesting method utilized (e.g., solar, piezoelectric, RF, thermal). They transform numerous energy sources into electrical energy, such as light, mechanical vibrations, radio frequency signals, or temperature differentials. Furthermore, the increased use of electromechanical transducers for harvesting vibration energy is a key driver boosting global market demand.
Energy storage is a critical component of energy harvesting systems because it saves surplus energy for later use. Examples of storage system components are supercapacitors, rechargeable batteries, and energy storage capacitors. They act as a buffer, storing excess energy created by transducers and releasing it as needed to power devices when the external energy source is absent or insufficient.
The segment can be bifurcated by application into Building and Home Automation, Consumer Electronics, Industrial, and Transportation.
Building and home Automation generates the most income. Building and home automation applications include various energy-efficient systems and devices utilized in residential and commercial structures. Energy-harvesting technology is powered by wireless sensors, HVAC (heating, ventilation, and air conditioning) controls, lighting systems, and security devices. These technologies lessen dependency on traditional power sources while also encouraging energy conservation and sustainability in buildings.
Consumer electronics, such as wearable devices, remote controllers, and low-power gadgets, use energy-harvesting technologies. These methods allow for the creation of self-powered consumer gadgets, decreasing the need for frequent battery replacements and increasing user convenience. Solar-powered wristwatches and RF energy-harvesting remote controllers are common examples.