The Global Energy Harvesting Market is estimated to attain a valuation of US$ 940.7 million in 2023 and is projected to reach US$ 1950 million by 2033, trailing a CAGR of 7.5% during the forecast period.
In recent decades, the global energy harvesting market has experienced notable progress, largely driven by the widespread adoption of low-energy battery-powered devices and applications. Also, the integration of the Internet of Things (IoT) has further propelled the demand for energy harvesting systems across diverse industries.
There is a growing need for efficient and secure power systems, as well as effective energy harvesting devices and systems, contributing to the market’s expansion.
The rising adoption of energy-efficient and sustainable home automation is expected to drive market growth. These systems capture and convert ambient energy sources, such as solar, thermal, and mechanical, into usable power for electronic devices.
The demand for energy-efficient home automation has surged, and energy harvesting systems enable reliable and sustainable energy sources for powering devices within homes. 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.
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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 concerns about climate change and carbon emissions. Also, the combination of 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 end of 2023.
- The market in Europe is expected to thrive at a CAGR of 7.7% during the forecast period.
- By application, consumer electronics segment is expected to generate demand with a CAGR of 8.2% during the forecast period.
Rising demand for smart homes, internet of things and sustainable home automation is expected to drive market growth during the forecast period- comments a FMI Analyst
Competitive Landscape
The market for energy harvesting is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
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.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global energy harvesting market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the energy harvesting market, the market is segmented based on source, application, and region.
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Key Segments Profiled in the Energy Harvesting Market Industry Survey
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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