The global energy harvesting market is expected to reach a valuation of USD 940.7 million in 2023 and is projected to expand to USD 1950 million by 2033, with a CAGR of 7.5% over the forecast period. This market’s growth is largely fueled by the increasing use of low-energy battery-powered devices and applications, alongside the rising integration of the Internet of Things (IoT) across multiple sectors.
As demand for efficient and secure power systems rises, the development of advanced energy harvesting solutions continues to gain traction. Additionally, the growing popularity of energy-efficient and sustainable home automation systems is accelerating market expansion. These systems utilize ambient energy sources—such as solar, thermal, and mechanical energy—transforming them into usable power for electronic devices, underscoring a shift towards more sustainable energy practices.
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 end of 2023.
- The market in Europe 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.
- Rising demand for smart homes, the internet of things, and sustainable home automation is expected to drive market growth during the forecast period- comments an 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.
Key Segments Profiled in the Energy Harvesting Market 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
Report Preview: https://www.futuremarketinsights.com/reports/global-energy-harvesting-market
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