REDDING, Calif., July 1, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Energy Harvesting
Systems Market by Component, Energy Source (Solar, Thermal),
Application (Tracking and Monitoring, Smart Building and
Infrastructure), End User (Consumer Electronics, Healthcare), and
Geography—Global Forecast to 2031,' the global energy
harvesting systems market is projected to reach $1.0 billion by 2031, at a CAGR of 10.3% from
2024–2031.
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Energy harvesting is the process of capturing energy from a
system's environment and converting it into usable electric power.
It enables electronic components to operate where conventional
power sources are unavailable, eliminating the need for wired
connections and frequent battery replacements. Energy harvesting
involves obtaining energy from sources like solar radiation,
thermal gradients, wind, changes in ocean salinity, and kinetic
motion to power low-energy electronics. Energy harvesting systems
are widely used across various applications, including tracking
& monitoring, wearable electronics, smart buildings &
infrastructure, environmental monitoring systems, and healthcare
& medical devices.
The growth of this market is driven by the increasing adoption
of energy harvesting systems in rural areas and the growing need to
harvest energy from sustainable sources. However, the high initial
investment requirements for the installation of energy harvesting
systems restrain the growth of this market.
Furthermore, the integration of sensors in wearable electronics
and advancements in ocean energy harvesting technologies are
expected to create market growth opportunities. However, the lack
of awareness regarding energy harvesting systems is a major
challenge impacting the market's growth.
Additionally, favorable government initiatives aimed at
promoting the use of green energy and ensuring sustainable
development are prominent trends in this market.
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The global energy harvesting systems market is segmented by
component (power management solutions, sensors, transmitters, and
other components), energy source (solar energy, thermal energy,
chemical energy, magnetic energy, tidal energy, and other energy
sources), application (tracking and monitoring, wireless sensor
networks, wearable electronics, smart building and infrastructure,
environmental monitoring systems, industrial automation, healthcare
and medical devices, and other applications), end user (consumer
electronics, military & aerospace, automotive, healthcare,
agriculture, energy & utilities, transportation, and other end
users), and geography. The study also evaluates industry
competitors and analyses the market at the country and regional
levels.
Based on component, in 2024, the power management
solutions segment is expected to account for the largest share of
over 27.0% of the global energy harvesting systems market.
However, the sensors segment is expected to register the highest
CAGR during the forecast period. This segment's growth is driven by
the increasing adoption of sensors to measure various parameters
within heat exchangers and actuators and their integration into a
wide range of energy harvesting systems for signal processing,
communication, and data collection functions.
Based on energy source, in 2024, the solar energy segment
is expected to account for the largest share of
around 35.0% of the global energy harvesting systems
market. This segment's large market share can be attributed to the
increasing need for efficient battery charging solutions and the
rising use of solar energy in applications such as water &
space heating. However, the thermal energy segment is expected to
register the highest CAGR during the forecast period.
Based on application, in 2024, the tracking and
monitoring segment is expected to account for the largest share of
around 24.0% of the energy harvesting systems market.
This segment's large market share can be attributed to the rising
need to track & monitor the physical location and status of
mobile objects and the increasing adoption of energy harvesting
technologies to enable autonomous operation without frequent
battery replacements or external power sources. These systems can
seamlessly integrate with IoT networks and wireless communication
protocols used in asset tracking.
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However, the smart building and infrastructure segment is
expected to register the highest CAGR during the forecast period.
This segment's growth is driven by the increasing adoption of
energy harvesting systems to support green building initiatives
aimed at reducing reliance on conventional energy sources.
Moreover, energy harvesting offers long-term cost savings by
enabling lower energy bills and reduced maintenance expenses
typically associated with battery replacements. Additionally, these
systems mitigate the risk of system downtime and disruptions,
ensuring consistent operation of critical building functions such
as lighting, HVAC, and security systems. These benefits are
expected to drive the demand for energy harvesting systems for
smart building and infrastructure applications during the forecast
period.
Based on end user, in 2024, the consumer electronics
segment is expected to account for the largest share of around
51.0% of the energy harvesting systems market. However,
the healthcare segment is expected to register the highest CAGR
during the forecast period. This segment's growth is driven by the
increasing integration of energy harvesting systems into medical
devices, enabling them to operate autonomously without the need for
frequent battery changes. Additionally, the rising integration of
energy harvesting systems into IoT platforms and healthcare
information systems for real-time data transmission and analysis
contributes to this segment's growth.
Based on geography, in 2024, North America is expected to account for the
largest share of around 34.0% of the energy harvesting
systems market. North America's
significant market share can be attributed to the growing adoption
of energy harvesting systems in home automation, industrial, and
transportation applications, government initiatives aimed at
promoting the use of zero-emission energy sources, including hydro,
wind, solar, and nuclear energy, and the increasing demand for
green energy across industrial, residential, and consumer sectors
in the region.
However, the market in Asia-Pacific is projected to register the
highest CAGR of over 14.0% during the forecast period. The
growth of this regional market is driven by the rising demand for
electricity in the region's industrial sector, the increasing
adoption of ultra-low-power devices to enhance energy efficiency,
initiatives to expand interconnected grids to improve flexibility
& energy security, and the rising use of cost-effective power
sources to reduce reliance on fossil fuels.
The key players operating in the energy harvesting systems
market are ABB Ltd (Switzerland),
Analog Devices, Inc. (U.S.), Texas Instruments Incorporated (U.S.),
STMicroelectronics International N.V. (Switzerland), e-peas SA (Belgium), Infineon Technologies AG
(Germany), Honeywell International
Inc. (U.S.), Microchip Technology Inc. (U.S.), Renesas Electronics
Corporation (Japan), EnOcean GmbH
(Germany), Advanced Linear
Devices, Inc. (U.S.), Piezo.com (U.S.), Powercast Corporation
(U.S.), Laird Thermal Systems, Inc. (U.S.), and DCO Systems Limited
(U.K.).
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Scope of the Report:
Energy Harvesting Systems Market Assessment—by
Component
- Power Management Solutions
- Power Management Integrated Circuits (PMICS)
- Converters
- Regulators
- Controllers
- Sensors
- Transmitters
- Other Components
Energy Harvesting Systems Market Assessment—by Energy
Source
- Solar Energy
- Thermal Energy
- Chemical Energy
- Magnetic Energy
- Tidal Energy
- Other Energy Sources
Energy Harvesting Systems Market Assessment—by
Application
- Tracking and Monitoring
- Wireless sensor networks
- Wearable Electronics
- Smart Building and Infrastructure
- Environmental Monitoring Systems
- Industrial Automation
- Healthcare and Medical Devices
- Other Applications
Energy Harvesting Systems Market Assessment—by End
User
- Consumer Electronics
- Military & Aerospace
- Automotive
- Healthcare
- Agriculture
- Energy & Utilities
- Transportation
- Other End Users
Energy Harvesting Systems Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin
America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of Middle East &
Africa
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