Energy Harvesting Systems Market to Be Worth $1.0 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jul 01, 2024, 11:15 ET

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
- U.S.
- Canada
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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