The energy harvesting systems market comprises products and technologies that harvest ambient energy sources such as thermal, light, vibration, RF and convert them into electric energy. These systems offer a sustainable and affordable means of powering electronic devices in places where replacing batteries is impossible or uneconomical. The harvested energy can be used to power small devices such as sensors used in industrial IoT. Energy harvesting systems play a vital role in enabling the wider adoption of IoT by powering up autonomous devices without the need for wiring infrastructure or frequent battery replacements. Some key applications of energy harvesting include powering smart tags and sensors in supply chain management, street lights, wearable devices and industrial controls. The Global Energy Harvesting Systems Market is estimated to be valued at US$ 658.33 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the energy harvesting systems are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc. The demand for energy harvesting systems is growing rapidly due to the massive expansion of IoT devices and wireless sensor networks. Industries are widely implementing energy harvesting systems as they provide a low maintenance and eco-friendly solution for powering remote devices without depending on battery replacements. Technological advancements have enabled the development of highly efficient systems that can harvest minimal ambient energies and store it to power electronics. Piezoelectric and Thermal technologies are witnessing high research investments to maximize energy capturing capabilities.
Market Trends
Miniaturization of systems - Manufacturers are developing highly miniaturized solutions to make energy harvesting viable for smaller and low power applications like wearables. Integrating multiple ambient energy sources in a single package is allowing the design of optimized solutions.
Transition to electric - Advancements in energy harvesting from non-conventional energy sources like motion, RF waves etc are supporting the transition to electric vehicles by powering additional features without draining the battery.
Market Opportunities
Proliferation of IoT - As IoT connectivity increases exponentially across industries, the demand for low-power autonomous devices will drive opportunities for energy harvesting systems that can sustain IoT infrastructure.
Adoption in developing countries - Energy harvesting systems present viable, affordable options for powering infrastructure in remote areas lacking grid access and will see increased adoption.
Impact of COVID-19 on Energy Harvesting Systems Market GrowthGrowth
The COVID-19 pandemic has negatively impacted the growth of the energy harvesting systems market. Government-enforced lockdowns and trade restrictions disrupted global supply chains for components required for energy harvesting devices. This led to delays in projects deploying these systems for various applications. However, the increased focus on remote monitoring and infrastructure during the pandemic boosted demand for energy harvesting wireless sensors. With restrictions being gradually lifted, the market is recovering. Still, future outbreaks pose risks. Infrastructure players are developing strategies to ensure resilience of supply chains against future disruptions.
Pre-pandemic, the Energy Harvesting Systems Market Growth was growing steadily due to the expanding adoption of IoT devices requiring self-powered sensors. However, in 2020-21, shipment volumes dropped as component manufacturers dealt with labor shortages and delayed projects. Now supply chains are stabilizing. The long-term demand outlook remains positive, supported by IoT proliferation across various industries including utilities, industrial, residential, and commercial sectors. Players are focusing on educating customers about energy harvesting benefits like independence from battery replacement. This helps reinforce the technology's role in developing smart and sustainable infrastructure.
North America currently holds the largest share of the global energy harvesting systems market in terms of value, owing to widespread Industrial IoT and smart cities initiatives. North American infrastructure players are early adopters of energy harvesting to remotely power monitoring equipment with minimal maintenance needs. Meanwhile, Asia Pacific is the fastest growing regional market. Countries like China, Japan and India are ramping up investments in renewables and smart grid technologies. This increases the scope of deployment for energy harvesting devices powering sensors and controls.
The European energy harvesting systems market is currently concentrated in Western European nations, led by Germany, UK and France. These countries have stringent emission reduction targets driving adoption of greener technologies across utilities, transportation and manufacturing segments. Meanwhile, in Central and Eastern Europe, government initiatives are gradually catching up to develop 'smart' infrastructure equipped with self-powered IoT nodes. This presents substantial room for future growth in the regional market.
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An intensifying CAGR is estimated to shape the global energy harvesting system market in the impending period.The inclination of the general population towards energy conservation is estimated to expand the energy harvesting technologies market.
Also, the focus on safe and durable power sources development is predicted to create a novel scope for expansion in the energy harvesting system market.Competitive Analysis The backing from administrative bodies around the world is escalating because the market requires an additional impetus to attain regularity in such a situation.
The stress on modernization is appraised to see an upswing in the coming years, as the user requirements have to be tackled in an improved manner to safeguard the revival of the worldwide market.
The conflict in the forces of demand and supply is appraised to produce a measured development context in the market.The eminent contenders in the energy harvesting system market include Fujitsu (Japan), Honeywell International Inc.(U.S.), STMicroelectronics (Switzerland), Siemens AG (Germany), Microchip Technology Inc. (U.S.), ABB Limited (Switzerland), Convergence Wireless (U.S.), Cymbet Corporation (U.S.), and Texas Instruments (U.S.) among others.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/1167Segmental Analysis The segmental investigation of the energy harvesting system market is carried out on the basis of components, methods, sensors, application and region.Based on the components, the energy harvesting system market is segmented into batteries, solar cells, capacitors, transistors, controllers, and switches, among others.Based on the methods, the energy harvesting system market is segmented into photovoltaic, vibration, and thermal, among others.Based on the sensors, the energy harvesting system market is segmented into pressure, humidity, temperature, and IR, among others.The application-based segmentation of the energy harvesting system market comprises of automation, consumer electronics, industrial, and transportation, among others.Based on the regions, the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.Detailed Regional Analysis The regional review of the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.
The extraordinary growth in the arena of technology and substantial investment by the vital companies in research and development and new product introductions are some of the foremost factor backing up the market development.
