NEWARK, Del, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global energy harvesting market is estimated to attain a valuation of US$ 940.7 million in 2023. It 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, primarily driven by the widespread adoption of low-energy battery-powered devices and applications. Also, integrating 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 and effective energy harvesting devices and systems, contributing to the market's expansion.
The rising adoption of energy-efficient and sustainable home automation will drive market growth. These systems capture and convert ambient energy sources, such as solar, thermal, and mechanical, into usable power for electronic devices.
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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
“The adoption of energy harvesting technologies is on the rise, driven by the increasing demand for sustainable and self-powered devices across various industries. This market trend is expected to continue to expand, with key players innovating in renewable energy sources and advanced harvesting techniques to meet the growing energy needs of the modern world," says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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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.
Report Scope:
| Attribute | Details | |
| Market Value in 2023 | US$ 940.7million | |
| Market Value in 2033 | US$ 1950 million | |
| Growth Rate | CAGR of 7.5% from 2023 to 2033 | |
| Base Year for Estimation | 2022 | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 | |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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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
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About the Oil and Gas Division at Future Market Insights
The Oil and Gas team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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