Energy Harvesting Market

Global Energy Harvesting Market Size (2024 to 2029)

The global energy harvesting market is predicted to reach USD 0.55 billion in 2024 and USD 0.93 billion by 2029, growing at a CAGR of 10.91% during the forecast period.

Energy harvesting is the process of energy being executed from external sources, captured, and stored for small, autonomous wireless devices like those used in wearable electronics and wireless sensor networks. These harvesters provide a small amount of power for low-energy electronics. While fuel is thrust to some large-scale generation costs resources (oil, coal, etc.), the energy source for these harvesters will be like ambient background. The growth of the global energy harvesting market is attributed to applications like converting ambient energy into electrical energy in both the military and commercial sectors and some systems that also convert motion, such as that of ocean waves, into electricity by oceanographic monitoring sensors in autonomous operation. Also, the advancements in the applications may include high power output devices deployed at remote locations to be reliable power stations for large systems, which are an advantage for harvesters, acting as growth factors for the global energy harvesting market.  The growth factors of this market include not only the applications of energy harvesters but also the growing demand for safe, power-efficient adoption of IoT devices in automation and energy harvesting technology in building and home automation, durable systems that require minimum or no maintenance, the trend for green energy, and favorable initiatives by governments.

Global Energy Harvesting Market Drivers:

The growing demand for safe, power-efficient, and durable systems that require minimum or no maintenance is leading to the usage of these energy harvesters, which boosts the market. Also, the extensive implementation of IoT devices in automation and energy harvesting technology in building and home automation and an increasing trend for green energy are the major growth factors of the global energy harvesting market during the forecast period. Additionally, initiatives by governments that favor the launches of new technology in harvesting methods are propelling the growth. However, the lack of awareness about energy harvesting in the consumer world is expected to hamper business growth over the outlook period. However, the innovative advancements that are coming up by major market players of energy harvesting technologies, such as ocean energy harvesting, are fuelling the opportunities for energy harvesting producers.

REPORT COVERAGE:

This research report on the global energy harvesting market has been segmented and sub-segmented based on the technology, component, application, and region.

Global Energy Harvesting Market - By Technology:

• Light Energy Harvesting

• Vibration Energy Harvesting

• Radio Frequency Energy Harvesting

• Thermal Energy Harvesting

In the technological segmentation of the energy harvesting market, the light energy harvesting segment is likely to boost market growth due to its extensive adoption, which is due to the wide availability of solar energy sources and the advanced research on the technology.

Global Energy Harvesting Market - By Component:

• Transducers

• Photovoltaic

• Piezoelectric

• Thermoelectric

• Electro-Dynamic

• Power Management Integrated Circuit

• Secondary Battery

In the component segmentation, transducers and secondary batteries are supposed to contribute significantly to the energy harvesting system market, attributing their growth to the increasing adoption of transducer devices such as photovoltaic cells and piezoelectric devices to generate energy for low-power devices. Also, these devices are primarily used in building and home automation applications to power devices such as smoke detectors, heaters, switches, lighting control devices, occupancy sensors, and gateways.

Global Energy Harvesting Market - By Application:

• Building & Home Automation

• Consumer Electronics

• Industrial

• Transportation

• Security

Based on applications, Building & Home Automation is the leader in the market share. The growth of this segment in the forecast is credited to the increasing adoption of energy harvesting devices in the Americas and Europe in building and home automation applications.

Global Energy Harvesting Market – By Region:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis of the global energy harvesting market, North America has a significant revenue share of the business. The growth of the market in North America is attributed to the increasing penetration of building automation in countries like the USA. Canada is increasing new construction projects that are accepting renewable energy as the power source for low-power electronic devices.

KEY MARKET PARTICIPANTS:

The major companies operating in the global energy harvesting market include ABB Limited, Arveni, Enocean, Fujitsu, Cypress Semiconductor Corp., Green Peak Technologies, Honeywell International, Inc., Levant Power Corporation, Marlow Industries, Inc., Microchip Technology, Inc., MicroGen Systems, Maxim Integrated, G24 Innovations Limited, Texas Instruments Inc., STMicroelectronics, Silicon Laboratories, Inc., Siemens AG, Murata Manufacturing Co., Ltd., Mide Technology Corporation, and Laird Plc.

RECENT HAPPENINGS IN THE MARKET:

• FPI, a renowned company in Information Technology (IT) systems integrations and solutions, has opened its new office to strengthen its operations and extend its cloud offerings amid the growing market demands in the area on Tuesday, February 4.

• Ashok Leyland, an Indian automobile company headquartered in Chennai, India, and ABB Power Products and Systems India Limited have signed an MoU (Memorandum of Understanding) in the public e-mobility space to expand the eco-system for electric bus transportation systems in India. The partnership of these two companies is aimed at developing a pilot electric bus based on ABB's flash-charge technology, TOSA, which tops up the battery in just seconds while passengers get on and off the bus.