Energy Harvesting Systems MarketSize and Trends

Global Energy Harvesting System Report Overview:

The global energy harvesting systems market size was valued at US$ 530.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The main drivers of the Energy Harvesting Systems market are technological advancements and a growing demand for energy-efficient devices. The growing adoption of smart homes and the Internet of Things (IoT) are also expected to support the growth of the market in the future. Increased awareness about energy conservation and favorable government initiatives for building a green environment are also driving the market.

Energy harvesting system market Trends:

Technological advancements in developed regions is a major trend The technologically developed regions, such as North America have higher needs of energy consumption due to which, these regions are likely to be the most significant regions for the market. The countries across these regions have well-established research bases with laboratories that will aid in the development of cost-effective and practically useful energy harvesters. For instance, the U.S. has the National Renewable Energy Laboratory. Thus, such regions witness higher technological advancements, which in turn is likely to drive the demand for energy harvesting systems in the future. Consequently, the trend is expected to fuel the growth of the global energy harvesting systems market in the future.

The consumer electronics segment is gaining traction in the market

Consumer electronics such as smartphones, wearable’s, wireless appliances, remote control units, and body implants are increasingly using energy harvesting systems. As using energy harvesting systems enables the operation of consumer electronics products without requiring conventional sources of power, the use of these systems is growing in this sector. For instance, remote control units use energy harvesting systems where the power is gathered from the force applied by the user when they press the button. Thus, the increasing growth of consumer electronics is trending in the global energy harvesting systems market.

Energy harvesting system market Segmentation:

The global energy harvesting systems market report is segmented into Technology and Application.

Based on Technology, the market is segmented into Light Energy Harvesting, Vibration Energy Harvesting, Thermal Energy Harvesting, and RF Energy Harvesting. Out of which, Light Energy Harvesting is expected to dominate the global market over the forecast period and this is attributed to the growing investment in light energy harvesting technologies by several companies. For instance, the Tissot SA developed the Tissot Smart-Touch watch model that can pool power generation with the use of ambient light with Bluetooth connectivity, harvesting the energy required to power the quartz movement, the large LCD screen and large number of sensors. This in turn is likely to drive the demand for light energy harvesting systems, which in turn will drive growth of this segment.

Vibration Energy Harvesting segment is also expected to witness significant growth in the near future and this is owing to the growing technological advancement of vibration-based energy harvesting systems. The novel advanced technology allows the use of alternative vibration sources for supplying small devices, and to eliminate the need for recurrent replacement of battery or power cables, specifically for applications including oil production and aerospace structures. The demand for this advanced technology of vibration-based energy harvesting systems is growing globally, which in turn is likely to drive growth of the market.

Based on Application, the market is segmented into Consumer Electronics, Building and Home Automation, Industrial, Transportation, and Other Applications. Out of which, Consumer Electronics is expected to dominate the global market over the forecast period and this is attributed to the growing use of consumer electronics, like smartphones, wearables, wireless appliances, remote control units, and body implants. The use of energy harvesting systems enables operating of consumer electronic products where regular power sources are not available. Due to such features, the use of these technologies is extended and it also reduced geographical restrains for devices having to be near a power sources. These features of energy harvesting systems in consumer electronics is driving the growth of the segment in the market.

Building and Home Automation segment is also expected to witness significant growth in the near future and this is owing to the growing adoption of energy harvesting systems in building and home automation due to various benefits of this technology, such as up to 40% energy savings. The use of energy harvesting systems eliminated the need for monitoring, replacing, and disposing batteries, which further helps save maintenance costs. Thus, growing use of this technology in building and home automation is likely to drive the market growth.

Energy harvesting system market: Key Developments

In September 2022, E-Peas SA along with Energous Corporation launched a novel Wireless Energy Harvesting Evaluation Kit, created for applications of energy harvesting in smart homes/smart buildings, asset trackers for warehouses and retails, and industrial IoT medical.

In January 2022, E-Pease SA introduced an Ultra-Compact Custom Power Management Solution for Cartier’s Tank watch, which is the first ever solar energy harvesting watch. The new ultra-compact PMIC developed particularly for the Tank watch consists dimensions of only 2mm x 2mm, which makes it the smallest energy harvesting product.

In February 2021, STMicroelectronics, revealed its STM32U5 series, a new-generation of extreme power-saving microcontrollers (MCUs), aimed at catering the demand for performance/power requirements for small applications including personal medical devices, wearables, industrial sensors, and home automation.

In May 2021, EnOcean, exhibited its PTM 535BZ module, which is the newest addition to the transmitter modules range of the company for battery-free switch applications.