Energy Harvesting System Market (2024-2031)
Energy Harvesting System Market is projected to reach $1 billion by 2031, at a CAGR of 10.3% from 2024 to 2031.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.
- Published
- Jul 2024
- Pages
- 280
- Format
- PDF + Excel
- Report ID
- MREP - 104548
- Base year
- 2023
- 2031 · FORECAST
- $1.00B
- 2031
- $1.00B
- CAGR 2024–2031
- 10.3%
2023 baseline · 2024–2031 forecast at 10.3% CAGR · hover a bar for the value
Key highlights
By Component: In 2024, the Power Management Solutions Segment to Dominate the Energy Harvesting Systems Market
By Energy Source: In 2024, the Solar Energy Segment to Dominate the Energy Harvesting System Market
By Application: In 2024, the Tracking and Monitoring Segment to Dominate the Energy Harvesting Systems Market
By End User: In 2024, the Consumer Electronics Segment to Dominate the Energy Harvesting System Market
In 2024, North America to Dominate the Energy Harvesting System Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 280 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 10.3% |
| Market Size (Value) | USD 1 Billion by 2031 |
| Segments Covered | By Component · Power Management Solutions · Power Management Integrated Circuits (PMICS) · Converters · Regulators · Controllers · Sensors · Transmitters · Other Components · By Energy Source · Solar Energy · Thermal Energy · Chemical Energy · Magnetic Energy · Tidal Energy · Other Energy Sources · 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 · By End User · Consumer Electronics · Military & Aerospace · Automotive · Healthcare · Agriculture · Energy & Utilities · Transportation · Other End Users |
| Countries Covered | North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Netherlands, Spain, Sweden, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, Australia & New Zealand, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Saudi Arabia, UAE, Israel, and Rest of the Middle East & Africa) |
| Key Companies | 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.). |
Report overview
Segments covered: component, energy source, application, end user. Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Furthermore, the integration of sensors in wearable electronics and advancements in ocean energy harvesting technologies are expected to create market growth opportunities.
Report infographic
Market dynamics
3 factors across 2 forcesIncreasing Adoption of Energy Harvesting System in Rural Areas
In recent years, there has been an increasing adoption of energy harvesting systems in rural areas to enhance sustainability and improve quality of life. In rural areas, the lack of reliable access to grid electricity boosts energy harvesting systems such as solar panels, wind turbines, and kinetic energy to provide a reliable and sustainable source of power. Several governments are increasingly taking the initiative to reduce carbon footprints and environmental conservation. Thus, governments are increasingly investing in energy harvesting systems in rural areas, which will help to mitigate climate change impacts on rural ecosystems and agricultural productivity.
Additionally, the increasing developments for energy harvesting systems provide opportunities for local communities in installation, maintenance, and management, fostering skill development, local employment opportunities, and community ownership of energy resources. Thus, the increasing adoption of energy harvesting systems in rural areas holds great promise for sustainable development, energy security, and improved quality of life.
Growing Need to Harvest Energy from Sustainable Sources
The growing need for sustainable sources of energy harvesting, such as solar, wind, hydro, and geothermal power, is crucial for reducing greenhouse gas emissions. These sources generate electricity without burning fossil fuels, thereby helping to mitigate climate change and its associated impacts. The growing use of sustainable energy sources provides a stable and secure energy supply, reducing vulnerability to supply disruptions and enhancing energy independence. Thus, the growing shift towards sustainable energy sources fosters innovation and economic growth in sectors such as renewable energy technologies, energy storage solutions, and energy efficiency measures.
Additionally, the rising need for sustainable energy sources like solar and wind harness abundant and renewable resources that are naturally replenished and ensure long-term availability compared to finite fossil fuels. Moreover, increasing access to clean and affordable energy is essential for addressing energy poverty and promoting social equity. Sustainable energy solutions can provide reliable electricity to underserved communities. Thus, the growing need to harvest energy from sustainable sources is driven by environmental, economic, social, and technological imperatives.
Table of contents
12 chapters · 130 sections · 280 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Component | Power Management Solutions | Sensors |
| By Energy Source | Solar Energy | Thermal energy |
| By Application | Tracking and Monitoring | Smart building and infrastructure |
| By End User | Consumer Electronics | Healthcare |
By Component
- The power management solutions segment is expected to account for the largest share of over 27.0% of the energy harvesting systems market.
- This segment's large market share can be attributed to the growing demand for highly efficient power management devices and the increasing adoption of power management solutions to control power flow from storage devices, convert energy from sources, and regulate boosted output voltage.
- However, the sensors segment is projected 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.
By Energy Source
- The Solar Energy Segment to Dominate the Energy Harvesting System Market
- The solar energy segment is expected to account for the largest share of over 35.0% of the 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.
- This segment’s growth is driven by the increasing utilization of thermal energy to power wearable devices, the rising investments in promoting thermal energy harvesting for IoT applications, and the growing demand for energy harvesting systems for industrial applications such as waste heat recovery and solar thermal energy harvesting.
By Application
- The tracking and monitoring segment is expected to account for the largest share of over 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.
- 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.
By End User
- The consumer electronics segment is expected to account for the largest share of over 51.0% of the energy harvesting systems market.
- This segment’s large market share can be attributed to the increasing demand for consumer electronics, including smart wearables, smartphones, and remote-control units, and the rising investments in developing solar-powered energy harvesting solutions for consumer electronics.
- 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.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of over 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. In 2024, North America to Dominate the Energy Harvesting System Market
Asia-Pacific
Fastest growthHowever, Asia-Pacific is expected 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.
Competitive landscape
- April 2024
Silicon Laboratories, Inc. (U.S.) launched the xG22E family of Wireless SoCs, Silicon Labs' first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy-harvesting applications. The new family consists of the BG22E, MG22E, and FG22E.
- September 2023
Sony Semiconductor Solutions Corporation (Japan) launched an energy harvesting module that efficiently generates power from electromagnetic wave noise. This module helps to resolve power supply issues arising from the popularization and sophistication of IoT devices.
- ABB Ltd · Switzerland
- Analog Devices, Inc. (U.S.)
- Texas Instruments Incorporated (U.S.)
- STMicroelectronics International N.V. · Switzerland
- 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.)
- DCO Systems Limited (U.K.)
Frequently asked questions
This study focuses on market assessment and opportunity analysis by analyzing the sales of energy harvesting systems across various regions and countries. This study also offers a competitive analysis of the energy harvesting systems market based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies.
Cite this report
Meticulous Research. (2024). Energy Harvesting System Market - Global Opportunity Analysis And Industry Forecast (2024-2031) (Report No. MREP - 104548). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/energy-harvesting-system-market-5235