The global Energy Harvesting Market is projected to attain a valuation of USD 940.7 million in 2023 and is expected to reach USD 1950 million by 2033, trailing a CAGR of 7.5% during the forecast period.
The market growth is driven by the increasing adoption of energy harvesting technology and home automation applications. The green energy harvesting trend is playing a crucial role in shaping the market, and supportive initiatives by governments worldwide are further propelling its growth.
The use of energy harvesting in industrial wireless sensor networks (WSNs) is significant and expected to persist throughout the forecast period.
Further, the demand for energy harvesting solutions is expected to rise due to expanding applications of the Internet of Things (IoT) in smart cities, smart homes, Industrial IoT (IIoT), and Machine-to-Machine (M2M) communications.
Factors like increasing environmental awareness, government support, green house gases emission reduction targets, growing energy demand, and rising research and development initiatives for new technologies are expected to fuel market growth during the forecast period.
The widespread adoption of solar and wind energy as primary sources has accelerated the growth of the energy harvesting systems market. These systems are now being extensively used across multiple sectors, including automotive, aerospace, wireless sensor networks, military, consumer electronics, industrial, building automation, bicycle dynamo, healthcare, and more.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 940.7 million |
| Anticipated Forecast Value (2033) | USD 1950 million |
| Projected Growth Rate (2023 to 2033) | CAGR 7.5% |
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Shift in Energy Harvesting Technology from off Grid to Smart Grid is Estimated to Drive the Energy Harvesting Demand
Energy harvesting technology is utilized off-grid or on-demand. Both of these usage patterns, however, have inherent technological challenges that may limit the market's demand for energy harvesting equipment. Another deterring factor includes inadequate awareness among consumers about the availability and usage of the energy harvesting systems based on harvested energy.
Relatively high initial costs associated with these devices are expected to curtail the growth of the market globally. Further, the energy harvesting technology generates low current, which makes it incompatible for the application in all types of energy domains. Shifting to a smart grid paradigm can help the energy harvesting market in the direction of prosperity.
Energy harvesting encompasses a wide range of energy harvesting systems, energy harvesting devices, energy harvesting technologies which are utilized for energy storage in a variety of energy harvesting projects.
The energy harvesting market based on application is segmented as wireless sensor network (WSN), consumer electronics industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare, and others (research, animals, and farming).
Among these, consumer electronics, including mobile phones, wrist watches, calculators, and piezoelectric gas lighters, cover the maximum share of the global energy harvesting market, followed by military and aerospace-based applications.
The demand for energy harvesting system from consumer electronics is expected to rise with a CAGR of 8.2% during the forecast period. Consumer electronics are expected to hold over 37% market shares in 2023. However, building and home automation is the significantly growing application segment in the energy harvesting sector.
Energy harvesting is also an integral part in a wireless sensor network (WSN) these days. Building and infrastructure, home automation of lighting, security, and electronics, and WSNs for bridges are among the popular energy harvesting applications in recent years using multiple devices for energy harvesting.
Further, the wireless sensor network (WSN) is expected to generate significant demand with 8.4% CAGR for energy harvesting systems during the forecast period.
A current trend in wireless energy harvesting is the use of mmWave (millimeter wave) for 5G cellular networks. Energy harvesting is estimated to find increasing applications in the automobile industry in the near future.
The advent of nanotechnology has offered ample growth opportunities to the energy harvesting market. Since nanotechnology helps manufacturing of compact-sized devices, the emergence of portable energy devices based on energy harvesting technology is the most likely occurrence in the market.
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Investment in new energy harvesting technologies and energy harvesting materials along with energy storage devices might be preferred by energy harvesting projects.
The energy harvesting market can also be segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and the Middle East and Africa. America is projected to remain the dominating market in 2023, with a significant market share.
Europe is expected to remain significantly growing market with a CAGR of 7.7%, owing to burgeoning promotion and investments by The European Commission in research and development of energy harvesting and energy storage devices.
North America and Asia Pacific are expected to account for around 36% and 24% of market shares respectively by 2023 end. Moreover, the market growth in Asia Pacific is expected to thrive at a CAGR of 7.6% during the forecast period.
The growth can be attributed to the region's affluent consumer base with significant purchasing power, as well as the expanding population of technology-savvy individuals.
Numerous industry participants are considering relocating their manufacturing facilities to the Asia Pacific region due to its favorable operational and labor costs. These favorable conditions are expected to drive the growth of IoT systems, thereby stimulating market expansion.
In North America, the United States is expected to dominate, whereas in Asia Pacific, Japan is most likely to contribute a significant share to the total energy harvesting market revenues.
Start-ups play a vital role in recognizing growth opportunities and driving industry expansion. Their efficiency in converting inputs into outputs and adapting to volatile market conditions is valuable. Also, in the energy harvesting market, several start-ups are engaged in manufacturing and providing related services.
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The market for energy harvesting is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
The key industry players operating in the market are 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., and STMicroelectronics.
Latest Developments in the Energy Harvesting Market
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 940.7million |
| Market Value in 2033 | USD 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 USD 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 | By source, By application, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | 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 |
| Customization | Available Upon Request |
The global demand for energy harvesting services is forecasted to rise at 7.5% CAGR through 2033.
The overall global market could reach a value of USD 1,950 million by 2033.
North America is expected to lead the overall market by acquiring nearly 36% share in 2023.
Asia Pacific market could contribute significantly with a 24% share in 2023
The requirement in Europe is poised to witness an increment at 7.7% per year until 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 5.1. Radiation 5.2. Mechanical 5.3. Chemical 5.4. Nuclear 5.5. Magnetic 5.6. Electric 5.7. Thermal 5.8. Gravitational 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Wireless Sensor Network (WSN) 6.2. Consumer Electronics 6.3. Industrial 6.4. Building 6.5. Bicycle dynamo 6.6. Military and Aerospace 6.7. Automotive 6.8. Healthcare 6.9. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ABB Limited 17.2. Arveni 17.3. Enocean 17.4. Fujitsu 17.5. Cypress Semiconductor Corp. 17.6. Green Peak Technologies 17.7. Honeywell International Inc. 17.8. Levant Power Corporation 17.9. Marlow Industries Inc. 17.10. Microchip Technology Inc. 17.11. MicroGen Systems 17.12. Maxim Integrated 17.13. G24 Innovations Limited 17.14. Texas Instruments Inc. 17.15. STMicroelectronics 18. Assumptions & Acronyms Used 19. Research Methodology
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Energy Harvesting Market
