The Energy Harvesting market industry is projected to grow from USD 0.56 Billion in 2023 to USD 1.32 billion by 2032 at a compound annual growth rate (CAGR) of 11.35% during the forecast period (2023 - 2032). Good government support, new product launches, and R&D are some key market drivers that enhance this growth. Trade position within the Energy Harvesting Market greatly relies upon technological advancement. Companies are working on advanced harvesting technologies that can efficiently capture energy from the environment using light or heat, among other things. Market segmentation is critical to positioning strategies within this market. Companies analyze diverse segments such as consumer electronics, building automation, transportation, healthcare, industrial sectors, etc.
Partnerships and collaborations shape positioning strategies within the Energy Harvesting Market. Collaborations with sensor manufacturers, as well as IoT(Internet of Things)companies/energy storage firms, enable comprehensive solutions that integrate Energy harvesting technology. By focusing on applications, companies may influence their respective market positioning. Companies stress out usage contexts through which they want different industries to use them. Sustainability affects how one positions their business in the Energy HarvestingMarkets.The positioning prioritizes environmentally friendly solutions that harness renewable sources of energy, thereby reducing reliance on traditional power sources. Environmentally conscious consumers are attracted to companies that position themselves as champions of sustainability, while this aligns with global efforts towards a greener future.
Moreover, education and awareness initiatives contribute to market positioning strategies. An example is when businesses disseminate relevant information about the benefits and how it can be applied in different industries of Energy Harvesting Companies. In addition, positioning strategies must place great emphasis on customization and adaptability. The Energy Harvesting Market gains its true value from a combination of multiple positioning strategies, which include technological innovation, market segmentation, and partnerships, among others. For the energy harvesting market to succeed, it has to adopt more than one aspect of positioning, such as technology advancement, market segmentation, partnership, application, etc. Furthermore, it is through making positive moves based on sustainable energy solutions that firms can set their own unique identities, catering to specific markets and gaining competitive advantage in rapidly changing landscapes.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | · Access through various remote locations |
Market Dynamics | · New product launches and R&D Amongst major key players |
Energy Harvesting Market Size was valued at USD 0.56 billion in 2023. The Energy Harvesting market industry is projected to grow from USD 0.62 Billion in 2024 to USD 1.32 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.83% during the forecast period (2024 - 2032).
Good government support, new product launches, and R&D Amongst major key players are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The development of the Internet of Things (IoT) drives the need for autonomously powered, maintenance-free wireless equipment. A wireless sensor network (WSN) is the core technology in designing lot systems. LoT offers an opportunity for automation applications such as lighting controls, building management systems, security and access, and fire and life safety. In the next few years, using lot, millions of things are likely to be connected permanently. This creates the need for enormous data collection and processing, which, in turn, demands intense automation. The sensor network is the most suitable data-collecting system for loT. Intel reported that loT technology was worth around USD 5.2 trillion globally in 2019, where healthcare and manufacturing were expected to share USD 2.5 trillion and USD 2.3 trillion, respectively. This factor increases the market CAGR in the forecast period.
Additionally, the market is growing for durable systems that are power efficient and safe, requiring much less maintenance. There is a rise in the adoption of wireless sensor networks due to house automation and the green technology adopted by various nations. There needs to be environmental energy. The systems that help capture this energy and convert it to electrical energy are a boon. Various research and development activities in the energy harvesting system are leading to the growth of this market: supportive government policies and increased environmental awareness. Also, the reduction in the emission of greenhouse gases has helped in raising the demand for such technologies. An increasing trend of using renewable resources across many nations has created a need to improve this technology. This technology is a boon to supplement the primary source of power to reduce power interruptions and increase the reliability of an electronic system. The availability of funds for innovative technologies through organizations and investors aids in fast-tracking the process of new product development. Further, it provides a better opportunity for new product developers to enter the market with their innovative products. These factors have driven the market to develop innovative energy harvesting systems, which will further boost the Energy Harvesting market revenuein the forecast period.
Based on energy sources, the Energy Harvesting market segmentation includes chemicals, mechanicals, electrical, and nuclear. The electric segment dominated the market because electrical energy harvesting technologies have many applications and can be used in various fields such as consumer electronics, healthcare, and industrial automation. Reducing greenhouse gas emissions has helped raise the demand for such technologies.
September 2022: E-Peas SA and Energous Corporation announced the launch of a new Wireless Energy Harvesting Evaluation Kit, developed for energy harvesting applications for smart buildings/smart homes, industrial IoT medical, and asset trackers for retail and warehouses. The kit includes the company's 1W WattUp PowerBridge transmitter, delivering an over-the-air solution that enables device manufacturers to implement wireless power and energy harvesting across a range of connected devices along with two evaluation boards from e-peas: the AEM30940 RF Evaluation Board and the EP112 Energy Harvesting Optimized Antenna Evaluation Board.
May 2021: A range of transmitter modules for battery-free switch appliances was presented by EnOcean named PTM 535BZ. The first module offers a combination of supported wireless standards in a 2.4 GHz radio band.
Based on technology sources, the Energy Harvesting market segmentation includes electrodynamics, photovoltaic, and thermoelectric. The photovoltaic segment dominated the market. This is due to the manufacturing of solar-based products along with the increasing efficiency of photovoltaic technology and the use of photovoltaic technology in various applications in the sector of transportation and industry.
Figure 1: Energy Harvesting Market, by Technology, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Application, the Energy Harvesting market segmentation includes consumer electronics, industrial, automotive, and healthcare. The consumer electronics and building and home automation segments have witnessed significant market growth owing to increased energy conservation awareness. The increasing adoption of renewable energy sources such as solar, wind, tidal, ocean, and others is the key factor driving the growth of the energy harvesting system market. Government support to reduce carbon footprints and increased adoption of home appliances are also driving the growth of the energy harvesting system market. The high upfront cost indulged in the manufacturing of the energy harvesting systems acts as a key market restraint for the energy harvesting system market. Also, the lack of consumer awareness and technical expertise regarding energy harvesting systems hinders the growth of the energy harvesting system market.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American energy harvesting market area will dominate due to rapid technological developments in energy harvesting. The growth of this technology for the building will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Energy Harvesting Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Energy Harvesting market accounts for the second-largest market share due to the new product launches and R&D among key players. Further, the German Energy Harvesting market held the largest market share, and the UK Energy Harvesting market was the fastest-growing market in the European Region.
The Asia-Pacific Energy Harvesting Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the techno-savvy population and high purchasing power. The Internet of Things has spread across the Region from smart grids to smart homes/buildings. The increasing implementation of the Internet of Things-enabled technology to meet the infrastructure and supply challenges leads to the growth of smart cities, boosting the market across the Region. Moreover, China’s Energy Harvesting market held the largest market share, and the Indian Energy Harvesting market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Energy Harvesting market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The energy harvesting industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Energy Harvesting industry to benefit clients and increase the market sector. The Energy Harvesting industry has offered some of the most significant medical advantages in recent years. Major players in the Energy Harvesting market, including Levant Power Corporation (U.S.), Honeywell International, Inc. (U.S.), Green Peak Technologies (Netherlands), Fujitsu (Japan), ABB Limited (Switzerland), Arveni (France), Enocean (Germany), Microchip Technology, Inc., (U.S.), Texas Instruments Inc. (U.S.), ST Microelectronics (Switzerland)., and others, are attempting to increase market demand by investing in research and development operations.
EnOcean technology is an energy-harvesting wireless technology used primarily in building automation systems and other application fields such as industry, transportation, logistics, or smart home solutions. EnOcean presented the PTM 535BZ module, the latest addition to its range of transmitter modules for battery-free switch applications. In addition to the already established PTM 535 for the EnOcean wireless standard and PTM 535Z for Zigbee applications, PTM 535BZ is the first module that offers a combination of supported wireless standards in the 2.4 GHz radio band.
STMicroelectronics N.V., commonly referred to as ST or STMicro, is a Dutch multinational corporation and technology company of French-Italian origin headquartered in Plan-les-Ouates near Geneva, Switzerland, and listed on the French stock market.STMicroelectronics announced a new generation of extreme power-saving microcontrollers (MCUs), the STM32U5 series, to meet the most demanding power/performance requirements for smart applications, including wearables, personal medical devices, home automation, and industrial sensors.
May 2021: EnOcean presented the PTM 535BZ module, the latest addition to its range of transmitter modules for battery-free switch applications. In addition to the already established PTM 535 for the EnOcean wireless standard and PTM 535Z for Zigbee applications, PTM 535BZ is the first module that offers a combination of supported wireless standards in the 2.4 GHz radio band.
February 2021: STMicroelectronics announced a new generation of extreme power-saving microcontrollers (MCUs), the STM32U5 series, to meet the most demanding power/performance requirements for smart applications, including wearables, personal medical devices, home automation, and industrial sensors.
February 2020: Axzon and Cymbet Corporation announced that they are combining their unique technologies to create the world's lowest power Internet of Things (IoT) sensor tags at a price point, which enables continuous monitoring and data logging of critical environmental conditions during the logistics chain of perishable goods, such as meat, produce, and medications at any point in the logistics flow.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)