Artificial Intelligence is fueling the growth of Energy Harvesting System market

Global Energy Harvesting System Market Growth
Global Energy Harvesting System Market Growth


 
Energy harvesting systems extract energy from ambient sources like solar, thermal or wind. These systems convert energy into usable electric energy that can be utilized to power batteries and operate electronic devices in a self-sustaining manner without the need for an external power source. Energy harvesting solutions help reduce dependency on batteries and provide an eco-friendly alternative to power electronic devices.

 

The global Energy Harvesting System market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market key trends:
One of the key trends in the Energy Harvesting System market is the rising adoption of vibration-based energy harvesting solutions. Vibration-based energy harvesters capture energy from ambient mechanical vibrations and convert it into electrical energy. They utilize piezoelectric or electromagnetic technologies to generate power. These solutions are gaining popularity for powering wireless sensors, IOT devices and industrial equipment where perpetual vibration is readily available as an energy source. Advancements in frequency upconversion techniques and efficient packaging of piezoelectric materials are helping improve the power output of vibration-based energy harvesters, thereby fueling their adoption.

Segment Analysis

The global Energy Harvesting System market is dominated by the vibration energy harvesting segment. Vibration energy harvesting involves the extraction of energy from vibrations or mechanical motion in order to power small electronic devices. This segment currently holds over 40% share of the overall market owing to the wide application of vibration-based energy harvesting in IoT sensors, wearable electronics, and wireless sensor networks. The demand for self-powered small electronic devices is driving the adoption of vibration energy harvesting systems.

Key Takeaways

The Global Energy Harvesting System Market Growth is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand for alternative energy sources.

Regional analysis - North America currently dominates the global market, accounting for over 30% share due to high adoption of energy harvesting technologies across industries such as aerospace & defense and automotive in the US and Canada. Asia Pacific is expected to be the fastest growing region exhibiting a CAGR of around 9% during the forecast period due to presence of emerging economies like China and India with growing electronics industry.

Market size - The global Energy Harvesting System market size stood at US$ 571.46 Mn in 2023 and is projected to reach over US$ 1 Bn by 2030. The rising need for powering wireless sensors and IoT devices from ambient energy sources is driving the market growth.

Key players - Key players operating in the Energy Harvesting System market are Piezo.com, Microchip Technology Inc., Cypress Semiconductor Corporation, EPeas SA, Texas Instruments Incorporated, EnoCean GmbH, STMicroelectronics NV, ABB Limited, Analog Devices Inc., Powercast Corporation, and Advanced Linear Devices Inc. Major players are focusing on product development to harvest energy from new sources like thermal and light.

 

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