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Energy Harvesting Market Trends

Report ID: GMI7235
Published Date: Oct 2023
Report Format: PDF

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Energy Harvesting Market Trends

The energy harvesting industry is undergoing a transformation marked by several prominent trends. Rapid expansion of internet of things are finding new relevance, providing power to IoT devices without the need for frequent battery replacements is anticipated to fuel the market growth. This trend is driving the development of more efficient and compact energy harvesting solutions. In Addition, advancements in materials science are contributing to improved efficiency and durability of energy harvesting devices, with new materials and coatings enhancing the performance of solar panels, piezoelectric generators, and thermoelectric modules.

Wireless sensor networks are becoming more prevalent, reducing the reliance on wired power sources and lowering maintenance costs, particularly in applications like environmental monitoring and industrial automation. Energy harvesting is also making its mark in the wearable technology sector, as solar cells and kinetic energy harvesters are used to extend battery life and enhance user convenience in smartwatches and fitness trackers.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market valuation of energy harvesting was exceeded USD 614.9 million in 2023 and is set to witness over 8.5% CAGR from 2024 to 2032, owing to growing adoption power electronic devices and systems.

Solar energy harvesting market size is anticipated to record around 8.6% CAGR through 2032, driven by supportive government policies, incentives and regulations for incentivizing the solar energy system installations.

North America market for energy harvesting is expected to observe over 7.6% CAGR through 2032, due to the increasing renewable energy initiatives along with the surging demand for sustainable buildings in the U.S. & Canada.

ABB, STMicroelectronics, Texas Instruments Incorporated, EnOcean GmbH, Fujitsu, Powercast Corporation, Mouser Electronics, Perpetua Power, Mide Technology Corp., Laird Connectivity, and Honeywell are some of the prominent energy harvesting companies.