Solar Energy Harvesting Market Size - By Component, By End Use, Analysis, Share, & Growth Forecast, 2025 - 2034

Solar Energy Harvesting Market Size

The global solar energy harvesting market was valued at USD 218.6 million in 2024 and is estimated to reach the value of USD 521 million by 2034, growing at a CAGR of 9.5 % from 2025 to 2034. Technological advancement in solar panel efficiency and energy storage solutions develops the market by making the systems more effective and shortening the payback time, thus attracting a wider consumer audience to solar energy. For instance, research breakthroughs in perovskite solar cell technology achieved a record efficiency of 33 % in 2024.
 

Government incentives and policies promote the solar energy harvesting market by decreasing the initial costs via tax credits, subsidies, and grants, thereby promoting adoption in residential, commercial, and industrial sectors. The U.S. government raised up its Investment Tax Credit to 30% for solar installations, and this led to a 40% jump in residential solar projects since homeowners began leveraging financial incentives to reduce their energy bills and attain energy independence.
 

Rising electricity prices and energy security threats drive demand for renewable energy, including solar, as consumers and businesses consider other options that are stable and different from increasingly unstable fossil fuel-based grids. For instance, in the European energy crisis of 2024, well over 500,000 households installed themselves with solar-plus-storage systems to mitigate rising costs of electricity supply against the distortion of supply during peak demand.
 

The same has been replicated in developing countries where industries have turned to solar, despite unreliable grid infrastructure and constant outages, as a necessary reliable sustainable energy resource due to global price fluctuations. Additionally, as corporate commitments to sustainability and net-zero targets grow, this has led to an increased adoption of solar energy as companies invest more in large-scale projects aimed at meeting their environmental goals and reducing carbon footprints.
 

Solar Energy Harvesting Market Trends

Increasing solar system integration into smart grids and IoT-enabled energy management systems that optimizes energy generation, distribution, and consumption is fueling the industry growth. The integration facilitates real-time monitoring and demand-response strategies to balance grid loads and minimize wastage. In 2024, PG&E in the U.S. launched a solar microgrid project in California, which integrates rooftop solar panels with AI-driven software that predicts energy demand and dispatches excess energy to areas in need.
 

Floating solar farms are gaining momentum as land scarcity triggers innovation, with installations on reservoirs, lakes, and coastal waters maximizing space efficiency while reducing water evaporation and algae growth. For citation, Indonesia in 2023 deployed a 150 MW floating solar array on a hydroelectric dam reservoir, leveraging hybrid renewable systems to stabilize energy output during dry seasons and supply power to 45,000 homes. Such projects are beneficial to regions with limited land availability, as dual-use water surfaces lower environmental impact and boost energy yields, creating partnerships between governments and renewable firms.
 

Rising installation of Building-integrated photovoltaics (BIPV) in developed economies will replace traditional construction materials with solar-active facades, windows, and roofs, blending aesthetics with functionality to transform urban structures into energy-generating assets. European architecture firm, Drees and sommer, in 2024 completed a solar-glass skyscraper in Frankfurt, generating 40% of its annual electricity through transparent solar windows. This trend accelerates adoption in cities as stricter green building codes and corporate ESG goals prioritize energy self-sufficiency without compromising design, driving demand for customizable solar solutions in construction.
 

Access to shared solar for households and small businesses provides ways for less fortunate populations to become connected to solar energy, instead of requiring a solar array on their rooftops or upfront capital costs. A 50 MW shared solar program launched by a cooperative in the Midwest U.S. this year will allow 10,000 tenants and low-income households to net meter through a 30% offset of energy costs, promoting the benefits of solar energy. Such institutional models attract the involvement of utilities and policymakers interested in closing energy equity gaps while raising renewable targets for beneficial growth as solar moves from luxury to public utility.
 

Solar Energy Harvesting Market Analysis

• Solar energy harvesting industry was valued at USD 204.4 million, USD 210.5 million, and USD 218.6 million in 2022, 2023 and 2024, respectively. Based on components, the market is segmented as energy harvesting transducer and power management integrated circuits (PMIC), among others.
   
• The energy harvesting transducers are those that are expanding the market and will grow at a rate of over 9% till 2034. The component converts solar energy into usable electricity with more efficiency and durability, thus enabling deployment in all the environments that would not be possible using normal space and structural panels.
   
• For instance, a California-based technology company has developed ultra-thin, flexible solar transducers that can be used in electronic devices and IoT sensors to be able to integrate solar energy into curved surfaces and portable gadgets while maintaining 22% efficient solar performance.
   
• Power management integrated circuits (PMIC) enhance solar infrastructure by improving energy conversion, storage, and distribution to maintain a constant power supply even in fluctuating sunlight settings. For instance, a German solar firm introduced an inexpensive PMIC that increases energy storage efficiency by about 25% in residential solar systems, thus allowing households to fully utilize surplus energy during peak sunlight and prolong the life of batteries when it is cloudy.
   

• Wireless sensor network end use has a market revenue share of over 21.1% in 2024. Based on end use, the market is segmented into wireless sensor networks, consumer electronics, building automation, automotive, & others. Wireless sensor networks eliminate constant battery replacement and operate continuously in off-grid or difficult-to-reach locations, thus saving maintenance and environmental expenditure.
   
• Solar energy harvesting transforms consumer electronics by extending battery life, and a self-charging capacity makes solar energy harvesting an advantageous technology for consumer electronics, including smartphones, wearables, and laptops, especially eco-conscious users seeking consumers who now want convenience. For instance, Samsung launched a solar-powered smartwatch, with embedded photovoltaic cells providing 30% of its daily energy requirements through ambient light, thus decreasing the charging frequency and attracting outdoor enthusiasts.
   
• Automated building technology makes use of solar harvesting to power smart HVAC, lighting, and security systems so that these put less burden on grid electricity and decrease operating costs for both commercial and residential spaces. For instance, Connexus Energy in 2024 installed solar-powered occupancy sensors and thermostats in its 20-story office complex in Chicago, yielding energy consumption savings of 35% through the right optimization of climate control and daylight harvesting.
   
• Integrating solar panels into vehicles and charging infrastructures will be a new approach in the automotive industry, aiding to increase battery power, boost hybrid fuel efficiency, and power off-grid EV charging stations. For instance, a Japanese company introduced an electric bus equipped with solar panels on its roof, which can generate 15% of the energy required for daily operations while thereby increasing range and minimizing grid dependency in Tokyo's public transportation.
   

• The U.S. solar energy harvesting market witnessed a valuation of USD 51.6 million, USD 53.3 million, and USD 55.4 million in 2022, 2023, and 2024 respectively. The adoption of solar power is economically supported by federal tax credits and state rebates to lower the installation cost, while investments are also being made in next-generation technologies, including perovskite solar cells and smart grids.
   
• Europe solar energy harvesting market will grow at a GAGR of over 9% till 2034, with high installation of floating solar farms and building-integrated photovoltaics (BIPV), directed at land limitations and EU strict renewable energy prescriptions, which are partly financed by government subsidies for carbon-neutral infrastructure. A Dutch energy company placed a 120 MW floating solar system above one of its North Sea reservoirs, along with offshore wind farms, to stabilize regional grids during peak winters.
   
• Asia Pacific benefits from cost-effective solar panel production and government-led rural electrification programs with a market share of over 24%. It has increased access in off-grid regions driven by countries including China and India leading progress in the consumption of electrical energy in off-grid regions. A Chinese manufacturer provided approximately 500,000 portable solar kits to villages in Indonesia, which replace inexpensive use of diesel generators and thereby fully power schools and clinics through sustainable practices.
   
• The Middle East has built enormous solar parks to economically diversify their reliance on oil, while Africa has solar-diesel hybrids for electricity that address energy shortages in remote areas. The Al-Henakiyah solar project is a 2GW solar plant initiated in Saudi Arabia that will supply electricity to 600,000 homes and export surplus energy to neighboring countries, thus making the region a renewable energy hub.
   
• Latin America is steadily integrating solar energy into its mining operations and hybrid renewable grids to reduce reliance on fossil fuels while adding stability to energy security in disaster-prone areas. For instance, Chile's Atacama Desert has a project of a 1-GW solar plant supplying power to copper mines, cutting operational costs by 40% and eliminating carbon emissions.
   

Solar Energy Harvesting Market Share

The top 5 companies including ABB, Texas Instruments Incorporated, STMicroelectronics, EnOcean GmbH, and Honeywell holds 30% of the total market share. These firms specialize in niche markets, patented technologies, and cross-industry partnerships in competing against specialized needs, including miniaturization, energy efficiency, and IoT integration. Their dominance is linked to R&D, global distribution networks designed in connection with sustainability trends, including zero-energy buildings and decentralized power systems.
 

EnOcean GmbH pioneers the self-powered wireless sensor market with its battery-less energy harvesting technology, which allows devices to operate on ambient light, motion, or thermal energy. The elimination of disposable batteries is an advantage for smart buildings and industrial IoT applications since it translates into reduced maintenance costs and conservation of the environment.
 

Solar Energy Harvesting Market Companies

ABB, headquartered in Zurich, Switzerland, reported an estimated revenue of USD 32.1 billion in 2024. The company specializes in industrial automation, smart grids, and solar energy management systems, and they also integrate AI-driven microgrids with large-scale solar farms to optimize the distribution of renewable energy and enhance grid stability. For instance, ABB partnered with a U.S. utility to deploy a 300 MW solar and storage project in Nevada, where they utilize robotic panel cleaners and predictive analytics, which improve efficiency by 20%.
 

Texas Instruments Incorporated, headquartered in Dallas, Texas, is projected to generate USD 17.8 billion in revenue in 2024. The company pioneers in ultra-low-power power management integrated circuits (PMICs) and solar energy harvesting integrated circuits (ICs) for the Internet of Things (IoT), wearables, and consumer electronics. For instance, in 2024, TI launched the "SolarBoost PMIC," a chip that allows solar-powered security cameras to operate indefinitely even under minimal light conditions. This technology has been adopted by a smart city project in Europe, which aims to reduce surveillance infrastructure costs by 35%.
 

STMicroelectronics, headquartered in Geneva, Switzerland, is projected to generate USD 16.4 billion in revenue in 2024. The company specializes in solar-integrated semiconductor solutions for automotive applications, industrial automation, and building systems. For instance, STMicroelectronics provided solar-powered motor controllers for Tesla's new solar-roofed EV charging stations that reduce grid dependency by 30% and support Tesla's expansion into solar-powered mobility hubs across Asia and Europe.
 

Honeywell, based in Charlotte, North Carolina, has reported revenue of USD 36.6 billion in 2024, focusing on durable solar sensors for harsh environments and energy-efficient building automation. For instance, they deployed solar-powered air quality monitors in Middle Eastern oil refineries, leveraging self-sustaining sensors to cut maintenance costs by 50% and ensure compliance with global emission standards in extreme climates.
 

Some of the major key players operating across the solar energy harvesting market are:

• ABB
• Advanced Linear Devices, Inc.
• Cedrat technologies
• EnOcean GmbH
• Fujitsu
• Honeywell
• Kinergizer
• Laird Connectivity
• Mide Technology Corp.
• Mouser Electronics
• Perpetua Power
• Powercast Corporation
• Renesas Electronics Corporation
• STMicroelectronics
• Texas Instruments Incorporated
• ZF Friedrichshafen AG
   

Solar Energy Harvesting Industry News

• In January 2024, Texas Instruments (TI) unveiled its “SolarEdge AI” processor, combining ultra-low-power PMICs with machine learning to autonomously manage solar streetlights and traffic systems. Piloted in Singapore’s Jurong Lake District, the tech reduces grid dependency by 40% and is adopted by Fujitsu for smart building projects in APAC. The chip harvests energy from ambient light and pairs with TI’s existing PMIC lineup, targeting a USD 1.2B smart city market by 2025.
   
• In July 2024, STMicroelectronics merged with Powercast Corporation to develop wireless solar charging networks for consumer electronics and medical devices. The collaboration leverages Powercast’s RF energy harvesting and STM’s solar ICs to create hybrid charging pads that use sunlight and radio waves. A pilot in South Korea’s Seoul Metro stations now charge smartphones and wearables wirelessly, cutting e-waste and supporting Samsung’s 2025 carbon-neutral roadmap.
   
• In March 2023, the European Union launched a USD 542 million fund to promote solar-integrated agriculture (“agri-voltaics”) across member states, aiming to dual-use farmland for crops and solar energy. Companies including EnOcean GmbH and ABB secured contracts to deploy solar-powered soil sensors and microgrids in Spain and Italy, optimizing energy use for irrigation while generating renewable power. This regulation aligns with the EU’s 2030 carbon-neutrality targets and directly benefits SMEs adopting solar IoT solutions.
   
• In October 2023, Honeywell acquired Cedrat Technologies, a French firm specializing in piezoelectric energy harvesting, for USD 320 million. The deal enhances Honeywell’s portfolio of solar-hybrid sensors for aerospace and heavy industries, enabling self-powered vibration sensors for wind turbines and oil pipelines.
   

This solar energy harvesting market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2021 to 2034, for the following segments:

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Market, By Component

• Energy harvesting transducer
• Power management integrated circuits
• Others

Market, By End Use

• Wireless sensor networks
• Consumer electronics
• Building automation
• Automotive
• Others

The above information has been provided for the following countries across the regions.

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
• Latin America
  • Brazil
  • Argentina