Energy Harvesting Systems Market Set To Witness Considerable Growth By 2030

Market Overview:
The Energy Harvesting Systems Market refers to technology that captures and stores small amounts of ambient energy such as solar, thermal, kinetic or electromagnetic energy. These systems use transducers or generators that convert one form of energy into electrical energy that can power small devices like sensors and electronics. The demand for energy harvesting systems has significantly increased across various sectors like wearables, wireless sensors, HVAC systems and more owing to their ability to provide energy independent power sources without the need for frequent battery replacements. The Global Energy Harvesting Systems Market is estimated to be valued at US$ 658.33 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Energy Harvesting Systems are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc. These players are focusing on developing innovative and efficient harvesting technologies through extensive R&D activities and new product launches.

There is a growing opportunity for energy harvesting in applications of wireless sensor networks and IoT devices where energy autonomous functionality is important. The global wireless sensor network market size is estimated to reach $34.6 billion by 2028 growing at a CAGR of 13.5% from 2021 to 2028 creating huge prospects for energy harvesting vendors.

The energy harvesting systems market is expanding globally with companies focusing on mergers and acquisitions to strengthen their international presence. For instance, in 2022 STMicroelectronics acquired sole control of Enertic, an energy harvesting specialist to enhance its expertise in developing energy autonomous IoT device powered by energy harvesters.

Market Drivers:
One of the key drivers for the Energy Harvesting Systems Market Growth is the growing adoption of IoT and connected devices. The proliferation of smart home automation systems, wearable devices, industrial sensors and other wireless applications require independent power sources like energy harvesters. These systems provide maintenance-free power solutions without dependencies on replaceable batteries.

Market Restrains:
High upfront costs associated with technology development, manufacturing infrastructure and new product launch poses a major challenge. The efficiency of existing energy harvesting techniques also remains relatively low limiting the power output that can be generated from ambient energy sources. This acts as a key restraining factor for widespread commercialization and adoption.

Segment Analysis Energy Harvesting Systems Market
The piezoelectric energy harvesting segment will be the dominating segment with the largest market share. This is because piezoelectric energy harvesters are relatively simple to manufacture and are highly efficient in converting low-level vibrations into useful electric energy. Advances in piezoelectric materials and miniature piezoelectric transducers/transducers have enabled their widespread usage in various applications like wearable devices, wireless sensor nodes, and industrial automation.

Global Analysis
North America will continue to lead the global market and is expected to account for the largest share in the market during the forecast period. This is attributed to large-scale investments in renewable energy projects, research and innovations in energy-harvesting technologies, and the presence of major energy harvesting players in the region. Asia Pacific will exhibit the fastest growth during the forecast period owing to rising investment toward renewable energy infrastructure development in emerging economies like China and India. Further, initiatives like "Make in India" and government incentives for implementing industrial automation have propelled the demand for energy harvesting systems across various end-use industries in the region.

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