Energy Harvesting Systems Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Energy Harvesting Systems Market Size

Energy Harvesting Systems Market Trends & Drivers

Growing Measures To Reduce Carbon Footprints Drives Market

The increasing amount of GHG emissions, comprising largely of carbon dioxide and the following surge in carbon footprint are the key factors accountable for climate change. Shifting rainfall patterns and rising temperatures are also altering the growing patterns of plants. Rising carbon footprints will pose a significant threat to the global economic system.

It is mostly affecting the local economies, dependent on land and natural resources. Due to these negative effects, governments and individuals across the globe are focusing on reducing carbon footprints.

One of the simplest ways to reduce carbon footprint is to minimize the wastage of energy. Such systems have a great potential to minimize the wastage, as it accumulates the wasted energy and converts it into electric current. Consumers might use the tech-based devices for financial benefits, such as the power harvested from renewable sources dramatically lowers electricity bills and shrinks the carbon footprint of an individual.

Thus, the growing measures to reduce carbon footprints are expected to push the demand of devices based on these technologies.

Lower Dependence on Fossil Fuels

Overloading of the atmosphere with carbon has adverse effects for people across the globe. When CO2 and other emissions are released into the air, they cause global warming. The primary reason of global warming is human action, chiefly the burning of fossil fuels to generate electricity, drive cars, and operate homes and businesses. It is necessary to reduce the amount of emissions to address global warming. With the usage of renewable sources the only way to tackle global warming, the dependence on fossil fuels is decreasing.

Increasing focus on solar power, wind power and thermal power, along with increasing government initiatives for using renewable sources are the major factors positively impacting the growth, globally. The favorable regulatory framework across geographies, such as new building codes in the European Union, which necessitate augmented insulation practice to diminish energy consumption, have also supported system providers to expand their foothold in the market.

The soaring prices of fossil fuels and expanding use of electric vehicle infrastructure will further lower the dependence of consumers on fossil fuels and likely to bolster the demand of such systems in the coming years.

Rising Adoption of IoT and Big Data

Technological progressions within the domains of internet of things (IoT) and big data are pushing the demand of low-maintenance autonomously driven wireless sensing devices. Such techniques have the potential to address the demand for such devices. Businesses across various industries are increasingly involved in accumulating and analyzing all categories of real-time customer data.

Energy harvesting is developing well, and IoT and big data concepts have given it a real impetus. It is generally considered as the abstraction of operational power from the atmosphere to decrease or disregard the requirement of external power sources or batteries. Generally, electricity is utilized to achieve some active sensing and to interconnect the sensor data wirelessly over local area network (LAN) or wide-area network (WAN), and wireless communication is being considered as an intrinsic part of the harvesting design. In the coming years, lot of devices are going to be connected to the internet.

Growing Demand for Power-Efficient Systems

With increased understanding of the potential pitfalls and feasibilities, the industry is rapidly maturing. The surging role of safe, power-efficient, and robust systems is another key factor facilitating the growth of the market.

Rising demand for alternate bases of power wireless sensing devices has led to many power-foraging solutions from renewable sources. As the technology balances and the supply voltage drops, the intricacy of power foraging circuits rises. It is a key technology for a variety of wireless systems that have limited access to reliable electricity supply. It uses microelectromechanical systems (MEMS) technology, along with a super-diode to convert the power obtained from conventional sources into electrical energy competently.

A unified MEMS actuator is used to eradicate the loss of efficacy due to the threshold of diodes used to implement electrostatic transducers. A super-diode discards the need for harmonization while snowballing the overall efficiency. For most applications, the MEMS based power systems is a better choice, as it delivers a steadier energy performance over a longer life cycle. All such benefits associated with energy harvesting techniques eventually lead to the high demand for the devices based on these techniques.

Energy Harvesting Systems Market Analysis

Light Is Most Common Source Used by Energy Harvesters in Europe

Light technology generated the highest revenue in the European market in 2022. In Europe, Germany, Italy, France, Spain, and the U.K. were the major countries to have abundant solar energy.

Light is the most common source being used by harvesters to convert solar into electrical power. However, the massive amount of energy from the spectrum of sunlight is not completely harvested. The sun flashes out nearly 50% in the spectrum band of infrared (IR), but solar cells only harvest visible light. Consequently, solar plates only convert around 20% of solar energy to electricity. Due to this, the harvesters in the region are continuously developing rules to resourcefully manage the power attained from the environment.

Energy harvesters in the region are reviewing, testing, and organizing innovative technologies that empower sensors to use light, thermal, vibration, and electromagnetic energies to power themselves. These are also focusing on hybrid projects to integrate multiple power harvesting and sensing circuitry into individual devices.

Furthermore, one of the recent progresses in the revolutionary growth of solar PV electricity is the advance of floating solar technology. From 72GW in the year 2011 to 843GW in 2021, the capacity of solar PV systems has nearly doubled in the last decade.

In fact, the International Energy Agency estimates that for the world to achieve net zero emissions by 2030, solar power capacity must increase by six times from where it is today. For example, the European Union has advocated a major increase in renewable sources, as a way to lessen its dependency on gas and oil.

Vibration category is expected to be the most promising technology during the forecast period, with 10.1% CAGR. Researchers from European Research Council are actively practicing new engineering techniques to extract and store power from vibrations as little as the beating of a human heart, opening the way for self-powered pacemakers. Technological developments, both in low-power electronics and communication protocols are enabling wireless sensor networks to be autonomously powered by such technologies.

Transducer Has Been Dominant Component Category

Transducer has been the dominant component category with 57.8% share in 2022. Transducers necessitate the use of suitable high efficiency energy-conversion electronics.

The cost of such transducers is also decreasing and in the coming years, these transducers are expected to replace battery-powered wireless sensors.

Photovoltaic was the largest transducer category, with significant share in 2022. The largest revenue was from the sales of photovoltaic transducer is boosted by the rising consumer spending on renewable sources and deviations in climatic circumstances.

Moreover, the increasing significance of renewable and eco-friendly sources, such as solar PV technology is driving the growth. The demand for photovoltaic transducer is expected to witness continuous improvements with respect to ingredients utilized in the engineering of photovoltaic components and techniques.

Top Revenue Contributor in The Global Market is Building and Home Automation Sector

Building & home automation had the highest revenue globally, with USD 191 million in 2022. The market for this application is also expected to witness fastest growth during the forecast period. This is due to the rapid increase in implementation and installation of sensor-based technologies, and growth in the demand for efficient systems, backed by the rising residential and commercial sectors.

Also, from the last few years, self-powered wireless technology has been gaining traction in building and home automation applications in Europe and North America. This has resulted in an unprecedented growth in allowing cutting edge, energy efficient, and wireless technology completely replacing the obsolete technology.

Another factor escalating the growth is the suitability of self-powered wireless modules to easily fit in building automation applications. The source that powers these modules is produced by actions, such as turning of a handle, pressing a button, or from tiny solar cells.

Market Breakdown

This fully customizable report gives a detailed analysis of the energy harvesting system industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Technology

• Light
• Vibration
• Thermal
• Electromagnetic/ Radio Frequency (RF)

Based on Component

• Transducer
  • Photovoltaic
  • Piezoelectric
  • Thermoelectric
  • Electro-Dynamic
• Power Management Integrated Circuits (PMIC)
• Storage Systems

Based on Application

• Building and Home Automation
• Consumer Electronics
• Industrial
• Transportation
• Security

Geographical Analysis

• Europe
  • Germany
  • U.K.
  • Italy
• North America
  • U.S.
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
• Rest of the World
  • South Africa
  • U.A.E.

Top Energy Harvesting Systems Manufacturers