Market Overview:
Energy harvesting system is a device or technique that captures energy from external sources such as solar power, thermal energy, kinetic energy (motion) and radio frequency waves and stores it for powering other devices. Energy harvesting systems provides perpetual energy for low power autonomous sensors and convert ambient energy into usable electrical energy. As sensors and sensor networks have become more ubiquitous, energy harvesting allows wireless systems to operate indefinitely without battery replacements and makes powering remote sensors economically viable. The various types of energy harvesting technologies available are light, kinetic, thermal and radio frequency energy harvesting.
Market key trends:
Growing adoption of wireless sensor networks across various industry verticals is a key factor driving growth of the global energy harvesting systems market. Wireless sensor networks that use energy harvesting are increasingly being used for applications such as structural health monitoring, precision agriculture, transportation and logistics. In addition, rapid growth of IoT industry and rising demand for low power consumption solutions is fueling adoption of energy harvesting systems. Furthermore, growing focus of organizations on increasing operational efficiencies using wireless sensor networks is supporting market growth. Ongoing technological advancements in energy harvesting technologies such as increasing energy conversion efficiencies and power density is another factor contributing to market growth. However, high initial setup costs associated with energy harvesting systems remains a key challenge for market players.
The global Energy Harvesting Systems Market Share 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.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is medium as considerable capital investment is required to enter the energy harvesting systems market. Additionally, established players have strong brand recognition and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of various manufacturers providing similar solutions in the market. Buyers can negotiate on the basis of pricing and product offerings.
Bargaining power of suppliers: Energy harvesting component suppliers have medium bargaining power due to the availability of substitutes and less switching costs for manufacturers.
Threat of new substitutes: The threat of new substitutes is low as energy harvesting systems provide advantages over other alternatives for powering embedded systems.
Competitive rivalry: High due to presence of numerous global and regional players offering differentiated solutions.
Key Takeaways
The global energy harvesting systems market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing adoption of IoT devices.
The Asia Pacific region is projected to dominate the market owing to rapid industrialization and growth of electronics industry in countries such as China, India, Japan, and South Korea. North America is also expected to capture significant share due to presence of leading players and early adoption of energy harvesting technologies.
Key players operating in the energy harvesting systems 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. Piezo ceramics generated largest revenue share as it allows electric voltage generation in response to mechanical stress. Additionally, thermoelectric energy harvesting is gaining traction in industries such as automotive and consumer electronics.
Regional analysis comprises: Asia Pacific dominates the global energy harvesting systems market and accounted for over 35% share in 2023. China contributed majorly to the regional market owing to the presence of leading chip manufacturing companies. India and South Korea are anticipated to witness high growth during the forecast period due to the expanding electronics sector. North America captured around 25% share attributable to early adoption of advanced technologies and strong investment in R&D activities by players in the US and Canada.
Key players related content comprises: Key players operating in the energy harvesting systems 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. Piezo.com is a leading provider of piezoelectric energy harvesting materials and sensors. Microchip Technology Inc. offers ultra-low-power microcontrollers and wireless solutions for energy harvesting applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it