Northbrook, IL 60062 -- (SBWIRE) -- 11/29/2023 -- The energy harvesting system market was valued at USD 0.6 billion in 2023 and is estimated to reach USD 0.9 billion by 2028, registering a CAGR of 10.0% during the forecast period.
The growth of the energy harvesting system market is driven by rising environmental concerns, miniaturization and flexibility requirements, and integration of IoT devices in energy harvesting systems for building and home automation.
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Light energy harvesting segment to hold larger market share during the forecast period
In 2022, the light energy harvesting segment accounted for the larger share of the energy harvesting system market. As the demand for clean, sustainable energy solutions continues to rise, light energy harvesting offers a promising avenue for harnessing renewable energy. The advancements in photovoltaic technologies, such as solar panels, have paved the way for the efficient conversion of sunlight into usable electricity.
Building & home automation application to exhibit highest growth in terms of energy harvesting system market during the forecast period
The building & home automation application segment is expected to account for the highest growth of the energy harvesting system market. The segment is driven by the increasing demand for energy-efficient and smart living environments. The integration of energy harvesting systems into these applications has emerged as a key growth factor, offering numerous benefits in terms of sustainability, convenience, and cost savings. These systems enhance energy efficiency by harnessing renewable sources like solar, thermal, or kinetic energy to power lighting, HVAC systems, sensors, and smart devices. With wireless connectivity and scalability, the energy harvesting systems provide easy integration without complex wiring. The maintenance-free operation and reduced environmental impact of energy harvesting systems further contribute to market growth across building & home automation applications. By leveraging energy harvesting systems, the building & home automation applications offer a greener and more adaptable future.
Energy harvesting system market in Asia Pacific estimated to grow at the fastest rate during the forecast period
The energy harvesting system market, in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region's technological advancements and manufacturing capabilities contribute to the development and commercialization of energy harvesting systems. Furthermore, the rising awareness and concern for environmental sustainability among consumers and businesses drive the adoption of clean energy practices, including energy harvesting. The Asia Pacific region is also witnessing significant investment in smart city projects, which require efficient and sustainable power solutions, thereby fuelling the demand for energy harvesting systems.
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Key Market Players
Major vendors in the energy harvesting system companies include STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Texas Instruments Incorporated (US), Analog Devices, Inc. (US), Infineon Technologies AG (Germany), Renesas Electronics Corporation (Japan), EnOcean GmbH (Germany), ABB (Switzerland), Honeywell International Inc. (US), Qorvo, Inc. (US). Apart from this, Kistler Group (Switzerland), Cymbet Corporation (US), Mide Technology Corporation (US), Physik Instrumente (PI) GmbH & Co. KG (Germany), CTS Corporation (US), Trameto Limited (UK), Nexperia (Netherlands), CeramTec GmbH (Germany), Bionic Power Inc. (Canada), Kinergizer (Netherlands), Powercast Corporation (US), Micropelt GmbH (Germany), Advanced Linear Devices, Inc. (US), APC International Ltd. (US), and Voltree Power (US) are among a few emerging companies in the energy harvesting system market.