Global Energy Harvesting Market Report 2023:
Sector is Expected to Reach $6.5 Billion by 2028 at a CAGR of 11.4% – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Markets, Technologies and Devices for Energy Harvesting” report has been added to ResearchAndMarkets.com’s offering.
The global energy harvesting market was valued at $3.5 billion in 2022 and is expected to reach $6.5 billion by the end of 2028, growing at a CAGR of 11.4%.
This is due to the increasing demand for green energy, increasing use of the IoT and favorable initiatives by the government.
The energy harvesting market refers to the industry involved in manufacturing energy harvesting devices. The energy harvesting sources include the following: thermal, solar and photovoltaic; vibration, displacement and mechanical; radiation and electromagnetic; and chemical energy. This market has grown in importance in recent years due to the increasing demand for power-efficient energy devices and the growing use of IoT in different industrial applications.
Energy harvesting, also known as energy scavenging or power harvesting, is a growing market for the conversion of waste energy, i.e., energy that is otherwise wasted in the form of heat. Energy harvesting technologies convert waste heat from various sources, store the converted energy in small and wireless autonomous devices, and use it in wireless sensor networks and other applications.
The energy harvesting concept is decades old and dates to the waterwheel and windmill, for which people have sought ways to store the generated energy. With the increase in power consumption around the world, many companies and research institutions are developing technologies to convert waste heat back to energy and increase the efficiency of energy usage. The earliest application for energy harvesting was the collection of ambient power from electromagnetic radiation (EMR) for use in radio.
Increasing demand for energy-efficient solutions and rising investments in renewable energy sources are some of the major factors driving the market. Additionally, governments across the world are encouraging the adoption of energy harvesting systems for various applications, such as buildings, transportation, manufacturing and consumer electronics. This is further expected to drive the market growth.
Furthermore, the growing demand for wireless IoT applications and the increasing adoption of self-powered sensors are some of the other factors likely to support the market growth. However, high costs associated with energy harvesting systems and lack of awareness regarding their benefits are some of the major factors restraining the market growth.
The market growth can be attributed to the rising awareness of the need to reduce carbon footprints and energy costs. Other factors driving the market growth include the increasing penetration of Internet of Things (IoT) connected devices, growing demand for smart cities and increasing investments in renewable energy sources. In addition, technological advancements, such as the development of energy harvesting solutions such as solar energy, wind energy and other forms of kinetic energy, are expected to further boost the growth of the market.
Report Includes
- 37 data tables and 18 additional tables
- An up-to-date overview and analysis of the global markets for energy harvesting devices and technologies
- Analyses of the global market trends, with historic market revenue data (sales figures) for 2022, estimates for 2023, and projections of compound annual growth rates (CAGRs) through 2028
- Estimation of the actual market size and revenue forecast for the global energy harvesting market in USD million values, and corresponding market share analysis based on the energy source, application, and region
- Discussion of the major growth drivers, opportunities and challenges, technology updates, and the impact of macroeconomic variables influencing the market for energy harvesters as a basis for projecting demand in the next few years (2023-2028)
- Review of the key patent grants and recent patent applications on energy harvesting technologies, with emphasis on emerging/upcoming technologies and new developments within the industry
- Insight into the industry structure for energy harvesters, competitive aspects of each product segments, increasing R&D investments, market growth strategies, and company revenue share analysis
- Identification of the major market players, their global rankings, and analysis of the competitive landscape based on recent developments and segmental revenues
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 179 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $3.8 Billion |
| Forecasted Market Value (USD) by 2028 | $6.5 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- High Efficiency and Significant Cost Reductions in Solar and PV Systems
- Carbon Footprint Reduction
- Growing Implementation of Internet of Things (IoT)
- Increased Awareness
- Improvements in Transducer Materials
- Miniaturization of Energy Harvester Circuitry
- Improvements in Heat and Temperature Resistance
- Abundance of Sources
Challenges
- Damage to Energy Harvesting Devices Due to Climate Conditions
- Low Energy Extraction and Storage
Companies Mentioned
- Advanced Linear Devices Inc.
- Ambient Micro
- Analog Devices Inc.
- Arveni
- BAE Systems
- Citizen Watch Co. Ltd.
- Cymbet Corp.
- Digi International Inc.
- Emerson Electric Co.
- Enocean GmbH
- Envision Solar
- Eurosuisse International Ltd.
- Ferro Solutions
- Freescale (Nxp Semiconductors)
- G24 Power Ltd.
- Gas Sensing Solutions Ltd.
- Honeywell International Inc.
- KCF Technologies
- Kinetron
- Laird PLC
- Leviton Manufacturing Co. Inc.
- Lumedyne Technologies
- Marlow Industries
- Micropelt
- Microsemi Corp.
- Microstrain Inc.
- Mide Technology Corp.
- Moog Inc.
- Morgan Technical Ceramics
- Perpetua Power Source Technologies Inc.
- Perpetuum Ltd.
- Phononic Inc.
- Powercast Corp.
- Powerfilm Solar Inc.
- Qorvo Inc.
- Seiko Watch Corp.
- Siemens AG
- Smart Material Corp.
- Solaronix SA
- Stmicroelectronics
- Tellurex Corp.
- Texas Instruments Inc. (TI)
- Textron Inc.
- Thales Group
- Transense Technologies PLC
For more information about this report visit https://www.researchandmarkets.com/r/5860ip
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