Energy Harvesting System Market to be Worth $1 Billion by 2031

Energy Harvesting System Market Size, Share, Forecast, & Trends Analysis by Component, Energy Source (Solar, Thermal), Application (Tracking and Monitoring, Smart Building, and Infrastructure), End User (Consumer Electronics, Healthcare), and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Energy Harvesting System Market by Component, Energy Source (Solar, Thermal), Application (Tracking and Monitoring, Smart Building and Infrastructure), End User (Consumer Electronics, Healthcare), and Geography—Global Forecast to 2031.

According to this latest publication from Meticulous Research^®, the global energy harvesting system market is projected to reach $1 billion by 2031, at a CAGR of 10.3% from 2024–2031.The growth of this market is driven by the increasing adoption of energy harvesting system in rural areas and the growing need to harvest energy from sustainable sources. However, the high initial investment requirements for the installation of energy harvesting system restrain the growth of this market.

Furthermore, the integration of sensors in wearable electronics and advancements in ocean energy harvesting technologies are expected to create market growth opportunities. However, the lack of awareness regarding energy harvesting system is a major challenge impacting the market’s growth.

Additionally, favorable government initiatives aimed at promoting the use of green energy and ensuring sustainable development are prominent trends in this market.

The global energy harvesting system market is segmented by component (power management solutions, sensors, transmitters, and other components), energy source (solar energy, thermal energy, chemical energy, magnetic energy, tidal energy, and other energy sources), application (tracking and monitoring, wireless sensor networks, wearable electronics, smart building and infrastructure, environmental monitoring system, industrial automation, healthcare and medical devices, and other applications), end user (consumer electronics, military & aerospace, automotive, healthcare, agriculture, energy & utilities, transportation, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on component, the global energy harvesting system market is segmented into power management solutions, sensors, transmitters, and other components. In 2024, the power management solutions segment is expected to account for the largest share of over 27.0% of the global energy harvesting system market. This segment's large market share can be attributed to the growing demand for highly efficient power management devices and the increasing adoption of power management solutions to control power flow from storage devices, convert energy from sources, and regulate boosted output voltage.

However, the sensors segment is projected to register the highest CAGR during the forecast period. This segment’s growth is driven by the increasing adoption of sensors to measure various parameters within heat exchangers and actuators and their integration into a wide range of energy harvesting system for signal processing, communication, and data collection functions.

Based on energy source, the global energy harvesting system market is segmented into solar energy, thermal energy, chemical energy, magnetic energy, tidal energy, and other energy sources. In 2024, the solar energy segment is expected to account for the largest share of over 35.0% of the global energy harvesting system market. This segment’s large market share can be attributed to the increasing need for efficient battery charging solutions and the rising use of solar energy in applications such as water & space heating.

However, the thermal energy segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by the increasing utilization of thermal energy to power wearable devices, the rising investments in promoting thermal energy harvesting for IoT applications, and the growing demand for energy harvesting system for industrial applications such as waste heat recovery and solar thermal energy harvesting.

Based on application, the global energy harvesting system market is segmented into tracking and monitoring, wireless sensor networks, wearable electronics, smart building and infrastructure, environmental monitoring system, industrial automation, healthcare and medical devices, and other applications. In 2024, the tracking and monitoring segment is expected to account for the largest share of over 24.0% of the global energy harvesting system market. This segment’s large market share can be attributed to the rising need to track & monitor the physical location and status of mobile objects and the increasing adoption of energy harvesting technologies to enable autonomous operation without frequent battery replacements or external power sources. These system can seamlessly integrate with IoT networks and wireless communication protocols used in asset tracking.

However, the smart building and infrastructure segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by the increasing adoption of energy harvesting system to support green building initiatives aimed at reducing reliance on conventional energy sources. Moreover, energy harvesting offers long-term cost savings by enabling lower energy bills and reduced maintenance expenses typically associated with battery replacements. Additionally, these system mitigate the risk of system downtime and disruptions, ensuring consistent operation of critical building functions such as lighting, HVAC, and security system. These benefits are expected to drive the demand for energy harvesting system for smart building and infrastructure applications during the forecast period.

Based on end user, the global energy harvesting system market is segmented into consumer electronics, military & aerospace, automotive, healthcare, agriculture, energy & utilities, transportation, and other end users. In 2024, the consumer electronics segment is expected to account for the largest share of over 51.0% of the global energy harvesting system market. This segment’s large market share can be attributed to the increasing demand for consumer electronics, including smart wearables, smartphones, and remote control units, and the rising investments in developing solar-powered energy harvesting solutions for consumer electronics.

However, the healthcare segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by the increasing integration of energy harvesting system into medical devices, enabling them to operate autonomously without the need for frequent battery changes. Additionally, the rising integration of energy harvesting system into IoT platforms and healthcare information system for real-time data transmission and analysis contributes to this segment’s growth.

Based on geography, the global energy harvesting system market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 34.0% of the global energy harvesting system market. North America’s significant market share can be attributed to the growing adoption of energy harvesting system in home automation, industrial, and transportation applications, government initiatives aimed at promoting the use of zero-emission energy sources, including hydro, wind, solar, and nuclear energy, and the increasing demand for green energy across industrial, residential, and consumer sectors in the region.

However, the market in Asia-Pacific is projected to register the highest CAGR of over 14.0% during the forecast period. The growth of this regional market is driven by the rising demand for electricity in the region's industrial sector, the increasing adoption of ultra-low-power devices to enhance energy efficiency, initiatives to expand interconnected grids to improve flexibility & energy security, and the rising use of cost-effective power sources to reduce reliance on fossil fuels.

Key Players

The key players operating in the energy harvesting system market are ABB Ltd (Switzerland), Analog Devices, Inc. (U.S.), Texas Instruments Incorporated (U.S.), STMicroelectronics International N.V. (Switzerland), e-peas SA (Belgium), Infineon Technologies AG (Germany), Honeywell International Inc. (U.S.), Microchip Technology Inc. (U.S.), Renesas Electronics Corporation (Japan), EnOcean GmbH (Germany), Advanced Linear Devices, Inc. (U.S.), Piezo.com (U.S.), Powercast Corporation (U.S.), Laird Thermal system, Inc. (U.S.), and DCO system Limited (U.K.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of component, energy source, application, and end user?
What was the historical market size for the global energy harvesting system market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global energy harvesting system market?
Who are the major players in the global energy harvesting system market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global energy harvesting system market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the emerging players in the global energy harvesting system market, and how do they compete with other players?

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