Market Overview:
Energy harvesting systems refers to generation of small amounts of electricity from ambient energy sources such as sunlight, thermal energy, vibration or wind. These systems can generate power through photovoltaic, thermoelectric or piezoelectric transduction of ambient energy. They are mainly used in wireless sensor networks and autonomous electronics devices that requires very low power for their operation. Growing applications in wireless sensor networks drive the growth of energy harvesting systems market.
Market key trends:
One of the key trends fuelling the growth of energy harvesting systems market is advancements in wireless sensor networks. Wireless sensor networks consist of several distributed sensing nodes that have limited onboard energy storage capabilities. Energy harvesting systems provide renewable energy source to power up these sensor nodes thereby extending their operational lifetime without replacement of batteries. Development of highly efficient energy harvesting modules combined with low power chips enable deployment of dense and perpetual wireless sensor networks for various industrial and infrastructure monitoring applications driving the demand for energy harvesting systems.
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: Low capital requirements and established brands create barriers for new players entering the market. Bargaining power of buyers: Large number of existing players in the market increases competition, giving buyers more choice and bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated components and technologies required. Threat of new substitutes: Limited threat as energy harvesting systems have benefits over traditional power sources. Competitive rivalry: High degree of competition between existing global players to gain market share.
SWOT Analysis
Strength: Ability to provide power solutions for remote and hard to reach areas. Wide range of applications from consumer electronics to industrial IoT.
Weakness: High upfront costs and longer payback periods deter widespread adoption. Requirement of efficient energy harvesting components increases costs.
Opportunity: Growing IoT industry and need for autonomous devices and sensors boosts demand. Supportive government regulations and incentives promote adoption.
Threats: Slow technical advances limit performance improvements. Economic uncertainties and supply chain disruptions affect investments.
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 demand for autonomous devices in IoT applications. North America dominated the market in 2023 with a share of over 35%, owing to widespread adoption across industrial and building automation sectors in the US and Canada. The Asia Pacific region is anticipated to grow at the fastest rate due to growing manufacturing capabilities and deployments of smart cities projects in major economies like China and India.
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. These players are focused on developing innovative and customized energy harvesting solutions with higher efficiencies targeted at emerging applications.
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