April 13, 2024
Energy Harvesting Systems Market
Ict

Energy Harvesting Systems Market To Grow At 17% CAGR, Reaching $658.33 Billion By 2024

The energy harvesting systems market involves the conversion of ambient energy sources such as light, thermal, vibration, and radio frequency into electricity. These systems use sensors and integrated circuits to capture energy from ambient sources and store it for powering low-energy devices. They provide a greener alternative to conventional batteries by enabling the long-term operation of devices without requiring recharging or replacing batteries. Key applications of energy harvesting include powering wireless sensor networks, wearable devices, portable electronics, and IoT nodes. The increasing adoption of these smart and connected devices is driving demand for energy harvesting in order to power the continuous monitoring and communication capabilities of such devices. The global energy harvesting systems market is estimated to be valued at US$ 658.33 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the energy harvesting systems market are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva Pharmaceutical Industries Ltd., and Organigram Holdings Inc. Some of the key opportunities in the market include integrating energy harvesting in IoT applications and developing efficient energy harvesting materials and power management circuits. Technological advancements include the development of piezoelectric nanogenerators, thermoelectric generators, and flexible energy harvesters as well as multi-modal and hybrid energy harvesting systems.

Market Drivers

A key driver for the Energy Harvesting Systems Market Growth  is the growing adoption of wireless sensor networks and IoT applications. Continuous monitoring capabilities require low-power devices to operate for extended durations without battery replacements. Energy harvesting provides a sustainable power source for such battery-free applications. Another driver is the increasing R&D towards improving the energy conversion efficiency and power densities of harvesters. Advancements are being made in piezoelectric, thermoelectric, and electromagnetic harvesting technologies to capture more ambient energy and optimize storage and power management. This is expected to increase the adoption of energy harvesting solutions across various end-use industries over the forecast period.

Current challenges in the Energy Harvesting Systems Market:
The Energy Harvesting Systems Market faces numerous challenges that hinder its growth and widespread adoption. One major challenge is the high initial installation and infrastructure costs involved in setting up energy harvesting systems. The specialized components and equipment required make these systems expensive to deploy on a large scale. Another challenge is the intermittent and unpredictable nature of energy sources like solar, wind and thermal that these systems rely upon. This affects the reliability of energy harvesting. Environmental factors like lack of sunlight, varying wind speeds also impact the power output. Improving the energy storage ability and developing systems that can harvest energy from multiple sources simultaneously can help overcome this challenge. The immaturity of technologies is yet another hurdle in the market. Further innovation is necessary to enhance efficiencies, outputs and develop advanced solutions tailored for different applications.

SWOT Analysis:
Strength: Ability to scavenge free & renewable energy sources; No recurring costs like fuel. Weakness: High initial setup investments required; Output depends on availability of source & can be intermittent. Opportunity: Growing focus on clean & sustainable energy sources worldwide; Potential in IoT & wireless sensor applications. Threats: Slow adoption due to maturity of technologies; Competition from conventional grid-based power systems.

Geographical regions where market in terms of value is concentrated:
North America region dominates the market currently, accounting for over 30% share. Presence of major players and emphasis on renewable energy generation has propelled the regional market. Europe follows with a substantial share owing to supportive regulatory framework and emission reduction targets.

The fastest growing region for the Energy Harvesting Systems Market:
The Asia Pacific region is poised to witness the highest growth during the forecast period. Rapid urbanization and industrialization have boosted electricity demand hugely in developing economies like China and India. This has increased focus on sustainable power alternatives and energy harvesting systems are being explored for various applications. Favorable government initiatives and investments to promote renewable resources would further accelerate the regional market for energy harvesting systems.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it