April 20, 2024
Energy Harvesting System Market

Energy Harvesting Market Stays Afloat On Rising Demand For Green Energy Solutions

Energy harvesting systems offer a sustainable solution for powering various electronic devices and remote equipment without relying on batteries that require frequent replacements or power source. These systems capture ambient energy from various external sources such as light, thermal, vibration or electromagnetic radiation present ubiquitously in our surroundings. Various devices such as wireless sensors used in industrial machinery, transportation sector, wearables and biomedical equipment benefit from energy harvesting that extends usability by continuously replenishing power.,

The global Energy Harvesting Market is estimated to be valued at US$ 571.46 million  in 2023 and is expected to exhibit a CAGR of 10%  over the forecast period 2023 to 2030as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the major trends in the energy harvesting systems market is the increasing adoption of various energy harvesting technologies across diverse industries due to growing awareness about benefits of green and sustainable solutions. Industries are looking at technologies that can harvest ambient energy from any available source and convert it into useful electricity to power their equipment without constant battery replacements. This helps reduce operational costs and enhances the overall sustainability of operations. Another important trend is the integration of energy harvesting with Internet of Things (IoT) devices and sensors. Since IoT networks rely on billions of connected devices, energy harvesting offers an eco-friendly way to power these devices remotely without human intervention for battery replacements or wired power connections. This widens the scope and applications of IoT across various sectors.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as substantial capital investments and R&D are needed to compete effectively.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established players. However, differentiated product offerings provide some buyer power.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in energy harvesting systems are commoditized and available from multiple sources.

Threat of new substitutes: The threat of new substitutes is low as energy harvesting systems have distinct advantages over traditional power sources in applications requiring a maintenance-free operation.

Competitive rivalry: Competition in the market is high due to the presence of major global players.

Key Takeaways

The global Energy Harvesting Systems Market is expected to witness high growth. The global energy harvesting market is estimated to be valued at US$ 571.46 million  in 2023 and is expected to exhibit a CAGR of 10%  over the forecast period 2023 to 2030.

Regional analysis:

The Asia Pacific region is projected to be the fastest-growing as well as the largest market during the forecast period. Sustained economic growth, rapid urbanization, and rising population in China, India, and other developing countries are fueling the demand for energy-efficient technologies in the region. The growth in smart cities initiatives further augurs well for the market.

Key players: Key players operating in the energy harvesting systems market include Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd. These companies have comprehensive product portfolios and strong geographical presence which has helped them lead the market. Daikin Industries and Hitachi have a major focus on building integrated product launches while Sharp and Mitsubishi are investing heavily in R&D to develop customized solutions for niche applications.

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