July 18, 2024
Energy Harvesting Systems market

Artificial Intelligence Powered Energy Harvesting Systems to Drive Growth in the Global Energy Harvesting System market

Energy harvesting systems are self-powered wireless electronic or electromechanical devices that capture and store energy from various ambient energy sources such as light, thermal, radio frequency, vibration, etc. for powering small standalone devices. These systems are used in various applications such as electric vehicle accessories, building and home automation, wearable devices, wireless sensor networks, and consumer electronics. For instance, in building automation applications, energy harvesting systems powered wireless smoke and fire alarms, temperature, humidity, and occupancy sensors that reduce dependence on battery changes and replacement.

The global Energy Harvesting System market 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.

Market key trends:
The growth of the market is primarily driven by the increasing adoption of artificial intelligence technology in energy harvesting applications. AI powered energy harvesting systems enable optimal energy harvesting through machine learning algorithms. For example, harvesters powered by AI can dynamically adjust their operation based on real-time environmental conditions to maximize energy capture. Growing demand for green energy sources is also fueling the demand for energy harvesting systems as they help reduce dependence on non-renewable energy sources. In addition, increasing applications of Internet of Things (IoT) and wireless sensor networks further propels the growth of the Energy Harvesting System market.

Porter’s Analysis
Threat of new entrants: The Energy Harvesting System market requires high initial investments in R&D which creates significant entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many existing players offering products with different technologies.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components and bargaining power of buyers in the market.

Threat of new substitutes: Threat of new substitutes is low as energy harvesting systems offers unique features of powering devices without batteries.

Competitive rivalry: The market has presence of many global and regional players leading to high competitive rivalry.

Key Takeaways
The Global Energy Harvesting System Market Growth is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand for remote asset monitoring solutions.

Regional analysis
North America dominated the Energy Harvesting System market in 2023 and is expected to maintain its dominance over the forecast period. Asia Pacific is expected to be the fastest growing region owing to increasing industrial automation in various sectors such as manufacturing, oil & gas, etc in China, India.

Key players
Key players operating in the energy harvesting systems 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.

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