The global energy harvesting market is projected to attain a valuation of US$940.7 million in 2023 and is expected to reach US$1950 million by 2033. The market growth is driven by the increasing adoption of energy harvesting technology and home automation applications. The green energy harvesting trend is playing a crucial role in shaping the market, and supportive initiatives by governments worldwide are further propelling its growth.
The use of energy harvesting in industrial wireless sensor networks (WSNs) is significant and expected to persist throughout the forecast period. Further, the demand for energy harvesting solutions is expected to rise due to expanding applications of the Internet of Things (IoT) in smart cities, smart homes, Industrial IoT (IIoT), and machine-to-machine (M2M) communications.
Factors like increasing environmental awareness, government support, greenhouse gases emission reduction targets, growing energy demand, and rising research and development initiatives for new technologies are expected to fuel market growth during the forecast period.
The widespread adoption of solar and wind energy as primary sources has accelerated the growth of the energy harvesting systems market. These systems are now being extensively used across multiple sectors, including automotive, aerospace, wireless sensor networks, military, consumer electronics, industrial, building automation, bicycle dynamo, healthcare, and more.
What restrains the growth of the energy harvesting market?
Energy harvesting technology is utilised off-grid or on-demand. Both of these usage patterns, however, have inherent technological challenges that may limit the market’s demand for energy harvesting equipment. Another deterring factor includes inadequate awareness among consumers about the availability and usage of the energy harvesting systems based on harvested energy.
Relatively high initial costs associated with these devices are expected to curtail the growth of the market globally. Further, the energy harvesting technology generates low current, which makes it incompatible for the application in all types of energy domains. Shifting to a smart grid paradigm can help the energy harvesting market in the direction of prosperity.
How is the global energy harvesting market classified?
Energy harvesting encompasses a wide range of energy harvesting systems, energy harvesting devices, energy harvesting technologies which are utilised for energy storage in a variety of energy harvesting projects.
The energy harvesting market based on application is segmented as wireless sensor network (WSN), consumer electronics industrial, building, bicycle dynamo, military and aerospace, automotive, healthcare, and others (research, animals, and farming).
Among these, consumer electronics, including mobile phones, wrist watches, calculators, and piezoelectric gas lighters, cover the maximum share of the global energy harvesting market, followed by military and aerospace-based applications.
The demand for energy harvesting system from consumer electronics is expected to rise with a CAGR of 8.2 per cent during the forecast period. Consumer electronics are expected to hold over 37 per cent market shares in 2023. However, building and home automation is the significantly growing application segment in the energy harvesting sector.
Energy harvesting is also an integral part in a wireless sensor network (WSN) these days. Building and infrastructure, home automation of lighting, security, and electronics, and WSNs for bridges are among the popular energy harvesting applications in recent years using multiple devices for energy harvesting. Further, the wireless sensor network (WSN) is expected to generate significant demand with 8.4 per cent CAGR for energy harvesting systems during the forecast period.
A current trend in wireless energy harvesting is the use of mmWave (millimeter wave) for 5G cellular networks. Energy harvesting is estimated to find increasing applications in the automobile industry in the near future.
The advent of nanotechnology has offered ample growth opportunities to the energy harvesting market. Since nanotechnology helps manufacturing of compact-sized devices, the emergence of portable energy devices based on energy harvesting technology is the most likely occurrence in the market.
These insights are based on a report on energy harvesting market by Future Market Insights
