The report "Energy Harvesting System Market by Technology (Light, Vibration, Radio Frequency (RF), Thermal), Component (Transducers (Photovoltaic, Piezoelectric, Electromagnetic, RF, Thermoelectric), PMICs, Secondary Batteries) - Global Forecast to 2028" The energy harvesting system market is projected to grow from USD 0.6 billion in 2023 to reach USD 0.9 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.0% from 2023 to 2028.The growth of the energy harvesting system market is driven by increasing trend for green energy and favorable initiatives by governments, and rising adoption of wireless sensor networks equipped with energy harvesting systems.
By
technology, the light energy harvesting is projected to hold the largest share
of the energy harvesting system market during the forecast period.
The
light energy harvesting segment held the larger market share in 2022. The
market growth is driven by favorable government policies and incentives to
promote renewable energy adoption, including light energy harvesting
technologies. For instance, the US government offers a federal Investment Tax
Credit (ITC) for residential and commercial solar energy systems, including PV
cells. The ITC provides a percentage-based tax credit for the cost of the solar
system installation, incentivizing the adoption of light energy harvesting
technologies. Similarly, Germany has implemented a successful feed-in tariff
system that provides a guaranteed payment for electricity generated from
renewable sources, including solar power. This policy has incentivized the
installation of solar panels and stimulated the growth of light energy
harvesting in the country. These initiatives, tax credits, and feed-in tariffs
promote investments and innovation, further fueling the light energy harvesting
market growth during the forecast period.
Industrial application
segment is projected to grow at high CAGR of the energy harvesting system
market during the forecast period.
The industrial
application segment is expected to grow at high CAGR in energy harvesting
system market during the forecast period. Energy harvesting systems align with
sustainability objectives, reducing reliance on traditional power sources and
minimizing environmental impact. The reliability and maintenance advantages of
energy harvesting systems are particularly important in industrial settings,
ensuring uninterrupted power supply and reducing downtime associated with
battery replacements. As the IoT and Industry 4.0 continue to expand, the
demand for energy harvesting systems in industrial applications grows, enabling
wireless, self-powered IoT networks for real-time data collection and process
optimization. In August 2022, Energous Corporation (US) and e-peas (Belgium)
launched a Wireless Energy Harvesting Evaluation Kit featuring Energous’
FCC-certified 1W WattUp PowerBridge transmitter and two evaluation boards from
e-peas. The kit enables device manufacturers to implement wireless power and
energy harvesting in industrial IoT applications. Such new innovative product
development and launches will fuel the market opportunities for energy
harvesting across the industrial sector.
North America is
expected to hold the largest share in the market by 2028.
The North American
region is expected to hold the largest share of the energy harvesting system
market during the forecast period. The energy harvesting system market in North
America is driven by an increased emphasis on renewable energy sources and
sustainable practices. Governments and regulatory bodies are implementing
policies and providing incentives to promote the adoption of clean energy
solutions, which drive the demand for energy harvesting systems. For instance,
in April 2023, Biden-Harris Administration announced USD 82 million investment
to increase domestic solar manufacturing and recycling to strengthen the
American clean energy grid. Nineteen projects across twelve states in the US
will help establish a domestic solar supply chain and enhance solar
manufacturing in the region. Such supportive incentives and policies by
regional governments is expected to support the energy harvesting systems
market growth across North America.
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Key companies operating
in the energy harvesting system market are STMicroelectronics (Switzerland),
Texas Instruments Incorporated (US), Analog Devices, Inc. (US), Renesas
Electronics Corporation (Japan), EnOcean GmbH (Germany), Microchip Technology
Inc. (US), Infineon Technologies AG (Germany), Honeywell International Inc.
(US), Qorvo, Inc. (US), and ABB (Switzerland).
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