Energy Harvesting Market Size to Surpass US$ 20.2 Billion by 2033 at a CAGR of 8.9% CAGR | Persistence Market Research

New York, March 02, 2023 (GLOBE NEWSWIRE) — In 2022, the market value energy harvesting were US$ 8.0 Billion. The energy harvesting market is forecasted to climb to US$ 20.2 Billion by 2033 end. The global energy harvesting market is estimated to advance at 8.9% CAGR through 2033. 

Demand for energy harvesting market in china is projected to rise at a CAGR of 17.1% over the forecast period. In 2022, the North America energy harvesting market held a dominant market share of 23.2%.  The market growth is attributed to several factors, including the increasing demand for energy-efficient solutions, the growing adoption of IoT devices, and the rising demand for wireless sensor networks in various applications such as building automation, home automation, and industrial automation.

The Energy Harvesting Market is a rapidly growing industry in the world today. Energy harvesting is the direct conversion of ambient energy sources into electrical energy, which can be used for a variety of purposes. Energy harvesting has been gaining popularity as an alternative to traditional power sources due to its efficiency, cost effectiveness and environmental benefits.

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This report provides an overview of the Energy Harvesting Market, including its drivers and challenges, market size and growth prospects, key trends and opportunities in this space. It also looks at the major players operating in this market, their strategies and developments.

The Energy Harvesting Market is driven primarily by increasing awareness about renewable energy sources such as solar power and wind energy. With rising concerns about climate change, governments around the world are taking steps to promote the adoption of renewable energy sources and reduce carbon emissions. Energy harvesting offers a viable alternative to traditional power sources as it can be used to generate electricity from natural or man-made ambient light sources like sunlight or heat from waste industrial processes. This makes it an attractive option for companies looking to reduce their reliance on fossil fuels. Additionally, advances in technologies related to energy harvesting are making them more efficient, reliable and cost effective compared to traditional power sources. These factors are expected to drive market growth going forward.

Technology:

The energy harvesting market is segmented into several technologies, including solar energy harvesting, thermal energy harvesting, kinetic energy harvesting, electromagnetic energy harvesting, and others. Solar energy harvesting dominates the market owing to its low cost, easy installation, and high efficiency. However, the kinetic energy harvesting segment is expected to witness the fastest growth during the forecast period, driven by the increasing demand for wearable devices and the growing adoption of self-powered wireless sensor networks.

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Key Companies-

• Tigo Energy, Inc.
• GreenTEG
• EnOcean GmbH
• Murata Manufacturing Co., Ltd.
• Ocean Harvesting Technologies AB
• UTAG Green Energy Technologies Inc.
• SolarEdge Technologies Inc.
• ReVibe Energy
• Renesas Electronics
• Cymbet Corporation

Application:

The energy harvesting market is segmented into several applications, including building automation, home automation, industrial automation, transportation, and others. The building automation segment dominated the market in 2020, owing to the increasing demand for energy-efficient solutions in commercial buildings and residential complexes. However, the transportation segment is expected to witness the fastest growth during the forecast period, driven by the increasing adoption of energy harvesting solutions in electric vehicles and other transportation applications.

Regional Analysis:

The global energy harvesting market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominates the market owing to the increasing adoption of IoT devices, the presence of leading energy harvesting solution providers, and the growing demand for energy-efficient solutions in various applications. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period, driven by the increasing demand for energy-efficient solutions in emerging economies such as China, India, and Japan.

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Energy Harvesting Market Segmentations-

• By Energy Source: Thermoelectric, Piezoelectric, Homogenizers (Beam Diffusers), Photovoltaic, Others
• By Application: Commercial, Residential, Industrial
• By Industry Vertical: Aerospace & Defence, Home &Building Automation, Government, Consumer Electronics, Others
• By Product Category: Energy Harvesting ICs, Energy Harvesting Sensors, Energy Harvesting Storage, Others
• By Region: North America, Latin America, Europe, East Asia, South Asia Pacific, Middle East and Africa

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