by The global energy harvesting systems market is estimated to be valued at US$530.6 million in 2022 and is expected to exhibit a CAGR of 7.7% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Energy harvesting systems refer to the process of capturing and storing energy from various external sources, such as solar, thermal, mechanical, and electromagnetic, and converting it into usable electricity. These systems offer numerous advantages, including reduced reliance on traditional energy sources, cost savings, and environmental sustainability. The growing need for sustainable energy technologies and increasing focus on energy-efficient systems are driving the demand for energy harvesting systems in various industries, including automotive, aerospace, consumer electronics, and healthcare.
Market Key Trends:
One key trend observed in the energy harvesting systems market is the increasing adoption of solar energy harvesting systems. Solar energy is the most abundant and readily available source of renewable energy. With advancements in solar cell technology, energy from sunlight can be efficiently captured and converted into electricity, making it an ideal solution for remote and off-grid applications. The declining cost of solar panels, government initiatives promoting the use of solar energy, and the rising demand for clean and sustainable power sources are contributing to the growth of the solar energy harvesting systems market.
Threat of New Entrants: The energy harvesting systems market faces a moderate threat of new entrants. While the market offers significant growth opportunities, the capital-intensive nature of the industry and the need for specialized technology create barriers to entry. Additionally, established players already hold a strong market position, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the energy harvesting systems market is moderate. Buyers have the ability to choose from a wide range of products and suppliers, which gives them some leverage in negotiating prices and terms. However, the limited number of established players in the market allows suppliers to maintain a certain level of control.
Bargaining Power of Suppliers: The bargaining power of suppliers in the energy harvesting systems market is relatively low. Suppliers face intense competition among themselves, as well as from substitute products. This limits their ability to raise prices or dictate terms to buyers. Additionally, buyers have the option to switch suppliers if they are not satisfied with the quality or cost of a particular supplier’s products.
Threat of New Substitutes: The threat of new substitutes in the energy harvesting systems market is low. Energy harvesting systems offer unique advantages over traditional power sources, such as the ability to generate power from ambient sources and reduce the reliance on batteries or grid power. This makes it difficult for substitutes to match the capabilities and benefits of energy harvesting systems.
Competitive Rivalry: The energy harvesting systems market is highly competitive, with several key players vying for market share. The market is characterized by intense competition, technological advancements, and rapid product development. Key players constantly invest in research and development to gain a competitive edge and expand their product offerings.
Key Takeaways
The global energy Harvesting Systems Market Growth is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period of 2023-2030. The increasing adoption of renewable energy sources, rising demand for efficient power solutions, and government initiatives to promote sustainability are driving the market growth. For example, the growing demand for renewable energy in the automotive sector and the increasing use of energy harvesting systems in smart homes and buildings are significant drivers for market growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the energy harvesting systems market. The region is witnessing significant growth due to the presence of major manufacturing hubs and the increasing demand for energy-efficient solutions in countries like China, India, and Japan. The rising investments in renewable energy projects and the implementation of favorable government policies are further supporting the market growth in the region.
Key players operating in the energy harvesting systems market include 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. These companies are actively involved in research and development, strategic partnerships, and product launches to gain a competitive advantage and strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
