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FMI analysis finds global energy harvesting market share expected to exceed $1,950 million by 2033, driven by CAGR growth of 7.5%

Posted on by darion

The global energy harvesting market is estimated to reach USD 940.7 million in 2023 and USD 1,950 million by 2033, which means a compound annual growth rate of 7.5% over the entire forecast period.

The global energy harvesting market has seen significant growth in recent years, driven by the growing popularity of energy-efficient, battery-powered devices and the widespread integration of the Internet of Things (IoT) across industries.

This growth is being driven by the growing demand for more efficient and safe power systems, along with the development of advanced energy harvesting devices. In addition, the market is poised for further expansion due to the growing adoption of energy-efficient and sustainable home automation systems.

These systems use external energy sources such as solar, thermal and mechanical energy to generate power for electronic devices.

The demand for energy-efficient home automation has skyrocketed, and energy harvesting systems provide reliable and sustainable power sources for home appliances. In addition, the growing demand for energy harvesting systems is being driven by the rise of smart homes and the Internet of Things (IoT). These systems power IoT devices and sensors in smart homes, reducing battery dependency and minimizing environmental impact.

Growing awareness of sustainability and the need for energy conservation are driving the market growth. Governments and organizations across the globe are investing in energy harvesting technologies to promote sustainable energy solutions while addressing issues related to climate change and carbon emissions. Moreover, the combination of these factors is expected to drive the overall market growth during the forecast period.

Key conclusions:

  • The market in the Asia Pacific region is forecasted to grow at a CAGR of 7.6% during the forecast period.
  • North America is expected to reach about 36% market share by the end of 2023.
  • The European market is expected to grow at a CAGR of 7.7% over the forecast period.
  • The consumer electronics segment is expected to generate demand at a CAGR of 8.2% during the forecast period.

Major manufacturing companies:

  • ABB Sp. z o. o.
  • Arven
  • Ocean
  • Fujitsu
  • Cypress Semiconductor Corp.
  • Green Summit Technologies
  • Honeywell International Inc.
  • Levant Energy Corporation
  • Marlow Industries Inc.
  • Microchip Technology Inc.
  • MicroGen Systems
  • Integrated Maxim
  • G24 Innovations Limited
  • Texas Instruments Inc.
  • STMicroelectronics

Key innovations in the energy market:

  • E-Peas SA and Energous Corporation jointly launched the Wireless Energy Harvesting Evaluation Kit in September 2022. The kit is specifically designed for energy harvesting applications in smart buildings, smart homes, industrial IoT, medical devices, and asset tracking in retail and warehouses.
  • In February 2021, STMicroelectronics introduced the STM32U5 series – a new generation of extremely low-power microcontrollers (MCUs).
  • In January 2022, E-Peas SA presented an extremely compact energy management solution for Cartier’s first solar-powered watch – the Tank.
  • In September 2022, Energous Corporation and E-Peas jointly launched a new wireless energy harvesting evaluation kit.

Market segmentation analysis:

According to the source:

  • Radiation (solar, electromagnetic and light)
  • Mechanical (fluid, elastic, kinetic and potential)
  • Chemistry (Batteries, Fuel Cells and Phase Changes)
  • Nuclear
  • Magnetic
  • Electric
  • Thermal
  • Gravitational

By application:

  • Wireless Sensor Network (WSN)
  • Consumer electronics, industrial
  • Building
  • Bicycle dynamo
  • Army and aviation
  • Automotive
  • Healthcare
  • Other (Research, Animals & Agriculture)

By region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • Middle East and Africa

For more detailed information, access the report details:

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully completed over 1500 client engagements, primarily in the automotive, chemical, industrial equipment, oil & gas, and services industries.

His core competencies include developing research methodologies, creating unique analysis frameworks, statistical data models for pricing analysis, competitive mapping and market feasibility analysis. His expertise also extends beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestiture decisions and market entry decisions.

Nikhil holds an MBA in Marketing and IT and a graduate in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

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