Energy harvesting systems or power harvesters are devices that extract energy from external sources such as solar, thermal, wind or kinetic and store it for powering electronic devices. These systems offer advantages like unlimited lifecycle without needing battery replacement and reduced power requirements. They find applications in devices requiring low power consumption like wireless sensor networks, wearable devices, medical devices and other IoT-enabled equipment.

The Energy Harvesting System market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trend driving growth of Energy Harvesting System market is increasing integration of these systems in IoT devices. As the demand for low-power devices in applications like smart homes, smart cities projects and connected transportation grows, energy harvesting presents an effective solution to power such devices without the need for frequent battery changes, thereby driving their adoption. It allows IoT sensors and devices to operate independently for extended period through harvested energy from ambient sources. This fosters development and deployment of large scale IoT infrastructure globally.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Energy Harvesting System market is low due to the presence of major players and high capital requirements.

Bargaining power of buyers: The bargaining power of buyers is moderate as energy harvesting systems have limited players offering differentiated products.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability ofsubstitute components from different suppliers.

Threat of new substitutes: The threat of new substitutes is moderate as alternative technologies like batteries offer substitutes.

Competitive rivalry: High due to presence of major global players.

 
Strengths: Growing demand for energy harvesting system from various end-use industries and technological advancements.

Weaknesses: High initial costs and compatibility issues with existing systems.

Opportunities: Growing adoption of IoT and integration of energy harvesting with smart cities presents growth opportunities.

Threats: Availability of substitutes like batteries and fluctuations in raw material prices.

Key Takeaways

The Global Energy Harvesting System Market Growth is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing demand for eco-friendly power solutions. The market size for 2023 is US$ 571.46 Mn.

North America dominates the global market currently owing to large presence of key players and higher adoption of energy harvesting systems across industries. Asia Pacific is projected to be the fastest growing market due to rapid industrialization and growing installations of these systems in the telecom and transportation sectors in developing countries like China and India.

Key players operating in the Energy Harvesting System market are 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. The players focus on new product launches and expansion strategies to gain competitive advantage in the market.

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