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| Energy Harvesting Systems Market |
Market Overview:
The Energy Harvesting Systems Market refers to technology that captures and
stores small amounts of ambient energy such as solar, thermal, kinetic or
electromagnetic energy. These systems use transducers or generators that
convert one form of energy into electrical energy that can power small devices
like sensors and electronics. The demand for energy harvesting systems has
significantly increased across various sectors like wearables, wireless
sensors, HVAC systems and more owing to their ability to provide energy
independent power sources without the need for frequent battery replacements.
The Global Energy Harvesting Systems Market is estimated to be valued at US$ 658.33 Bn in 2024 and is expected
to exhibit a CAGR of 17% over the
forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Energy Harvesting Systems are Canopy Growth
Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria
Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana,
Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., MedMen, Teva
Pharmaceutical Industries Ltd., and Organigram Holdings Inc. These players are
focusing on developing innovative and efficient harvesting technologies through
extensive R&D activities and new product launches.
There is a growing opportunity for energy harvesting in applications of
wireless sensor networks and IoT devices where energy autonomous functionality
is important. The global wireless sensor network market size is estimated to
reach $34.6 billion by 2028 growing at a CAGR of 13.5% from 2021 to 2028
creating huge prospects for energy harvesting vendors.
The energy harvesting systems market is expanding globally with companies
focusing on mergers and acquisitions to strengthen their international
presence. For instance, in 2022 STMicroelectronics acquired sole control of
Enertic, an energy harvesting specialist to enhance its expertise in developing
energy autonomous IoT device powered by energy harvesters.
Market Drivers:
One of the key drivers for the Energy
Harvesting Systems Market Growth is the growing adoption of IoT and
connected devices. The proliferation of smart home automation systems, wearable
devices, industrial sensors and other wireless applications require independent
power sources like energy harvesters. These systems provide maintenance-free
power solutions without dependencies on replaceable batteries.
Market Restrains:
High upfront costs associated with technology development, manufacturing
infrastructure and new product launch poses a major challenge. The efficiency
of existing energy harvesting techniques also remains relatively low limiting
the power output that can be generated from ambient energy sources. This acts
as a key restraining factor for widespread commercialization and adoption.
Segment
Analysis Energy Harvesting Systems Market
The piezoelectric energy harvesting segment will be the dominating segment with
the largest market share. This is because piezoelectric energy harvesters are
relatively simple to manufacture and are highly efficient in converting
low-level vibrations into useful electric energy. Advances in piezoelectric
materials and miniature piezoelectric transducers/transducers have enabled
their widespread usage in various applications like wearable devices, wireless
sensor nodes, and industrial automation.
Global Analysis
North America will continue to lead the global market and is expected to
account for the largest share in the market during the forecast period. This is
attributed to large-scale investments in renewable energy projects, research
and innovations in energy-harvesting technologies, and the presence of major
energy harvesting players in the region. Asia Pacific will exhibit the fastest
growth during the forecast period owing to rising investment toward renewable
energy infrastructure development in emerging economies like China and India.
Further, initiatives like "Make in India" and government incentives
for implementing industrial automation have propelled the demand for energy
harvesting systems across various end-use industries in the region.
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