Energy Harvesting Systems Is Estimated To Witness High Growth Owing To Increasing Demand From Iot Devices
Energy harvesting systems capture and convert ambient energy sources such as light, radio frequency, vibration and thermal energy into electricity through the use of specialized transducers. These systems are commonly used in batteryless wireless sensor platforms, wearable electronics and other industrial and military applications where replacing batteries is challenging or impossible.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the Energy Harvesting System market is driven by increasing demand from IoT devices and advantages over traditional power sources. The proliferation of IoT devices requires miniature power solutions which has increased adoption of energy harvesting systems as they provide indefinite operating lifetime without the need for battery replacement. Conventional batteries have limitations such as limited energy capacity, hazardous materials, and requirement of frequent replacement which makes energy harvesting an attractive alternative. Additionally, technological advancements in energy harvesting technologies such as efficient solar cells and vibration to electricity converters have improved the power outputs thus supporting the growth of self-powered devices. However, high initial costs and low energy conversion efficiencies are some of the factors restraining the market growth.
SWOT Analysis
Strength: Energy harvesting systems provide sustainable power source for low power devices which reduces dependency on batteries. They utilize ambient sources like light, radio waves and motion to power small electronic devices indefinitely. Energy harvesting systems are inexpensive to deploy and maintenance free as they do not require frequent battery replacements.
Weakness: Energy harvesting systems have low energy conversion rates and struggle to power devices with high power requirements. The amount of energy that can be harvested from ambient sources is unpredictable and fluctuates continuously which causes intermittent operations.
Opportunity: Growing demand for powering wireless sensor networks and Internet of Things devices is driving the need for energy harvesting systems. Increased funding by governments worldwide for developing sustainable technologies also presents an opportunity for market growth.
Threats: Advancement in battery technologies increases battery life lowering the demand for energy harvesting systems. Stringent regulations regarding usage of certain technologies like radio frequency harvesters poses a threat.
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 powering wireless sensor devices used in industrial automation and IoT applications. Energy harvesting avoids usage of batteries and makes these devices self-sustaining.
Regional analysis: North America dominated the global market in 2023 owing to large presence of key players and rising deployment of wireless sensing devices across industries in the U.S. and Canada. Asia Pacific is expected to grow at fastest pace during the forecast period driven by increasing infrastructure development and government initiatives for green technologies in 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. Governments worldwide are funding new technologies that can harvest ambient energy and make devices independent of batteries showing lucrative opportunities.
Get More Insights On This Topic: https://cmiresearch.blogspot.com/2023/12/artificial-intelligence-is-fueling.html
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