Energy Harvesting Systems Market Drives the Shift Towards...

Energy Harvesting Systems Market Drives the Shift Towards Sustainable Energy

Posted 2024-02-21 12:27:15

The energy harvesting systems market has seen significant growth in recent years driven by increasing concerns over carbon emissions and focus on sustainable energy sources. Energy harvesting uses various technologies that can extract energy from ambient sources such as light, radio frequency, vibration, thermal gradients and convert it into electrical energy. This harvested or scavenged energy can be used to power small autonomous devices or charge batteries. The ability to obtain power from readily available ambient sources has made energy harvesting systems an attractive alternative to traditional power generation and storage methods.

Energy harvesting systems find applications in areas such as building & home automation, consumer electronics, industrial, transportation, security and many more. They help in powering small electronic devices in remote locations with limited access to power grids or batteries. 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 market 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 new product launches and partnerships to expand their market share.

The growing demand for low-power consumption devices along with focus on renewable and sustainable energy is expected to drive the adoption of energy harvesting systems. Energy harvesting can help power a myriad of small portable systems without the need for frequent battery replacement or charging.

The energy harvesting systems market is witnessing increased global expansion with growing investments and projects related to implementing energy harvesting technology across industrial and infrastructure sectors. Many countries are supporting the deployment of energy harvesting solutions as part of their commitments towards clean and renewable energy goals.

Market Drivers
The rapid growth of the Internet of Things (IoT) sector is a major market driver for the energy harvesting systems industry. IoT devices require self-powered systems to function independently without external power sources. Energy harvesting fulfils this need perfectly by providing autonomous energy for various IoT sensors and devices used in industrial automation, smart homes, smart cities, and wearable devices. The ability of energy harvesting systems to work as maintenance-free and long-lasting distributed power sources makes them ideal for many emerging IoT applications.

Impact of geopolitical situation on Energy Harvesting Systems Market growth and geographical regions

The growth of the Energy Harvesting Systems Market Growth is facing challenges due to the ongoing geopolitical conflicts and sanctions between major economies. Supply disruptions of key components required for energy harvesting systems manufacturing has increased prices globally due to trade restrictions. Additionally, the economic and political instability in certain key regions has postponed investments in renewable energy projects that require advanced energy harvesting systems.

However, countries worldwide are strategizing energy security and diversifying their energy mix by investing more in indigenous renewable energy resources. As energy harvesting technology facilitates harvesting ambient energy from various sources, governments are providing supportive policies and incentives to boost the deployment of decentralized energy harvesting systems near the point of use. This decentralized approach makes the energy production resilient to geopolitical turbulence and helps achieve energy self-sufficiency objectives of nations. The market is also expected to grow strongly in developing economies investing in smart city and infrastructure development projects requiring sustainable power backup.

Currently, North America holds the largest share of the energy harvesting systems market in terms of value, benefiting from the region's increasing adoption of energy harvesting solutions across industry verticals. In North America, the United States contributes significantly to the energy harvesting systems market revenues driven by robust investments in smart city infrastructure and robust industrial and commercial sector growth.

The Asia Pacific region is poised to emerge as the fastest growing regional market for energy harvesting systems over the forecast period from 2024 to 2030. Factors such as improving macroeconomic conditions, increasing investments across industries to promote digitization, rising disposable income, growing population, and supportive government initiatives to develop smart technological solutions with minimal environmental impact are expected to fuel the adoption of energy harvesting technologies in Asia Pacific. Specifically, China and India are likely to generate substantial demand for energy harvesting systems during the forecast period.