Energy harvesting systems are devices that harvest energy from ambient sources such as sunlight, wind, thermal gradients, and electricity to power small electronic devices and sensors. They help in extending the lifetime of batteries and reducing the energy usage costs by providing an alternative source of power. The growing demand for energy-efficient devices and wireless sensor networks is driving the adoption of energy harvesting systems as they eliminate the need for frequent battery replacements or wired connections.
The global Energy Harvesting Systems Market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the global energy harvesting systems market size is mainly attributed to the increasing demand for energy-efficient devices. Energy harvesting systems harvest ambient energy from surroundings and convert it into electrical energy to power small devices such as wireless sensor nodes, industrial controls, healthcare devices, consumer electronics, and others. These systems help in reducing energy consumption from batteries by generating renewable energy and extending device lifetime without battery replacement. As a result, many companies are increasingly adopting energy harvesting technology in their products which is expected to boost the market growth over the forecast period.
SWOT Analysis
Strength: Energy harvesting systems provide an alternative source of power generation without dependency on grid connection or fuel source. This makes them independent, compact and environment friendly.
Weakness: Initial investment cost for installation of energy harvesting systems is high. These systems have lower energy production capacity as compared to conventional energy sources.
Opportunity: Increasing focus on renewable energy coupled with carbon emission reduction targets set by governments worldwide is driving growth of the energy harvesting systems market. Growing need for power solutions in remote and off-grid applications provides growth opportunities.
Threats: Availability of substitute clean technologies like solar PV and wind energy poses competition to the energy harvesting systems market. Implementation of stringent regulations around technology usage can hamper the demand.
Key Takeaways
The global energy harvesting systems market is expected to witness high growth. The global energy harvesting systems Market is estimated to be valued at US$ 571.46 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
Regional analysis comprises North America dominates the market currently due to presence of major players and early adoption of energy harvesting technologies. The Asia Pacific region is expected to grow at the fastest rate during the forecast period driven by rising population, industrialization and focus on clean energy adoption.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it