Energy Harvesting System Market worth $0.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 12, 2023 /PRNewswire/ -- The energy harvesting system market is projected to grow from USD 0.6 billion in 2023 to reach USD 0.9 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of the energy harvesting system market is driven by increasing trend for green energy and favorable initiatives by governments, and rising adoption of wireless sensor networks equipped with energy harvesting systems.

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Energy Harvesting System Market Report Scope:

By technology, the light energy harvesting is projected to hold the largest share of the energy harvesting system market during the forecast period.

The light energy harvesting segment held the larger market share in 2022. The market growth is driven by favorable government policies and incentives to promote renewable energy adoption, including light energy harvesting technologies. For instance, the US government offers a federal Investment Tax Credit (ITC) for residential and commercial solar energy systems, including PV cells. The ITC provides a percentage-based tax credit for the cost of the solar system installation, incentivizing the adoption of light energy harvesting technologies. Similarly, Germany has implemented a successful feed-in tariff system that provides a guaranteed payment for electricity generated from renewable sources, including solar power. This policy has incentivized the installation of solar panels and stimulated the growth of light energy harvesting in the country. These initiatives, tax credits, and feed-in tariffs promote investments and innovation, further fueling the light energy harvesting market growth during the forecast period.

Industrial application segment is projected to grow at high CAGR of the energy harvesting system market during the forecast period.

The industrial application segment is expected to grow at high CAGR in energy harvesting system industry during the forecast period. Energy harvesting systems align with sustainability objectives, reducing reliance on traditional power sources and minimizing environmental impact. The reliability and maintenance advantages of energy harvesting systems are particularly important in industrial settings, ensuring uninterrupted power supply and reducing downtime associated with battery replacements. As the IoT and Industry 4.0 continue to expand, the demand for energy harvesting systems in industrial applications grows, enabling wireless, self-powered IoT networks for real-time data collection and process optimization. In August 2022, Energous Corporation (US) and e-peas (Belgium) launched a Wireless Energy Harvesting Evaluation Kit featuring Energous' FCC-certified 1W WattUp PowerBridge transmitter and two evaluation boards from e-peas. The kit enables device manufacturers to implement wireless power and energy harvesting in industrial IoT applications. Such new innovative product development and launches will fuel the market opportunities for energy harvesting across the industrial sector.

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North America is expected to hold the largest share in the market by 2028.

The North American region is expected to hold the largest share of the energy harvesting system market during the forecast period. The energy harvesting system market in North America is driven by an increased emphasis on renewable energy sources and sustainable practices. Governments and regulatory bodies are implementing policies and providing incentives to promote the adoption of clean energy solutions, which drive the demand for energy harvesting systems. For instance, in April 2023, Biden-Harris Administration announced USD 82 million investment to increase domestic solar manufacturing and recycling to strengthen the American clean energy grid. Nineteen projects across twelve states in the US will help establish a domestic solar supply chain and enhance solar manufacturing in the region. Such supportive incentives and policies by regional governments is expected to support the energy harvesting systems market growth across North America.

Key companies operating in the energy harvesting system companies are STMicroelectronics (Switzerland), Texas Instruments Incorporated (US), Analog Devices, Inc. (US), Renesas Electronics Corporation (Japan), EnOcean GmbH (Germany), Microchip Technology Inc. (US), Infineon Technologies AG (Germany), Honeywell International Inc. (US), Qorvo, Inc. (US), and ABB (Switzerland).

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