Energy harvesting is the process of capturing and converting energy from different sources such as mechanical, thermal, and electromagnetic to electrical energy for various applications. Energy harvesting systems have been gaining traction in recent years due to their ability to provide a reliable and sustainable source of power. According to a report by Coherent Market Insights, the global energy harvesting systems market is expected to grow at a CAGR of 9.6% from 2023 to 2030.
Scope of the Energy Harvesting Systems Market
The energy harvesting systems market can be segmented based on technology, application, and geography. Based on technology, the market can be segmented into thermoelectric, piezoelectric, electromagnetic, and others. The piezoelectric segment is expected to witness the highest growth during the forecast period due to the increasing adoption of piezoelectric energy harvesting in the automotive and aerospace industries.
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Based on application, the energy harvesting systems market can be segmented into building and home automation, consumer electronics, industrial, transportation, and others. The transportation segment is expected to witness the highest growth during the forecast period due to the increasing adoption of energy harvesting systems in vehicles to improve fuel efficiency and reduce carbon emissions.
Size of the Energy Harvesting Systems Market
The global energy harvesting systems market was valued at USD 294.4 million in 2020 and is expected to reach USD 620.7 million by 2028, growing at a CAGR of 9.6% from 2023 to 2030. North America is expected to hold the largest share of the market during the forecast period due to the increasing adoption of energy harvesting systems in the region.
Growth Opportunities in the Energy Harvesting Systems Market
The energy harvesting systems market is expected to witness significant growth during the forecast period due to the increasing demand for sustainable and renewable sources of power. The growing adoption of energy harvesting systems in various applications such as consumer electronics, industrial, and transportation is expected to drive the growth of the market.
The key players operating in the energy harvesting systems market include Microchip Technology Inc., EnOcean GmbH, Powercast Corporation, STMicroelectronics, Texas Instruments Inc., and others. These players are focusing on product innovation and development to enhance their market position.
The global energy harvesting systems market is expected to witness significant growth during the forecast period due to the increasing demand for sustainable and renewable sources of power. The growing adoption of energy harvesting systems in various applications such as consumer electronics, industrial, and transportation is expected to drive the growth of the market. The key players operating in the market are focusing on product innovation and development to enhance their market position.
Keywords: energy harvesting systems, sustainable energy, renewable energy, piezoelectric, thermoelectric, electromagnetic, consumer electronics, transportation, Microchip Technology Inc., EnOcean GmbH, Powercast Corporation, STMicroelectronics, Texas Instruments Inc.
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