North America Energy Harvesting Market Analysis

North America Energy Harvesting Market Analysis

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Segmented by source, the market encompasses solar energy, vibration and kinetic energy, thermal energy, and radio frequency (RF). North America solar energy harvesting industry will cross over USD 150 million by 2032. A notable shift in business dynamics is evident in the declining costs of solar panels and related equipment, shaping the market landscape. The integration of energy storage is emerging as a prevalent practice to mitigate solar power's intermittency, bolstering reliability. Solar power nearing grid parity across various regions, enterprises are increasingly embracing it as an economically viable and environmentally sustainable energy solution which in turn is further driven by corporate sustainability objectives, thereby adding to the market growth.
 

Categorized by end-use applications, the North America energy harvesting market is divided into consumer electronics, wireless sensor networks, automotive, building automation, and other sectors. Building automation end use industry is set to grow at a rate of over 8% by the year 2032. The escalating significance of energy harvesting within building automation is pivotal, fostering the development of more sustainable, energy-efficient, and environmentally conscious buildings. Moreover, with the ongoing technological advancements, the incorporation of energy harvesting solutions is poised to exert a profound influence on the trajectory of the building automation sector.
 

The U.S. energy harvesting market will cross over USD 290 million by 2032. Government incentives, tax credits, and rebates provided at federal, state, and local levels are stimulating the uptake of renewable energy sources, encompassing energy harvesting technologies. These incentives incentivize investments in solar, wind, and various other energy harvesting methods. Moreover, the impetus for sustainability is propelling the construction and renovation of eco-friendly buildings. Such constructions frequently integrate energy harvesting technologies, like solar panels and kinetic energy harvesters, to curtail energy usage and minimize carbon emissions.