Solar Energy Harvesting Market Size - By Component (Energy Harvesting Transducer, Power Management Integrated Circuits (PMIC)), By End Use (Wireless Sensor Networks, Consumer Electronics, Building Automation, Automotive), & Forecast, 2024 - 2032

Solar Energy Harvesting Market Size

Solar Energy Harvesting Market was valued at USD 210.5 million in 2023 and is set to grow at a CAGR of over 9.2% from 2024 to 2032. Increasing significance of energy harvesting as a sustainable and economical method to fulfill the energy requirements of various industries, promote environmental responsibility, and tackle the challenges posed by a dynamic energy landscape are the prime factors propelling the market growth. The market is positioned for ongoing expansion and advancements, playing a pivotal role in fostering a future that is both sustainable and energy efficient.
 

The swift expansion of IoT infrastructure, coupled with progress in energy harvesting technologies across diverse end-use sectors, will shape the solar energy harvesting market. The extensive deployment of Internet of Things (IoT) devices has generated a need for enduring, eco-friendly power solutions. Furthermore, energy harvesting facilitates the continuous operation of these devices, eliminating the need for frequent battery replacements. Ongoing innovations in energy harvesting technologies, marked by enhanced efficiency and miniaturization, are broadening the scope of applications and enhancing the viability of these systems across different industries.
 

The expanding emerging market in developing nations, coupled with the rising prevalence of rural and off-grid applications, will enhance the solar energy harvesting market landscape. Developing markets with limited access to stable power sources are acknowledging the advantages of energy harvesting to power crucial devices and infrastructure. Moreover, energy harvesting proves to be a valuable solution in remote or off-grid settings, where a consistent power source is unavailable or impractical, thereby exerting a positive impact on the industry outlook.
 

COVID- 19 Impact

The COVID-19 pandemic had both direct and indirect impacts on the solar energy harvesting industry. The immediate effects were largely negative due to disruptions in supply chains, reduced production, and delays in project implementations caused by lockdowns and travel restrictions. However, the pandemic also highlighted the importance of resilient and sustainable technologies. As the world shifted its focus towards remote monitoring and the Internet of Things (IoT), the demand for energy-efficient, self-powered devices grew.
 

Solar Energy Harvesting Market Trends

Persistent emphasis on increasing the efficiency of photovoltaic technologies, driven by ongoing research and development initiatives coupled with innovation in solar cells materials & design are leading to more effective solar energy capture, contributing to enhanced overall system performance. Concurrently, energy storage solutions are undergoing advancements to address the intermittency of solar power generation, ensuring optimal utilization of harvested energy and providing a consistent power supply, thereby adding growth prospects to the market.

Increasing adoption of decentralized energy solutions along with the integration of artificial intelligence (AI) and the Internet of Things (IoT) in the renewable technologies is further proliferating in the market owing to higher efficiency & energy optimization. Empowered by advancements in technology, end-users are gaining the ability to generate, store, and manage their energy locally. This trend aligns with a growing desire for energy independence, resilience, and sustainability. As these trends continue to unfold, the market is poised for sustained growth in the projected timeframe offering resilient, efficient, and decentralized solutions to meet the evolving energy needs of diverse industries and consumers alike.
 

Solar Energy Harvesting Market Analysis

The power management integrated circuit components are anticipated to showcase gains at nearly 9.4% through 2032. A continual decrease in solar panel costs, accompanied by a transformative array of business trends in associated equipment, is shaping the market outlook. The integration of energy storage is becoming more prevalent to address the intermittent nature of solar power, elevating overall system reliability. With solar power nearing grid parity in numerous regions, businesses are increasingly embracing it as a cost-effective and sustainable energy source. This adoption is further propelled by corporate sustainability commitments, signaling a broader shift towards environmentally responsible energy solutions.
 

• Supportive government policies, regulations, and incentives are incentivizing solar energy system installations, while technological advancements are boosting system efficiency and performance.
   
• Energy independence is a growing priority for businesses, and solar energy offers on-site power generation and potential revenue opportunities through surplus energy sales.
   
• These trends underscore the growing significance of solar energy harvesting as a viable and sustainable business solution, driven by economic considerations, environmental responsibility, and the evolving energy landscape.

Building automation end use industry is set to register over 9.5% CAGR through 2032. The increasing significance of energy harvesting in building automation is fostering the development of more sustainable, energy-efficient, and environmentally responsible buildings. With ongoing technological advancements, the incorporation of energy harvesting solutions is anticipated to have a crucial impact on shaping the trajectory of the building automation industry in the future.
 

• Growing trend of the ability to remotely monitor and control building systems that allows for more responsive and efficient energy management, especially in large or complex buildings is spurring the industry growth.
   
• Building automation solutions are increasingly integrating multiple energy sources, such as solar power, wind energy, and energy storage systems. Hybrid energy systems offer more reliability and resilience, ensuring continuous power availability and further reducing environmental impact.
   
• Building automation systems are increasingly incorporating advanced energy management software. These platforms enable real-time monitoring, data analysis, and predictive maintenance, allowing building owners and operators to make data-driven decisions for optimal energy harvesting and consumption.

Asia Pacific solar energy harvesting market is projected to witness around 9.6% growth rate from 2024 to 2032. Continuous & exponential growth in photovoltaic installations coupled with excessive involvement of government initiatives & incentives to promote the renewable energy harvesting on a smaller scale will augment the business scenario in the region over the given timeframe. In addition, rising technological advancements & innovation coupled with ongoing research & development efforts to improve  the efficiency of solar panels, developing innovative storage solutions, and enhancing overall system performance is promoting will sway the industrial growth in the region.
 

• Adoption of decentralized energy solutions that allows for distributed generation, enabling communities, businesses, and even remote areas to generate their own power is effectively contributing to the solar energy harvesting market growth. This trend aligns with the region's diverse energy needs and the desire for increased energy independence.
   
• Solar energy harvesting is playing a pivotal role in providing electricity to off-grid and remote areas. Many countries in the Asia Pacific region have vast rural populations without access to centralized power grids. Solar microgrids and standalone solar systems are being deployed to bring electricity to these underserved regions, contributing to socio-economic development.
   
• The Asia Pacific market is witnessing a surge in the adoption of energy storage solutions, where, energy storage addresses the intermittent nature of solar power generation, allowing for the efficient utilization of harvested energy. Advancements in battery technologies, coupled with falling prices, are making energy storage increasingly viable and attractive.
   

Solar Energy Harvesting Market Share

The industry is marked by both established global players and regional companies, where the competition is driving innovation and efficiency, benefiting customers in terms of better technology and competitive pricing across the end use segment.
 

Solar Energy Harvesting Market Companies

Prominent industry players operative in the solar harvesting market includes:

• ABB
• STMicroelectronics
• Texas Instruments Incorporated
• EnOcean GmbH
• Fujitsu
• Powercast Corporation
• Mouser Electronics
• Perpetua Power
• Mide Technology Corp.
• Laird Connectivity
• Honeywell
• Kinergizer
• Renesas Electronics Corporation
• Advanced Linear Devices, Inc.
• Cedrat technologies
• ZF Friedrichshafen AG
   

Energy Harvesting Industry News

• In October 2023, the U.S. government along with various private companies have announced plans for over 94 GW of new clean power generation projects, amounting an estimated USD 133 billion as investment as of August 2023. This is further anticipated to have a positive impact on the market growth.
   
• In December 2022, the government of India announced that the country has planned the investment of over USD 25 billion in the renewable sector encompassing the adoption of advance technology including solar equipment, electric vehicles, & energy storage.
   

This solar energy harvesting market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2019 to 2032, for the following segments:

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Market, By Component

• Energy Harvesting Transducer
• Power Management Integrated Circuits (PMIC)
• Others

Market, By End Use

• Wireless Sensor Networks
• Consumer Electronics
• Building Automation
• Automotive
• Others

The above information has been provided for the following countries across the regions.

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
• Latin America
  • Brazil
  • Argentina