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Solar Energy Harvesting Market Size

Report ID: GMI7894
Published Date: Jan 2024
Report Format: PDF

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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.

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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.

Solar Energy Harvesting Market Report Attributes
Report Attribute	Details
Base Year:	2023
Solar Energy Harvesting Market Size in 2023:	USD 210.5 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.2%
2032 Value Projection:	USD 441.2 Million
Historical Data for:	2019 to 2023
No. of Pages:	240
Tables, Charts & Figures:	266
Segments covered:	Component, End Use, & Region
Growth Drivers:	Increasing technological advancement in renewable industry Miniaturization and Flexibility
Pitfalls & Challenges:	Lack of standardization

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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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of solar energy harvesting was reached USD 210.5 million in 2023 and is set to grow at a CAGR of over 9.2% through 2032, driven by the swift expansion of IoT infrastructure, coupled with progress in energy harvesting technologies across diverse end-use sectors.

The power management integrated circuit components segment held a dominant market share in 2023 and will grow at a rate of over 9.4% through 2032, owing to a continual decrease in solar panel costs, accompanied by a transformative array of business trends in associated equipment.

Asia Pacific market for solar energy harvesting will grow at a CAGR of over 9.6% through 2032, driven by continuous growth in photovoltaic installations coupled with increasing number of government initiatives & incentives.

ABB, STMicroelectronics, Texas Instruments Incorporated, EnOcean GmbH, Powercast Corporation, Mouser Electronics, Perpetua Power, Mide Technology Corp., Laird Connectivity, Honeywell are some of the major industry contenders.