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Solar Energy Harvesting Market Trends

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

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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.

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.