Thermal Energy Harvesting Market Size – By Component, By End Use, Analysis, Share, Growth Forecast, 2024 – 2032

Thermal Energy Harvesting Market Size

The global thermal energy harvesting market was valued at USD 158.6 million in 2023 and is set to grow at a CAGR of 8.1% from 2024 to 2032. Continuous & exponential demand for renewable energy solutions along with increasing advances in thermoelectric materials & technology is augmenting the business outlook on a global scale. Thermal energy harvesting taps into ambient heat sources and converting waste heat into usable energy. This ability to capture energy from various industrial processes or natural heat sources positions thermal energy harvesting as a key contributor to reducing dependency on traditional fossil fuels, thereby accelerating the shift towards cleaner energy alternatives.
 

Significant advancements in thermoelectric materials which are used to convert heat into electricity are driving the market forward. New materials such as nanostructured thermoelectric offer higher efficiency in energy conversion, making thermal energy harvesting more practical for commercial and industrial applications. Continued research and innovation in material science are expected to improve performance, lower costs, and expand the adoption of thermal energy harvesting systems across different sectors.
 

Thermal Energy Harvesting Market Trends

Increasing demand for energy-efficient solutions in industrial processes coupled with expansion of smart devices and IoT applications used in small-scale applications including powering sensors, smart devices, and Internet of Things (IoT) networks is bolstering the market growth. Industries such as manufacturing, oil & gas, and power generation generate substantial amounts of waste heat during their operations. Harnessing this waste heat through thermal energy harvesting technologies offers a cost-effective solution for improving energy efficiency. The economic and environmental benefits of reducing energy waste make thermal energy harvesting systems increasingly attractive to industries seeking to optimize their energy usage.
 

In addition, as IoT continues to expand into sectors like healthcare, manufacturing, and smart cities, there is a growing demand for autonomous energy solutions that can power these devices without reliance on traditional batteries.
 

Thermal Energy Harvesting Market Analysis

Based on component, the energy harvesting transducer component industry will surpass USD 136 million by 2032. This is gaining traction by becoming an ideal solution for powering remote or off-grid locations, where traditional energy infrastructure may be expensive or impractical to install. In remote industrial sites, agricultural regions, or rural electrification projects, thermal energy harvesters can provide a reliable and sustainable power source by capturing ambient or waste heat. This reduces the need for costly fuel shipments and enhances energy access in isolated areas.
 

Based on end use, the building automation segment is predicted to witness more than 7.5% CAGR through 2032. This is driven by the increasing focus on smart building solutions and sustainability, where such technologies enable self-powered sensors and devices, reducing the need for battery replacements and wiring, thereby lowering operational costs and simplifies installation. Rising demand for energy-efficient, automated systems in commercial and residential buildings coupled with advancements in IoT and smart technologies is further accelerating the adoption of energy harvesting for building automation.
 

The U.S. thermal energy harvesting market is anticipated to exceed USD 80 million by 2032. The market is driven by a strong emphasis on energy efficiency and sustainability initiatives with industrial sectors, such as manufacturing and energy are increasingly adopting thermal harvesting technologies to capture and reuse waste heat, aligning with government policies aimed at reducing carbon emissions. Additionally, advancements in IoT and smart grid technologies are fueling demand for self-powered devices, thereby bolstering market growth.
 

The Asia Pacific thermal energy harvesting market is propelled by rapid industrialization, particularly in manufacturing and energy-intensive sectors. Growing government initiatives to improve energy efficiency and reduce carbon footprints are driving investments in thermal energy harvesting technologies. The expansion of smart cities and infrastructure projects in countries like China, Japan, and India, coupled with the region's focus on renewable energy integration, is further accelerating market growth.
 

Thermal Energy Harvesting Market Share

ABB, EnOcean, Micropelt, STMicroelectronics, and Texas Instruments accounts for a significant share of the thermal energy harvestings market. The industry is characterized by a dynamic blend of established global players and emerging regional companies. This competitive landscape fosters continuous innovation, pushing companies to enhance the efficiency and performance of their energy harvesting solutions. Global leaders leverage their R&D capabilities to introduce cutting-edge technologies, while regional players focus on cost-effective solutions tailored to local markets.
 

Thermal Energy Harvesting Market Companies

Some of the key market players operating across the industry are:

• ABB
• Advanced Linear Devices
• Cedrat Technologies
• EnOcean
• Fujitsu
• Honeywell
• Kinergizer
• Laird Thermal Systems, Inc.
• Micropelt
• Mide Technology
• Mouser Electronics
• Perpetua Power
• Powercast Corporation
• Renesas Electronics
• STMicroelectronics
• Texas Instruments
• ZF Friedrichshafen
   

Thermal Energy Harvesting Industry News

• In July 2024, a research collaboration involving Forschungszentrum Jülich and IHP – Leibniz Institute for High Performance Microelectronics in Germany, alongside the University of Pisa, the University of Bologna in Italy, and the University of Leeds in the UK, developed innovative materials for on-chip energy harvesting. By creating an alloy of silicon, germanium, and tin, they developed a thermoelectric material capable of converting the waste heat from computer processors into electricity. This innovation is expected to drive favorable market growth in energy harvesting technologies.
   
• In May 2024, Microsoft announced a USD 10 billion agreement with asset manager Brookfield to provide 10.5 gigawatts of renewable energy capacity between 2026 and 2030. This capacity will likely include new solar projects, particularly near emerging data-center hubs in Phoenix and Las Vegas. The scale of this investment will necessitate advanced thermal management components across Microsoft’s facilities, driving increased product adoption and contributing to the growth of the thermal energy management market.
   

This thermal energy harvesting market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Million’ from 2021 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 region & countries:

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