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Thermal Energy Harvesting Market Size

Report ID: GMI11926
Published Date: Oct 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Thermal Energy Harvesting Market Size in 2023:	USD 158.6 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.1%
2032 Value Projection:	USD 305 Million
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	25
Segments covered:	Component, End Use, and Region
Growth Drivers:	Rising demand for renewable energy solutions Advances in thermoelectric materials and technology
Pitfalls & Challenges:	Lack of general awareness and limited product efficiency

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Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The global market for thermal energy harvesting was crossed USD 158.6 million in 2023 and is estimated to grow at an 8.1% CAGR from 2024 to 2032, driven by the continuous demand for renewable energy solutions.

The energy harvesting transducer segment is projected to surpass USD 136 million by 2032, as it becomes an ideal solution for powering remote or off-grid locations.

The building automation segment is expected to grow at a CAGR of 7.5% through 2032, driven by the increasing focus on smart building solutions and sustainability.

The U.S. market for thermal energy harvesting is anticipated to exceed USD 80 million by 2032, fueled by strong emphasis on energy efficiency and sustainability initiatives.

Key players in the industry include 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, and ZF Friedrichshafen.