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Thermal Energy Harvesting Market Trends

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

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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.

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.