The energy harvesting system market is projected to grow from USD 0.6 billion in 2023 and is projected to reach USD 0.9 billion by 2028; it is expected to grow at a CAGR of 10.0% from 2023 to 2028.
The growth of the energy harvesting system market is driven by growing preference for wireless sensor networks equipped with energy harvesting systems, and favorable government initiatives.
Key strategies adopted by the players in the energy harvesting system market ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, partnerships and acquisitions.
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For instance, in June 2023, STMicroelectronics (Switzerland) and GlobalFoundries Inc. (US) announced a strategic collaboration to create a new, jointly operated, high-volume semiconductor manufacturing facility in Crolles, France. The new 300 mm semiconductor manufacturing facility will focus on volume manufacturing of semiconductor components to target the automotive, IoT, and consumer electronics sectors.
In November 2022, EnOcean Gmbh (Germany) and Parabellum Acquisition Corp. (US) agreed to a definitive business combination, resulting in EnOcean becoming a publicly listed company named EnOcean Holdings, N.V. The transaction values EnOcean at an equity value of USD 120 million.
STMicroelectronics (Switzerland) held a major share of the energy harvesting system market in 2022. The company offers various power management integrated circuit solutions, such as energy harvesting and solar charging IC, battery management IC, Gallium Nitride (GaN) power IC, DC-DC switching converters, and AC-DC converters. STMicroelectronics energy harvesting and solar charging ICs extract energy from ambient light or thermal differences to power small devices in IoT applications like smart lighting, home automation, remote monitoring, and wearables. The company has dedicated fabrication facilities in Italy, France, and Singapore. It collaborates with thousands of partners and 200,000 customers worldwide to develop products and solutions. STMicroelectronics extensively focuses on research and development activities. In 2022, the company invested 11.8% of its revenue in research and development activities. It has a strong patent portfolio with over 19,500 patents and pending patent applications, corresponding to approximately 9,300 patent families (each containing all patents originating from the same invention), including 597 new patent filings in 2022. The company has distributors in the Americas, Europe, Asia Pacific, and the Middle East & Africa.
Microchip Technology Inc.:
Microchip Technology Inc. (US) is a leading provider of microcontroller, mixed-signal, analog, and Flash-IP solutions. The company focuses on disruptive growth trends such as artificial intelligence (AI), 5G, Internet of Things (IoT), machine learning, autonomous driving, advanced driver assists system (ADAS), and electric vehicles. It offers low-power microcontrollers integrated with wireless switches and battery-less sensors for energy harvesting applications. The company markets its products globally through a network of distributors and direct sales personnel. The direct sales force emphasizes three geographical markets, including Europe, Asia, and the Americas. In FY 2023, 47% of the company’s net sales were through its distributors, namely Arrow Electronics, Mouser Electronics, RS Components, Future Electronics, and Digi-Key Electronics. Arrow Electronics was the largest distributor and generated a revenue of approximately 11%.
Energy Harvesting System Market by Technology (Light, Vibration, Radio Frequency (RF), Thermal), Component (Transducers (Photovoltaic, Piezoelectric, Electromagnetic, RF, Thermoelectric), PMICs, Secondary Batteries) - Global Forecast to 2028
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