USD 1.03 Billion
Global Micro Solar Energy Harvesting Market Size, Share, Growth Analysis, By Application(• IoT Equipment, (Smart Home Devices) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2223 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
44 |
Figures:
65
Global Micro Solar Energy Harvesting Market Insights
Global Micro Solar Energy Harvesting Market size was valued at USD 1.03 Billion in 2022 and is poised to grow from USD 1.11 Billion in 2023 to USD 2.29 Billion by 2031, at a CAGR of 10.9% during the forecast period (2024-2031).
Micro-scale energy harvesting, also referred to as miniature power harvesting, involves generating electricity from external energy sources like solar, thermal, wind, and vibration. It's the conversion of ambient energy into electrical energy to power autonomous electronic devices or circuits. The main benefits of these harvesters include their ecological safety, portability, wireless operation, cost-effectiveness, and compact size. There are many power harvesting devices, that are developed using microelectromechanical systems (MEMS) fabrication methods. The primary method for harvesting solar energy on a micro-scale involves the use of micro solar panels or photovoltaic cells. When sunlight, or solar radiation, hits these micro panels, the PV cells within absorb the energy from the photons. This absorption causes electrons to become detached. These free electrons then generate currents, which can be collected and directed into a wire or an external circuit. As scientists and engineers delve into fresh technologies and methodologies for maximizing solar power utilization, the scope of solar energy continues to broaden. Recent studies indicate that advancements in materials science, photovoltaic technology, and energy storage solutions are driving innovation and cutting costs, thereby enhancing the accessibility and appeal of solar energy for both consumers and businesses. This surge in research and development momentum is fueling global demand for micro solar energy harvesting systems.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
IoT equipments
Fastest Growth
IoT equipments
Growth Rate
10.9% CAGR
Global Micro Solar Energy Harvesting Market Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Micro Solar Energy Harvesting Market By Application ($ Bn)
Global Micro Solar Energy Harvesting Market By Application (%)
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Global Micro Solar Energy Harvesting Market Segmental Analysis
The Global Micro Solar Energy Harvesting Market is segmented based on application, and region. By applications, the market is segmented into IoT equipment and other equipment. Further, IoT equipment is sub-segmented into smart home devices, smart wearables, smart city devices, sensors, wireless charging components, and lightweight drones & other IoT Devices. Other equipment is sub-segmented into electric curtains, shared bicycles, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application
The IoT equipment segment holds the biggest share and stands out as the largest market within the micro-solar energy harvesting market. This primarily comes from the smart device applications in smart home systems, fire alarm systems, Bluetooth speakers, smart speakers, smart locks, etc. The demand for smart home devices will continue to increase since smart home devices offer clear and immediate benefits for users. For instance, a smart thermostat can save money on energy bills, while a fire alarm system and smart locks can enhance security and convenience. On the other hand, smart wearables demand is high and growing steadily, due to increased focus on health and fitness among young people. Smart city devices, sensors, wireless charging components, etc., will be in continued demand due to a surge in technological advancements, and growing applications beyond basic functionalities. This will drive the demand for IoT equipment for the micro solar energy harvesting in the forecasted period.
Global Micro Solar Energy Harvesting Market By Application, 2022 (%)
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Global Micro Solar Energy Harvesting Market Regional Insights
The dominating region in the global micro solar energy harvesting market is Asia-Pacific, which holds the largest market share. The Asia-Pacific region is predicted to lead the way in micro solar harvesting. This is because countries like China, South Korea, Japan, Singapore, and India are rapidly embracing the concept of smart cities. They're investing heavily in IoT technology to make cities smarter and more efficient. The governments are also launching smart city projects aimed at improving security and people's overall quality of life. This will drive the micro solar energy harvesting market worldwide.
The North American region is predicted to be the fastest in the global micro solar energy market. This region is profoundly known for developing IoT-based solutions with having strong focus on sustainability. Moreover, the US and Canada have a history of early adoption of new technologies, including solar power. This has created a more established market infrastructure for micro solar energy harvesting. In addition to this, there is an increased investment and support from the government for renewable energy sources, offering incentives and subsidies that encourage the adoption of micro solar technologies. This heightened adoption of IoT equipment in the smart city market eventually drives the market growth in the forecasted period.
Global Micro Solar Energy Harvesting Market By Region, 2024-2031
- Largest
- Fastest
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Global Micro Solar Energy Harvesting Market Dynamics
Drivers
Government's Renewable Energy Rally: Powering Towards a Greener Future
- The micro solar energy harvesting market is driven by renewable energy which holds immense promise for global sustainability, especially for the micro solar energy harvesting market. The International Renewable Energy Agency (IRENA) estimates that by 2050, renewable sources could satisfy 90% of the world's electricity demand, offering a pathway to reduce import dependency and bolster economic resilience. In the meantime, government initiatives play a major role in driving the market growth. For instance, in 2022, India installed 18 GW of solar PV, which was almost 40% more than in 2021, under the plan ‘Solar Power Initiative (2022).’ The government had initially set a target of 20 GW of capacity for 2022 but achieved it four years ahead of schedule. This trend not only power towards a greener future and financial attractiveness but also paves the way for widespread adoption, particularly in low- and middle-income countries.
Unleashing Solar-Powered Gadgets: Meeting the Demand for Endurance and Performance
- The micro solar energy harvesting market is driven by the growing demand for solar-powered gadgets. Thus, the rise of the Internet of Things (IoT) creates a significant impact on the micro solar energy harvesting market. As more and more devices like solar chargers, and solar lanterns become connected and require power, micro solar can provide a reliable, clean energy source for these low-power applications.
As the growing population and increasing reliance on electronics lead to a constant rise in electricity demand, there's a push for cleaner energy sources due to environmental concerns and global net-zero emission targets. Micro solar can contribute to this by providing power for edge AI devices that can contribute to the endurance and performance of the gadgets. This distributed generation, along with the growth of the Internet of Things (IoT), creates a need for smarter devices. Thus, these factors are propelling the growth of the micro solar energy harvesting market.
Restraints
Cost Implications
- The market growth is restrained by the initial cost of manufacturing which can be a barrier for micro solar energy harvesting. One of the main concerns in micro solar energy harvesting is the high raw material cost. Certain raw materials used in micro solar energy harvesting, such as high-grade silicon for photovoltaic cells, can indeed be expensive. Other than this, the production of micro solar energy harvesters involves intricate manufacturing processes, which can contribute to higher production costs compared to traditional energy sources. These factors are responsible for impeding the market growth.
Nighttime Operations Stifled by Dependency on Alternative Power Sources
- Micro-solar energy harvesting also faces challenges as it is dependent on sunlight. While advancements are being made in low-light technologies, nighttime operations remain a challenge. Several studies, on the energy harvesting market estimated that nighttime power limitations could hinder the market growth by up to 15%. This is because many potential applications, such as wireless sensor networks for environmental monitoring or industrial automation, require continuous operation, even during darkness. Optimizing efficiency is crucial, as power conversion efficiencies of current micro-solar cells can be as low as 6-18%. Therefore, minimizing energy losses during conversion and storage is another challenge. Finally, ensuring compatibility with the intended application requires careful design. For instance, a solar panel powering a low-power sensor will need different specifications than one powering a complex IoT device. Overcoming these technical challenges will be essential for the wider adoption of micro-solar energy harvesting technology.
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Global Micro Solar Energy Harvesting Market Competitive Landscape
The Global Micro Solar Energy Harvesting Market is highly competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by the continuous adoption of sustainable energy. Leading companies in the micro solar energy harvesting system sector are actively investing in ongoing research to develop new products and enhance their production capacity to meet the growing demand from end-users. They are focused on implementing growth strategies such as acquisitions, partnerships, mergers, and expanding facilities to bolster their presence in the market.
Top Player’s Company Profile
- Dracula Technologies
- Ambient Photonics
- Exeger
- Epishine
- Lightricity
- Panasonic
- Voltaic Systems
- 3G Solar
- Glass to Power
- UbiQD
- PEROVSKIA SOLAR AG
Recent Developments
- In January 2024, Ambient Photonics announced a collaboration with Google to develop a new consumer product utilizing their micro-solar technology. This device will harness the power of any indoor light source using Ambient Photonics' world-leading technology, the most powerful indoor solar cell solution available. This collaboration marks a significant step towards a future filled with sustainable, battery-free, and connected devices.
- In October 2023, Dracula Technologies unveiled their Green MicroPower Factory. This state-of-the-art facility is the largest of its kind in Europe and utilizes inkjet printing to produce organic photovoltaic (OPV) devices. Inkjet printing is a more cost-effective method compared to traditional techniques, potentially leading to lower overall system costs for micro-solar energy harvesting solutions.
Global Micro Solar Energy Harvesting Key Market Trends
- The integration of energy harvesting functionalities into consumer electronics is emerging as a prominent trend in the micro solar energy harvesting market. Manufacturers are heeding consumer demands for sustainability and improved convenience by incorporating energy harvesting technologies. The rising popularity of portable electronic devices such as smartphones, smartwatches, fitness trackers, and wireless earphones is a significant factor driving this trend forward.
- The trend of increase in the adoption of decentralized energy solutions, coupled with the integration of artificial intelligence (AI) and the IoT into renewable technologies is driven by the pursuit of higher efficiency and energy optimization. As these trends unfold, the market is primed for sustained growth, offering resilient, efficient, and decentralized solutions to meet the evolving energy needs across various industries and among consumers. On the other hand, ongoing innovations in materials science, photovoltaic technology, and energy storage solutions are improving the efficiency and reliability of micro solar energy harvesting systems.
Global Micro Solar Energy Harvesting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
In our analysis of the Global Micro Solar Energy Harvesting Market, numerous factors contribute to shaping its trajectory, leading to significant growth opportunities globally. From analysis, it is found that the IoT equipment category stands out as the leading market segment, fueled by an ongoing need for technological progress that improves infrastructure, resulting in smarter devices and more inclusive societies.
Conversely, the high cost of manufacturing processes is a major concern. This might involve implementing an advanced system design that minimizes the cost efficiency. To overcome this limitation, advancements in manufacturing technologies and economies of scale will help in reducing production costs over time. More research efforts are focused on developing alternative materials and processes to mitigate these costs and improve affordability are crucial for micro solar energy harvester to reach its full potential.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.03 Billion |
| Market size value in 2031 | USD 2.29 Billion |
| Growth Rate | 10.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Micro Solar Energy Harvesting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Micro Solar Energy Harvesting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Micro Solar Energy Harvesting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Micro Solar Energy Harvesting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Micro Solar Energy Harvesting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Micro Solar Energy Harvesting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Micro Solar Energy Harvesting Market Report Snapshots
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