What is the global market size of Micro Solar Energy Harvesting Market?

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 Solar Energy Harvesting Market Size

Micro Solar Energy Harvesting Market Insights

Global Micro Solar Energy Harvesting Market size was valued at USD 1.2 billion in 2023 and is poised to grow from USD 1.33 billion in 2024 to USD 3.02 billion by 2032, growing at a CAGR of 10.8% during the forecast period (2025-2032).

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.

FAQs

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. 'STMicroelectronics (Switzerland) ', 'Microchip Technology Inc. (US) ', 'Texas Instruments Incorporated (US) ', 'Analog Devices, Inc. (US) ', 'Infineon Technologies AG (Germany) ', 'Renesas Electronics Corporation (Japan) ', 'EnOcean GmbH (Germany) ', 'ABB (Switzerland) ', 'Honeywell International Inc. (US) ', 'Qorvo, Inc. (US) ', 'Kistler Group (Switzerland) ', 'Cymbet (US) ', 'Physik Instrumente (PI) GmbH & Co. KG (Germany) ', 'CTS Corporation (US) ', 'Trameto Limited (UK) ', 'Bionic Power Inc. (Canada) ', 'Kinergizer (Netherlands) ', 'Powercast Corporation (US) ', 'Micropelt GmbH (Germany) ', 'Advanced Linear Devices, Inc. (US) ', 'APC International Ltd. (US) ', 'Voltree Power (US) '

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.

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 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.