Thermal Energy Harvesting Market

Market Definition

The Thermal Energy Harvesting Market size was valued at USD 645 million in 2023 and is predicted to reach USD 1141.7 million by 2030 with a CAGR of 8.5% from 2024-2030. Thermal energy harvesting refers to the process of capturing and converting waste heat from various sources, such as industrial processes, vehicles, or even human bodies, into usable energy. This is achieved by using thermoelectric materials or devices that can generate electricity by applying temperature gradient across the thermoelectric devices. The captured energy can then be used to power various devices, such as sensors, wireless networks, or even small electronic devices. Thermal energy harvesting has the potential to significantly reduce energy waste and improve energy efficiency in various industries that can also provide a sustainable energy source in remote or off-grid locations.

Market Dynamics and Trends

The increasing demand for energy-efficient solutions is driving the growth of the thermal harvesting market as it provides a cost-effective and reliable way to generate electricity. Thermal harvesting technologies harness waste heat from various industrial processes, exhaust systems, and other sources to generate electricity, thereby improving overall energy efficiency and sustainability.

Moreover, favorable government policies such as tax credits, subsidies, and feed-in tariffs aimed at promoting the use of renewable energy sources, including thermal energy harvesting, are further fostering the growth of the market. These incentives encourage investment in thermal energy harvesting technologies by reducing the financial barriers for individuals, businesses, and organizations looking to adopt sustainable energy solutions, creating a conducive environment for the development and deployment of thermal energy harvesting systems.

Furthermore, the growing environmental concerns, such as climate change and global carbon emissions, are further boosting the growth of the thermal energy harvesting market. Thermal energy harvesting provides a sustainable and environmentally friendly method to generate electricity from waste heat, reducing reliance on fossil fuels and mitigating carbon emissions while promoting renewable energy usage, combating climate change.

However, the high initial investment required to set up the infrastructure and limited availability of heat sources to generate energy is the major factors restraining the growth of the market. On the contrary, the introduction of hybrid thermal-electric systems, which combine thermoelectric generators with other energy harvesting technologies such as photovoltaics or piezoelectric materials, is expected to create significant opportunities for growth in the thermal energy harvesting market in the coming years.

These hybrid systems leverage the strengths of multiple energy harvesting techniques to maximize overall energy efficiency and generate electricity from waste heat more effectively. This innovation opens up new possibilities for applications in various sectors, including industrial processes, automotive systems, and wearable devices, driving further adoption of thermal energy harvesting solutions.

Market Segmentations and Scope of the Study

The thermal energy harvesting market share is segmented on the basis of component, sensor type, application, end-user, and region. On the basis of component, the market is divided into transducer, power management integrated circuit (PMIC), and secondary battery. On the basis of sensor type, wireless sensor network (WSN), and others. On the basis of application, the market is classified into building and home automation, consumer electronics, industrial, transportation, and security. On the basis of end user, the market is divided into wireless switching system, wireless HVAC system, wireless sensing and telematics system, tire pressure monitoring system, asset tracking system, remote health monitoring system, and regenerative energy harvesting system. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominant share of thermal energy harvesting market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the increasing emphasis on renewable energy production to fulfill energy needs in this region.

According to the U.S. Department of Energy, renewable energy accounted for approximately 20% of all electricity generated in the U.S. in 2021. With a growing focus on sustainability and reducing dependence on fossil fuels, the adoption of thermal energy harvesting technologies is expected to continue expanding in North America, driving market growth in the region.

Moreover, with increasing environmental concerns and the imperative to reduce carbon footprints and greenhouse gas emissions, there is a growing demand for sustainable energy solutions, driving the growth of the thermal energy harvesting market in this region.

According to the United States Environmental Protection Agency, approximately 67 million tons of pollution were emitted into the atmosphere in the U.S., mainly originating from the transportation and electric power sectors in 2021. On the other hand, Asia Pacific is expected to show steady growth in the thermal energy harvesting market. This is due to the rapidly growing population coupled with the increasing focus on clean energy generation to fulfil the energy demands in countries such as China, India, and Thailand. According to the International Energy Agency, China is expected to produce 40% of global renewable energy in the world during the period between 2019 to 2024.

Moreover, the expanding consumer electronics industry in Asia Pacific and the demand for portable devices and the need for efficient and sustainable power sources has also increased, thereby driving the growth of the thermal energy harvesting market. According to the Semiconductor Industry Association, China is the world’s largest manufacturing hub, producing 36% of the world’s electronics including smartphones, computers, cloud servers, and telecom infrastructure in 2021.

Competitive Landscape

Various market players operating in the thermal energy harvesting market include ABB, Analog Devices Inc., Texas Instruments Incorporated, Cymbet Corporation, EnOcean GmbH, STMicroelectronics N.V., e-peas SA, Advanced Linear Devices Inc., ICE Thermal Harvesting LLC, Cypress Semiconductor Corporation, Powercast Corporation, General Electric, Microchip Technology Inc, Fujitsu Global, WePower Technologies, and others. These market players are adopting various strategies such as product launches and collaborations to remain dominant in the market. 

For instance, in January 2023, WePower Technologies launched new energy harvesting generator Gemns Energy Harvesting Generator (EHG). The new generator was designed for wireless IoT devices. 

Moreover, in January 2023, ICE Thermal Harvesting LLC collaborated with CNX to launch pilot program to generate carbon emission free power. The collaboration was aimed to provide energy harvesting solution to CNX and reduce their carbon footprints. 

Furthermore, in February 2021, STMicroelectronics launched a new generation of extreme power-saving microcontrollers (MCU) named STM32U5 series. The MCU was launched to provide the energy demand by smart applications including wearables, personal medical devices, home automation, and industrial sensors.

Key Benefits

• The report provides quantitative analysis and estimations of the thermal energy harvesting market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the thermal energy harvesting market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the thermal energy harvesting market is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Component 

• Transducer

• Power Management Integrated Circuit (PMIC) 

• Secondary Battery

By Sensor Type 

• Wireless Sensor Network (WSN) 

• Others

By Application 

• Building and Home Automation

• Consumer Electronics

• Industrial

• Transportation

• Security

By End Use 

• Wireless Switching System

• Wireless HVAC System

• Wireless Sensing and Telematics System

• Tire Pressure Monitoring System

• Asset Tracking System

• Remote Health Monitoring System

• Regenerative Energy Harvesting System

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 645 million
Revenue Forecast in 2030	USD 1141.7 million
Growth Rate	CAGR of 8.5% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Million (USD)
Growth Factors	Growing demand for energy efficiency Favorable government schemes and policies Increasing focus on environmental sustainability
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• ABB

• Analog Devices Inc.

• Texas Instruments Incorporated

• Cymbet Corporation

• EnOcean GmbH

• STMicroelectronics N.V

• e-peas SA

• Advanced Linear Devices Inc.

• ICE Thermal Harvesting LLC

• Cypress Semiconductor Corporation

• Powercast Corporation

• General Electric

• Microchip Technology Inc.

• Fujitsu Global