Micro Solar Energy Harvesting Market Size, Share, Growth Analysis, By Application(• IoT Equipment, (Smart Home Devices, Smart Wearables, Smart City Devices), By Region - Industry Forecast 2024-2031

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.