Solar PV Connections by Segment

Currently, there is a global gap between required power and generated power, which will close during the next few years as new transducer technologies are introduced. In the short term, the most dominant energy harvesting technologies are likely to be solar, thermal, and piezoelectric, as the technologies generate the most power. The increasing technology developments and digitalization will drive growth in the global solar-based Internet of Things (IoT) market. Other drivers liable for the solar-based IoT market are more energy and material-efficient products enabled by the IoT, particularly in the commercial and utility sectors. It is expected that developments, such as digitizing and harnessing solar energy, will facilitate industrial operations for end users and power producers. This investment would eventually permit consumers and producers to accumulate the maximum returns. Likewise, solar-based IoT products can track energy consumption to bypass waste. During the forecast period, the above-mentioned drivers will contribute to the development of the solar-based IoT market globally and drive demand within the global market.