The concept of solar based IoT is a combination of increased demand for adopting renewable sources of energy and the latest digitization techniques. Solar based IoT is a new technological trend that is slowly and steadily establishing its foothold in the global market. IoT allows the communication of various kinds of machines and devices that are connected to one another in a system. The growth potential of the global solar based IoT market is endless.
The major growth driver in the global solar based IoT market is the rapid technological developments in combination with digitization. Another factor that is fuelling the growth of the market for solar based IoT globally is that using IoT optimizes varied industrial processes by making them more material- and energy-efficient. With continuous developments related to solar energy harnessing, digitizing solar energy will aid in streamlining processes for power producers and consumers. This would enable them to get maximum output for their investment. Solar based IoT products help in tracking energy consumption, to avoid energy wastage. These are some of the factors contributing to the growth of this market.
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Cybersecurity issues can restrain the growth of the global solar based IoT market.
Some of the key market players of global market for solar based IoT include Alta Devices Inc., Voltaic systems, Solar Sps., and Cypress Semiconductor Corporation, among several others.
The global solar based IoT market can be divided based on product type, platform, material type, and application. On the basis of product type, the solar based IoT market can be fragmented into crystalline (monocrystalline and polycrystalline), organic photovoltaic, and thin-film solar. Based on the platform, the market for solar based IoT can be segmented into IoT data platforms and GSM boards. GSM board frameworks are primarily used in electric circuits and wires. They are also used in embedding smart devices. Thus, GSM boards segment is anticipated to dominate the market in the upcoming years. On the basis of material type, the solar based IoT market can be classified into silicon and others. Based on application, the solar based IoT market can be categorized into moisture sensing, temperature sensing, wave monitoring, rainfall measuring, and radiation screening, among others. Temperature sensing segment is expected to show good growth, due to temperature sensors’ wide usage in various consumer goods.
Based on regions, the global market for solar based IoT can be divided into five main regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The North American region is expected to hold a substantial share in the solar based IoT market in the upcoming years. This is due to IoT’s increasing application for a wide range of business operations across various industrial sectors. The population in this region also prefers using smart devices hence increasing the popularity of the solar based IoT market. The Asia Pacific region shows good growth potential in the solar based IoT market in future, due to rapid digitization in developed countries, like Japan.
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