Global Solar Based IoT Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Solar Based IoT Market: Overview

"The Solar Based IoT Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Solar plants use IoT technology to integrate system that allows to manage entire grid that is working by power of solar. The solar-based IoT systems offers various advantages by monitoring and controlling all assets from one central control panel.

IoT is revolutionizing the information technology and electronic sectors by interrelating various mechanical, computing, and digital devices to achieve optimum efficiency of the systems. IoT technology when used with solar power generators results into enhanced monitoring, performance, and maintenance of the solar based plant.

Rising advancements in technologies is encouraging large scale solar plant to install IoT as these technologies are aids to reduce cost of renewable energy equipment. Aforementioned are major factors expected to drive growth of the global market over the forecast period.

In addition, increasing adoption of IoT systems for preventive maintenance and fault detection analysis in solar-based power plants as well as the rising need for real time monitoring of solar-based power grids in various sectors are other key factors expected to proliferate growth of the target market in the near future.

Moreover, increasing development in electronic sector for development of power efficient systems and increasing innovations in various devices to achieve hyper connectivity and high speed communications through digital process by manufacturers is expected to boost adoption for IoT technology and is expected to fuel growth of the global market in the next 10 years.

Growing demand for power-efficient, safe, and durable systems with automated predictive analysis among solar-based industries and increasing implementation of IoT devices for automation in solar power grids are major factors expected to fuel growth of the global market over the forecast period.

High adoption of IoT technology in electronic sectors is a key trend observed, owing to various features offered by IoT technology in the solar-based plants such as, real time status updates, real time maintenance, predictive analytics, and security is another factor expected to support growth of the global market.

However, high installation cost associated with solar power grid plants and rising concerns regarding cybersecurity are some of the major factors expected to restrain growth of the target market.

Furthermore, growing adoption of IoT devices and increasing utilization of bring your own (BOYD) devices are key factors expected to create significant revenue growth opportunities for major manufacturers operating in the global solar based IoT market.

Global Solar Based IoT Market: Regional Analysis

Among regions the solar based IoT market in North America is expected to register a moderate growth in terms of revenue in the upcoming years. This is primarily attributed owing to increasing adoption of IoT technology for various applications for a wide range of business operations in different industrial sectors in countries such as the US and Canada.

Global Solar Based IoT Market Segmentation:

Segmentation by Product Type:

• Thin-Film Solar
• Organic Photovoltaic
• Crystalline (Monocrystalline and Polycrystalline)

Segmentation by Component:

• GSM Boards
• IoT Data Platforms

Segmentation, by Application:

• Wave Monitoring
• Rainfall Measuring
• Moisture Sensing and Monitoring
• Radiation Screening and Monitoring
• Temperature Sensing and Monitoring

Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa