Solar Based IoT Market Assessment, By Type [Solar Monitoring Systems, Weather Sensors, Smart Inverters, Energy Storage Systems, Predictive Maintenance Devices, Others], By Product [Thin-film Solar, Crystalline, Organic Photovoltaic], By Material Type [Sil

Solar Based IoT Market Assessment, By Type [Solar Monitoring Systems, Weather Sensors, Smart Inverters, Energy Storage Systems, Predictive Maintenance Devices, Others], By Product [Thin-film Solar, Crystalline, Organic Photovoltaic], By Material Type [Silicon, Gallium Arsenide, Gallium Indium Phosphide, Perovskite], By Platform [IoT Data Platforms, GSM Boards], By Application (Temperature Sensing, Wave Monitoring, Radiation Screening, Rainfall Measuring, Moisture Sensing, Others), By Region, Opportunities and Forecast, 2017-2031F

Global solar based IoT market is anticipated to expedite with a CAGR of 10.04% throughout the forecast period of 2024-2031. The market is propelled by several factors including the rapid rate of digitalization in developing countries, the rise in the cost of fossil fuels, rising IoT product adoption and solar photovoltaic (PV) technology as well as increased public awareness of sustainability.

Solar-based Internet of Things (IoT) refers to the utilization of solar energy to power IoT devices and sensors. Solar-powered IoT is a sustainable and energy-efficient way to power devices, making them self-sufficient and minimizing reliance on traditional power sources. Integration of IoT in solar energy yields a lot of benefits. The IoT technology effectively monitors the solar panels via technologically advanced sensors as well as other connected devices. It, in turn, enables real-time monitoring of the solar panel performance and helps in output optimization.

The rapid rate of digitalization is regarded as one of the key factors for the rise in the adoption of the rate of solar-based IoTs, as it allows adequate optimization as well as real-time visibility and proper management of solar power systems. Moreover, digitalization is necessary to ensure overall solar energy consumption is more efficient and sustainable. Furthermore, the integration of solar-based IoTs with solar PV cells enhances material monitoring and preventive maintenance.

Apart from the rapid growth in digitalization, solar commissioning techniques are simultaneously gaining popularity worldwide. In solar-based IoT, the commissioning process is essential for ensuring that solar energy systems work optimally and efficiently. Despite the maturity of photovoltaic solar energy, managing utility-scale solar facilities is still a large operation owing to factors such as solar radiation changes. IoT solutions provide granular data via smart gateways and sensors, allowing users to improve system efficiency by recognizing faults early. The real-time monitoring and data-driven strategy increases the performance of the solar energy systems, decreases maintenance costs, and boosts overall system transparency.

For instance, in November 2023, WILOC released a brand new IoT software to expedite solar commissioning processes. These solutions provide efficient operations and control in real time. Moreover, it inculcates a tracking system for various industries which includes oil and gas, power, transportation, etc. The tracker is generally installed for measuring parameters like humidity, temperature, etc.

Weather Sensors are Propelling the Market Expedition

Weather sensors are regarded as one of the primary drivers of the market as they are revolutionizing solar IoT by expediting the data collection process. Solar-powered IoT stations such as Milesight WTS Series integrate several sensors like humidity, temperature, wind speed, barometric pressure, etc. providing continuous and accurate monitoring. These stations ensure uninterrupted operation in the most adverse conditions. Moreover, the systems provide real-time data transmission for optimization of solar energy production and enhance system efficacy.

For instance, in July 2023, OMRON Corporation, and Weathernews Corporation collaborated to develop Soratena Pro, a highly advanced weather IoT sensor designed effectively to monitor strong winds and heavy rainfall every minute. With high frequency and performance efficacy, the new generation sensor is expected to efficiently contribute to improving weather prediction accuracy and preventing disasters worldwide.

Thin Film Solar Cells are Rapidly Augmenting Market Prospects

The thin film solar cells are propelling the market growth extensively because of their flexibility, higher operation efficacy, cost-effectiveness, etc. These cells are much more ideal for IoT applications as they offer numerous advantages like lower costs, simple manufacturing process, indoor energy harvesting, decrease in overall ecological impact, etc. as compared to the traditional solar PV cells. Thin-film solar modules can be included in smoke alarms, motion sensors, tiny electronic displays, and other small form-factor devices to eliminate the need for batteries or external wiring. The benefit makes them more eco-friendly. These cells are appropriate for building facades or weak structures. Furthermore, they can be made semi-transparent for window deployments.

For instance, in November 2023, researchers at ACS Applied Energy Materials evaluated 8 sorts of photovoltaic (PV) devices including traditional amorphous silicon (Si) to thin-film technologies like dye-sensitized solar cells. They measured each thin-film cell’s ability to convert light into electricity. Gallium indium phosphide PV cells showed the highest efficiency under the influence of indoor light thereby converting almost 40% of the light into electrical energy.

Government Initiatives are Fuelling the Market Growth

Government initiatives are playing a pivotal role in shaping the Solar IoT landscape by promoting sustainability and efficiency. By leveraging IoT technology, governments aim to enhance decision-making, operational efficiency, and intelligence in various sectors, including solar energy. The integration of solar energy and IoT offers numerous advantages such as improved energy optimization, remote monitoring, and enhanced control over energy consumption.

For instance, in August 2023, the United States Department of Agriculture (USDA) proposed subsidies for the adoption and integration of solar-based IoT. The USDA's recommendation would promote the use of IoT technologies in agriculture, especially in water management and pest control, as well as labor shortages. The federal government wants to encourage and support the use of the Internet of Things (IoT) in agriculture. To do this, it needs a broad consensus and a strong commitment to its adoption.

Radiation Screening is Accelerating Market Prosperity

Radiation screening is regarded as one of the most prominent drivers for market growth as it enables real-time monitoring along with adequate diagnosis of issues in solar panels. Solar radiation comprises UV and optical radiation, and it is the main source of human exposure to UV Radiation. The development of systems that integrate continuous monitoring of surface solar irradiation with IoT technology lowers costs and uncertainties. These systems leverage Internet of Things technology to connect items to the internet, allowing for remote interaction with the physical environment while giving reliable, safe, and privacy-preserving radiometric data from multiple web platforms.

For instance, in January 2023, a fully operational cloud-based spectroscopic radiation mapping platform with IoT modules compatible with cellular networks was introduced, enabling continuous radiological characterization of urban environments. The platform, combined with roaming vehicles, facilitated multi-pass radiological characterization, collecting over 100,000 location-referenced gamma-ray spectra in real-time and securely uploading them to an online cloud database for analysis. The integration of IoT technology with radiation screening systems showcases advancements in monitoring and ensuring safety and security in various applications, including solar energy systems.

North America to Dominate the Market

The solar IoT market is dominated by North America due to the increasing adoption of IoT in various industrial sectors across the continent. The growing adoption of smart devices by the population and integration of IoT into business processes are two reasons for North America’s leading position in the solar IoT industry. North America is at the forefront of research and innovation when it comes to developing cost-effective IoT solutions that are tailored to the specific needs of the industry, especially in oil & gas, where IoT integration is at the forefront of the energy sector.

For instance, in April 2023, the Biden-Harris Administration announced an investment worth USD 82 million for increasing IoT-equipped solar panel manufacturing to strengthen the American Clean Energy Grid. Additionally, the investment will promote much cheaper and more efficient solar cells equipped with cadmium telluride and perovskite solar manufacturing technologies.

Future Market Scenario (2024 – 2031F)

• The advent of solar monitoring systems is expected to expedite market growth at an extensive rate in the future. The continuous expenditure by worldwide governments towards the development of these solar monitoring systems is anticipated to cater to extensive opportunities for market growth in the future.

• Smart inverters are expected to be an asset for future market expansion as these inverters save up to 50% of electricity costs and are efficient in the distribution of solar energy. Moreover, these inverters are equipped with highly advanced IoTs for effective monitoring of solar energy across households as well as in commercial areas.

• Key market players are continuously focusing on the technological developments of solar-based IoT and it in turn, is expected to grow at an exponential rate in the future thereby augmenting the future aspects of market growth.

Key Players Landscape and Outlook

Key participants in solar solar-based IoT market have a sheer focus on improvising their solar technologies via IoT devices and are therefore indulging in myriad collaborations for the betterment of the process. It, in turn, will help them to maintain a prominent position in the competitive environment across the globe.

In October 2023, Loom Solar unveiled IoT-driven comprehensive energy storage solutions for commercial and residential uses. These systems are equipped with Li-ion phosphate (LFP) batteries in the range of (5 to 10) kWh. The integration allowed advanced monitoring and control systems to enhance efficacy and convenience for users looking for reliable solutions for energy storage.

In August 2023, BHP's Sierra Gorda Solar Power Project located in Chile utilized the IoT technology effectively for the enhancement of their monitoring capabilities. By the integration of IoT into solar power infrastructure, the project ensured reliable and sustainable power supply to the community. The approach allows real-time data analysis and thereby improves the operational efficacy of solar power systems.