Under the Sustainable Development Goals of the United Nations, increasing energy efficiency, especially for factories, is one such initiative that estimates spending on energy efficiency will cross over $6.2T by 2030 and $16.7T by 2040.
Smart thermostats are one of the rapidly evolving technologies in the HVAC (heating, ventilation, and air-conditioning) space.
While harvesting solar energy comes to mind first, technology now enables harvesting even from indoor lighting sources. IoT devices can be powered by ambient indoor lighting with the help of highly efficient solar panels and a right-sized energy storage element added to the device.
In 2016, total global energy came from 80% of fossil fuels (coal, natural gas, and petroleum). 6% of greenhouse emissions derive from energy used for lighting. Globally, 19% of electricity use is for commercial and residential lighting.
India’s energy consumption is set to grow at 4.2% a year till 2035 and is arguably the fastest-growing among all major economies. Smart meters are truly a modern solution to the power sector and can play a pivotal role in improving power companies.