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.
People are paying more attention to energy efficiency in new construction projects. This is due to the growing concern about climate change.
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.
The rising inclination of consumers towards energy-efficient systems, such as eco-friendly inverter controller boards, and the growing popularity of portable systems are expected to impact the air conditioning systems market growth positively.