New Focus For Industrialization 4.0: Economic Growth Through Industrial Energy Management

Abstract

The purpose of this article is to understand and elaborate on the impact of energy management through the use of solar energysystems in the industrial sector over the economic growth of developing countries. This study is based on Pakistan where the concept is in the infancy stage. Therefore, the significance of the study has many folds as the study will not only reflect the contemporary use of solar panels in the industrial sector but also reflect vividly upon the implications of the concept regarding the eastern and developing markets. The study collected data from employees of the energy sector to test the claim with a nonprobability sampling technique and analysis has been made through incorporating SMART-PLS. The findings of the study reflect that there is a definite association between the use of solar panels in the production sector on energy efficiency as well as the sustainable economic growth of the country. Hence the study is also beneficial for fostering research work as well as to optimize the policy formulation for the use of solar energy systems in the production sector of developing countries of the world.