According to the report, the global pico-solar market reached a value of USD 308.97 million in 2022. Aided by the escalating need for affordable and clean energy in off-grid locations and the rising emphasis on sustainable energy solutions, the market is projected to further grow at a CAGR of 12.4% between 2023 and 2028 to reach a value of USD 632.74 million by 2028.
Pico-solar refers to small-scale photovoltaic systems, typically used to power single devices or small clusters of appliances. These systems, which range from 1 to 10 watts, have emerged as viable solutions for energy access in remote areas devoid of grid connectivity. Pico-solar products, encompassing lanterns, radios, and small-scale chargers, are not just energy-efficient but also economically beneficial for low-income households, especially in developing nations.
The continuous global pico-solar market expansion can be attributed to a myriad of factors. Foremost among them is the pressing need to bridge the energy divide. As a considerable portion of the global population, primarily in sub-Saharan Africa and parts of Asia, remains without access to electricity, pico-solar products offer an affordable and sustainable avenue to light up homes and power essential devices.
Furthermore, the environmental benefits associated with pico-solar are considerable. As nations grapple with the exigencies of climate change, there's a concerted push towards green, sustainable energy sources. Pico-solar, being a clean energy alternative, mitigates the dependence on fossil fuels, reducing carbon emissions and enhancing environmental sustainability.
A significant factor propelling the pico-solar market growth is its affordability and low maintenance requirements. For regions where the economic dynamics make grid expansion financially nonviable, pico-solar products offer a cost-effective solution to meet basic energy needs. This, coupled with initiatives by governments and NGOs to promote renewable energy, has spurred the proliferation of pico-solar products in off-grid areas.
Advancements in technology have widened the application scope of pico-solar products. Today, these systems are being integrated into a range of devices, from radios to small refrigeration units, granting consumers in remote locations a taste of modern conveniences. Furthermore, financing models, such as Pay-As-You-Go (PAYG), are gaining traction, enabling consumers to procure pico-solar products through affordable instalment plans, thereby fostering pico-solar market development.
This high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Pico-solar refers to small-scale photovoltaic systems, typically used to power single devices or small clusters of appliances. These systems, which range from 1 to 10 watts, have emerged as viable solutions for energy access in remote areas devoid of grid connectivity. Pico-solar products, encompassing lanterns, radios, and small-scale chargers, are not just energy-efficient but also economically beneficial for low-income households, especially in developing nations.
The continuous global pico-solar market expansion can be attributed to a myriad of factors. Foremost among them is the pressing need to bridge the energy divide. As a considerable portion of the global population, primarily in sub-Saharan Africa and parts of Asia, remains without access to electricity, pico-solar products offer an affordable and sustainable avenue to light up homes and power essential devices.
Furthermore, the environmental benefits associated with pico-solar are considerable. As nations grapple with the exigencies of climate change, there's a concerted push towards green, sustainable energy sources. Pico-solar, being a clean energy alternative, mitigates the dependence on fossil fuels, reducing carbon emissions and enhancing environmental sustainability.
A significant factor propelling the pico-solar market growth is its affordability and low maintenance requirements. For regions where the economic dynamics make grid expansion financially nonviable, pico-solar products offer a cost-effective solution to meet basic energy needs. This, coupled with initiatives by governments and NGOs to promote renewable energy, has spurred the proliferation of pico-solar products in off-grid areas.
Advancements in technology have widened the application scope of pico-solar products. Today, these systems are being integrated into a range of devices, from radios to small refrigeration units, granting consumers in remote locations a taste of modern conveniences. Furthermore, financing models, such as Pay-As-You-Go (PAYG), are gaining traction, enabling consumers to procure pico-solar products through affordable instalment plans, thereby fostering pico-solar market development.
Market Segmentation
The market can be divided based on application, end use, and region.Market Breakup by Application
- Multi-Purpose
- Single-Purpose
- Others
Market Breakup by End Use
- Residential
- Commercial
- Industrial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global pico-solar companies. Some of the major key players explored in the report are as follows:- Sun King
- M-KOPA Group
- Signify N.V
- Shenzhen Power-Solution Ind Co., Ltd
- Fosera Solarsystems GmbH & Co. KGaA
- d.light Limited
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.This high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market13 Value Chain Analysis
3 Report Description
5 Executive Summary
6 Market Snapshot
8 Global Pico-Solar Market Analysis
9 Americas Pico-Solar Market Analysis
10 Asia Pacific Pico-Solar Market Analysis
11 Europe, Middle East and Africa Pico-Solar Market Analysis
12 Market Dynamics
14 Competitive Landscape
Companies Mentioned
- Sun King
- Signify N.V.
- Shenzhen Power-Solution Ind Co., Ltd
- Fosera Solarsystems GmbH & Co. KGaA
- d.light Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 85 |
| Published | July 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 353.36 Million |
| Forecasted Market Value ( USD | $ 632.74 Million |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
