Solar Powered Automated Teller Machine (ATM) Market Report 2024

This Solar Powered Automated Teller Machine (ATM) market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The solar powered automated teller machine (ATM) market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed during the historic period can be attributed to increased financial inclusion initiatives, the provision of reliable banking services in remote areas, the need for rural and off-grid banking solutions, a focus on energy independence, and a rising demand for sustainable practices.

The solar powered automated teller machine (ATM) market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The projected growth during the forecast period can be attributed to economic incentives, improved brand image, favorable regulatory compliance, rising awareness, and increased government initiatives. Key trends expected in this period include the integration of smart technologies, the adoption of hybrid solar systems, the use of data analytics and insights, modular and scalable designs, and advancements in wireless communication.

The growth of fintech infrastructure is anticipated to drive the expansion of the solar-powered automated teller machine (ATM) market. Fintech infrastructure encompasses the technological and organizational elements that support financial technology services. As fintech infrastructure advances due to rising demand for digital financial services and technological innovations, the role of solar-powered ATMs becomes increasingly significant in promoting financial inclusion. According to the 2023 State of Fintech Report by F Prime Inc., a US-based venture capital firm, fintech companies have experienced substantial growth, with their combined trailing twelve-month revenue reaching $155 billion in Q3 2022, up from $116 billion in Q3 2021. This growth in fintech infrastructure is thus contributing to the rise of the solar-powered ATM market.

Leading companies in the solar-powered ATM sector are focusing on developing advanced solutions such as solar-powered ATM kiosks to improve energy efficiency and lower operational costs. These kiosks use electricity generated from solar panels and are designed to provide banking services in remote or off-grid locations where traditional power sources are scarce. For example, in April 2022, DBS Bank Limited and Post Office Saving Bank introduced Singapore's first solar-powered ATM kiosk at Blk 528 Ang Mo Kio Ave. 10. This kiosk features solar panels that generate about 30% of its annual energy needs from solar power, and customers can track real-time solar energy production via a dashboard at the ATM.

In October 2021, Ameresco Inc., a US-based renewable energy firm, acquired a major renewable energy project from Bank of America Corporation. This project includes the installation of nearly 10,000 solar photovoltaic (PV) modules, aimed at covering about 60% of the campus's annual electricity requirements. It features rooftop solar arrays, covered carports with EV charging stations, a solar-powered ATM, and solar-powered benches for charging devices such as smartphones and tablets. Bank of America is a prominent US-based investment bank and financial services holding company.

Major companies operating in the solar powered automated teller machine (ATM) market are NRG Energy, Fujitsu Ltd., NCR Corporation, Diebold Nixdorf Incorporated, Euronet Worldwide Inc, IndusInd Bank, Hyosung TNS Inc., Hitachi Payment Services Pvt Ltd, EcoATM Solution, HESS Cash Systems GmbH, Vortex Engineering, Solar Solution, Solaris Technologies, Sun Solar Techno Limited, Autonic Energy Systems Pvt. Ltd, Avo Solar, POSB Bank, Alpha Tech Energy Solutions India Pvt Ltd, GRG Banking Ltd, Zenom Solar Power.

Asia-Pacific was the largest region in the solar powered automated teller machine (ATM) market in 2023. The regions covered in the solar powered automated teller machine (ATM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the solar powered automated teller machine (ATM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A solar-powered automated teller machine (ATM) uses photovoltaic panels to harness solar energy for electricity, allowing it to function without relying on traditional power sources. This makes it particularly useful for providing banking services in remote or off-grid areas, enhancing sustainable financial inclusion.

The several types of solar-powered ATMs are on-site, off-site, and others. An on-site solar-powered ATM operates using energy from solar panels installed directly at its location. This environmentally friendly approach enables the ATM to function in remote or off-grid areas, minimizing dependence on conventional electricity. The key components of these ATMs include deployment, hardware, software, and managed services, which support a range of financial and non-financial transactions. They are distributed through both online and offline channels and are used by banks and service agents.

The solar powered automated teller machine (ATM) market research report is one of a series of new reports that provides solar powered automated teller machine (ATM) market statistics, including solar powered automated teller machine (ATM) industry global market size, regional shares, competitors with a solar powered automated teller machine (ATM) market share, detailed solar powered automated teller machine (ATM) market segments, market trends and opportunities, and any further data you may need to thrive in the solar powered automated teller machine (ATM) industry. This solar powered automated teller machine (ATM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar powered automated teller machine (ATM) market consists of revenues earned by entities by providing services such as maintenance services, security services, installation services, and technical support services. The market value includes the value of related goods sold by the service provider or included within the service offering. The solar powered automated teller machine (ATM) market also includes sales of solar panels, batteries, inverters, and automated teller machine (ATM) machines integrated with solar technology. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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