According to the report by Expert Market Research (EMR), the global pico-solar market size is projected to grow at a CAGR of 12.4% between 2024 and 2032. 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 expected to grow significantly by 2032.
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.
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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 demand.
Pico-Solar 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
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Competitive Landscape Of Pico-Solar Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pico-solar market. Some of the major players explored in the report by Expert Market Research are as follows:
- Sun King
- M-KOPA Group
- Signify N.V.
- Shenzhen Power-Solution Ind Co., Ltd
- Fosera Solarsystems GmbH & Co. KGaA
- light Limited
- Others
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