Global Solar Powered ATM Market Size study & Forecast, By Component (Deployment, Hardware, Software, Managed Service), By Type (On-Site, Off-Site, and Others), By End-User (Banks and Bank Service Agent) and Regional Analysis, 2022-2029

Global Solar Powered ATM Market Size study & Forecast, By Component (Deployment, Hardware, Software, Managed Service), By Type (On-Site, Off-Site, and Others), By End-User (Banks and Bank Service Agent) and Regional Analysis, 2022-2029

Global Solar Powered ATM Market is valued at approximately USD 1.39 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.70% over the forecast period 2022-2029. Solar Powered ATM or Solar-based automated teller machine (ATM) is a banking outlet, which offers different banking services such as Cash dispensing, account information, as well as cash deposits among others. These ATMs are powered by the application of Solar Power. Solar Powered ATMs are attached with roof-top solar panels to generate electricity and rechargeable batteries to run the ATMs. Solar Powered ATMs are largely used in rural areas where an uninterrupted supply of power is not available. The growing expansion of Banking, Finance & Insurance Sectors and increasing penetration of ATMs in rural areas as well as strategic initiatives from leading market players are key factors accelerating the market growth.

According to Statista – as of 2022, the worldwide revenue in Banking, Finance, and Insurances is estimated at USD 3720 billion, and this amount is projected to grow with an annual growth rate of 2.47% between 2022 & 2025 to reach USD 4002.52 billion by 2025. Also, rising growth of Fintech infrastructure in emerging economies and favorable initiatives to promote financial inclusion in rural areas would create lucrative growth prospectus for the market over the forecast period. However, high deployment costs associated with solar powered ATMs as well as lack of awareness in developing regions would impede market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Solar Powered ATM Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is the leading region worldwide in terms of revenue owing to increasing deployment of solar powered ATMs as well as presence of leading market players in the region. Whereas, Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising number of favorable initiatives from authorities to promote financial inclusion as well as increasing emergence of fintech platforms in the region.

Major market players included in this report are:
Alpha Tech Energy Solutions India Pvt. Ltd
Diebold Nixdorf Incorporated
Euronet Worldwide Inc.
Fujitsu Ltd
GRG Banking Equipment Co. Ltd.
HESS Cash Systems GmbH
Hitachi Payment Services Pvt. Ltd.
Hyosung Global
NCR Corporation
Vortex Engineering
Recent Developments in the Market:

In October 2020, The Bank Of America under its Onsite Solar Initiative deployed America’s first Solar Powered ATM at Jefferson Davis Highway in Woodbridge. Furthermore, through this initiative, the bank planned to install more than 60 solar panel installations across its entire operations in the Country. This installation intended to represent environmental sustainability of the bank.

In March 2022, Singapore based DBS/POSB deployed Singapore’s first solar-powered ATM kiosk. Located at Blk 528 Ang Mo Kio Ave 10. Moreover, around 30% of the ATM kiosk’s annual energy consumption would come from solar energy from the panels installed on its roof. This installation would benefit the bank’s commitment to Net-Zero Banking Alliance.

Global Solar Powered ATM Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage
Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered
Component, Type, End-User, Region
Regional Scope
North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope
Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below.
By Component:
Deploymen.
Hardware
Software
Managed Service
By Type.
On-Site
Off-Site
Others
By End-User.
Bank.
Bank Service Agent

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australi.
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Companies Mentioned

Alpha Tech Energy Solutions India Pvt. Ltd
Diebold Nixdorf Incorporated
Euronet Worldwide Inc.
Fujitsu Ltd
GRG Banking Equipment Co. Ltd.
HESS Cash Systems GmbH
Hitachi Payment Services Pvt. Ltd.
Hyosung Global
NCR Corporation
Vortex Engineering

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