Global Solar Power in Petrol Pump Market - 2022-2029

Global Solar Power in Petrol Pump Market - 2022-2029

Market Overview

The Global ""Solar Power In Petrol Pump Market"" is expected to grow at a high CAGR during the forecasting period (2022-2029).

Solar power in petrol pumps refers to using solar energy to power a petrol station. It can be done through solar panels, which generate electricity from the sun's energy. The solar panels can power various systems within the petrol station, such as lighting, fuel pumps and other electrical equipment. By using solar power, petrol stations can reduce their reliance on fossil fuels and reduce their carbon footprint.

Market Dynamics

Solar power offers a cost-effective and affordable solution for gas pumps, promoting the expansion of solar power in the market for gasoline pumps. Use of solar systems as an effective replacement for batteries results in space and cost savings as well as a reduction in emissions, which has led to an increase in the installation of solar systems in gas pumps, which has an impact on the market's expansion.

Increasing use of solar panels at gas stations would help alleviate the load shedding issue and save money on electricity, encouraging the market for solar power at gas stations. The market for solar power in petrol pumps is expanding because most petrol pumps rely on generator backup, which is more expensive and does not offer instant backup. Solar systems offer an efficient solution and instant backup. Demand for solar power at gas pumps is anticipated to increase due to rising investments in solar energy and government programs like solar installation subsidies.

Owing to the rising demand for sustainability, the global solar power in petrol pump market is growing

The growing demand for sustainability is a primary factor contributing to the growth of solar power in petrol pump market. As more people become aware of the environmental impact of fossil fuels and the need to reduce greenhouse gas emissions, there is increasing demand for renewable and sustainable energy sources. Solar power is a clean, renewable source of energy that does not produce any carbon emissions, making it an attractive option for petrol stations looking to reduce their carbon footprint.

Additionally, Using solar power can also help petrol stations reduce their operating costs and become more financially sustainable in the long term. As the cost of fossil fuels such as oil and natural gas is likely to rise over time, solar power can be a more cost-effective energy source for petrol stations. Therefore, the growing demand for sustainability is driving the adoption of solar power in petrol pumps and further contributing to the market's growth.

For instance, multinational companies like TotalEnergies are investing more in sustainability by launching renewable resources such as solar energy. On August 26, 2019, the 1,000th solar-powered service station was officially opened by TotalEnergies. The company's program to solarize some of its service stations globally, which started in late 2016, has reached a milestone with the installation of rooftop solar systems at the TOTAL Palmeraie retail outlet in Marrakech, Morocco. Furthermore, developments like these augment global market growth.

High initial costs hamper the market growth

The high initial installation cost of solar panels and other equipment is a major factor that can hamper the growth of the global solar power in petrol pump market. Solar power systems can be expensive to purchase and install and can be a deterrent for petrol stations looking to switch to solar energy. Many petrol stations may need more financial resources or access to financing to cover the initial costs of installation, which can make it difficult for them to adopt solar power.

Additionally, the high initial cost of installation can also make it difficult for petrol stations to justify the switch to solar power from a financial perspective. If the expected cost savings and financial return on investment are insufficient to offset the initial costs, petrol stations may be hesitant to adopt solar power. Furthermore, the high initial cost of installing solar power systems is a major factor that can restrain the growth of the global solar power in petrol pump market.

COVID-19 Impact Analysis

Due to the economic downfall caused by the pandemic, many businesses, including petrol stations, have faced financial challenges, which have slowed the adoption of solar power. Additionally, supply chain disruptions and delays in manufacturing and installing solar panels and other equipment have also impacted the market.

However, the demand for solar power will continue to grow in the long term, as the need to reduce carbon emissions and transition to renewable energy sources remain a priority. The COVID-19 pandemic may have temporarily slowed the growth of solar power in petrol pump market, but after the pandemic, it recovered and will continue to grow in the coming years.

Segment Analysis

The global solar power in petrol pump market is segmented based on installation, grid type, technology and region.

Owing to the simplicity of installation and reliability, grid type is leading the grid type segment

On-grid systems are the most commonly used type of solar power installation because they are relatively simple to install and maintain and they can provide a reliable source of electricity. On-grid systems are connected to the electrical grid and can supply excess electricity back to the grid. It means that they can take advantage of the reliability and stability of the grid to provide a consistent source of electricity.

Additionally, grid systems do not require batteries to store excess electricity, which can reduce the overall cost and complexity of the system. They also do not require a backup power source, as they can draw electricity from the grid when needed. On-grid systems are generally easier and less expensive to install than off-grid systems, which do not have a connection to the grid. Hence, the simplicity and reliability of on-grid systems make them a popular choice for solar power installations.

Geographical Analysis

Owing to the lower cost of solar panels leads the Asia-Pacific solar power in petrol pump market at the global scale

Asia-Pacific is home to a large and rapidly growing population, which has led to a high demand for energy in the region. It has driven the adoption of solar power in petrol pumps to meet this growing demand. Solar panel cost has decreased in recent years, making it more affordable for businesses and individuals to install solar systems. It may be particularly true in Asia-Pacific, where there are many manufacturers of solar panels, leading to increased competition and lower prices.

According to IBEF, the government allocated Rs. 19,500 crores (US$ 2.57 billion) for a PLI scheme in Union Budget 2022–23 to promote the production of high-efficiency solar modules. India is ranked fifth in the world for solar power capacity and fourth in the world for wind power. By 2024, state-run oil marketing companies (OMCs) in India will use solar energy to power their entire network of retail stations for gasoline and diesel. The Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are three OMCs that have been under pressure from the government to run their gas stations using solar energy. Around 75,000 fuel stations in India are owned by these companies to collect and will install solar panels. The OMCs have installed solar panels to power 29,266 retail locations, including 3,000 additional locations added in FY22.

Furthermore, the factors mentioned above drive the Asia-Pacific solar power in petrol pump market.

Competitive Landscape

In order to develop efficient technologies and increase production rates to meet market demand, manufacturers are making several strategic decisions in the global market for solar power in petrol pumps. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Zodiac Energy Limited, First Solar Inc., Kinara Power System, Reylon Solar, Solar World Ag, Canadian Solar Inc., Su-Kam Solar, SOLAR FRONTIER K.K., Suntech Power Holding Co. Ltd and Yingli Green Energy Holdings Co.Ltd.

Zodiac Energy Limited

Overview: Zodiac Energy Ltd., founded in 1992, is a small-cap company with a services industry focus. The business offers energy solutions and has over three decades of experience in most power generation spectrum verticals. Its range of services includes design, supply, installation, testing and commissioning (EPC), as well as operation and maintenance (O&M). In other words, it offers complete turnkey solutions for power plant construction. For several well-known clients, including Sun-Edison India Limited, Adani Group, Torrent Power Limited, Gujarat Energy Development Agency, Reserve Bank of India, Directorate of Lighthouse and Lightships Government of India (GOI) and Indian Oil Corporation Limited, the company has installed solar power plants. Until FY 2021–2022, the company has provided service to over 10,000 customers and installed rooftop solar power plants with a capacity of over 100,000 KW. The company offers services that include solar photovoltaic (PV) systems, concentrated solar thermal, building integrated photovoltaic systems, diesel/gas-based captive/ Co-generation power plants and emerging technologies. By utilizing premium solar modules, inverters, controllers and storage batteries, Zodiac provides grid-connected solar PV systems, rooftop solar PV systems, off-grid solar PV systems, solar pumping solutions, building integrated PV systems, etc. Operations and proper maintenance of rooftop and ground-mounted solar assets.

Product Portfolio
• SOLAR PHOTOVOLTAIC (PV) SYSTEM: These PV systems can be installed in sectors including the residence sector, commercial sector, agricultural sector, ground-mounted and industry sector. It contains connection systems such as on-grid, off-grid and hybrid.

Key Development
• In August 2022, In numerous IOCL gas stations, Zodiac Energy installed rooftop solar plants with a capacity of more than 500KWp. Most of the inverters used in these pumps were provided by the Italian inverter manufacturer FIMER. Some of these installations are in Ahmedabad, Palanpur, Gandhinagar and other cities. Each has a 500 kWp solar PV plant, producing an average of 9,00,000 units (kWh) per year and reducing CO2 emissions by about 730 tonnes annually.

Why Purchase the Report?
• To visualize the global solar power in petrol pump market segmentation based on installation, grid type, technology and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global solar power in petrol pump market by analyzing trends and co-development.
• Excel data sheet with numerous data points of solar power in petrol pump market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Grid Type mapping available as excel consisting of key products of all the major market players.

The global solar power in petrol pump market report would provide approximately 61 tables, 56 figures and 230 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies