Global Pico-Solar Market Report and Forecast 2023-2028

Global Pico-Solar Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), 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.

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

The EMR 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 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
• d.light Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.