Industry Insights
The global Pico Solar market size will grow by 158.2 MW during 2019-2023 at a CAGR of over 15%. The rising demand for energy and the rapid growth in the adoption of portable devices are a few of the factors expected to drive market growth during the forecast period. The report provides a detailed analysis of the market by application (multi-purpose & single-purpose) and geography (MEA and ROW). Also, the report analyzes the competitive landscape and offers information on several companies, including Greenlight Planet Inc., M-KOPA SOLAR Kenya Ltd., Panasonic Corp., Signify NV, and Yingli Green Energy Holding Co. Ltd.
Pico Solar systems are used to power lanterns and low-power gadgets such as mobile phones and radios. Pico Solar is a solar photovoltaic (PV) system and has a power output that ranges up to a peak capacity of 10 watts.
Key Insights from Pico-Solar Market Report - Global Forecast 2019-2023
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The rising demand for energy is one of the primary factors driving the growth of the Pico Solar market size. The sustainable development goal (SDG) 7.1 has been aiming at ensuring universal access to affordable, reliable, and modern energy services by 2030. However, there is a lag in efforts in accomplishing the same. The majority of the population in Sub-Saharan Africa (SSA) do not have access to electricity. In Asia also some countries have been facing issues in accessing reliable electricity. As a result, there is a rising focus on off-grid renewable energy solutions such as Pico Solar in the regions. Pico Solar is a viable, electrification solution. It is rapidly scalable and environmentally sustainable. Furthermore, it holds the potential to empower rural communities. These factors are expected to drive the growth of the Pico Solar market over the forecast period.
Upcoming Pico Solar market trends such as the rapid growth in the adoption of portable devices will also contribute to the growth of the market. The use of portable gadgets such as smartphones, tablets, and e-readers has become ubiquitous. The vendors of these devices are focusing on engineering products that can be charged using renewable energy systems such as Pico Solar systems. Charging mobile phones, lanterns, and torches using Pico Solar in remote areas with poor electricity access is gaining traction. These devices use small amounts of energy. Therefore, the number of portable devices with integrated solar module and rechargeable in-built batteries is increasing. The rising need for charging efficiency in portable devices and their increasing sales will positively influence the growth of the market in focus. As a result of these factors, the market will register over 15% CAGR during 2019-2023.
Industry Analysis
Quantitative Data
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Qualitative Data
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Application Insights
The application segment has been broadly categorized into multi-purpose and single-purpose applications. The multi-purpose segment accounted for the highest Pico Solar market share in 2018. During the forecast period, this segment will grow at a faster pace compared with the overall market. The growth rate of the single-purpose segment will be slower compared with the overall market. This report provides an accurate prediction of the contribution of various segments to the growth of the Pico Solar market size.
Regional Insights
MEA accounted for the highest market share in 2018. The market in the region is expected to record a faster growth compared to the growth of the market in ROW. The need for providing electricity access to residents of rural and remote areas has been boosting the demand for off-grid power solutions, such as Pico Solar, in MEA.
Financial assistance, government-supported programs, donor-funded programs, and NGO projects for rural electrification are driving the demand for renewable energy sources such as Pico Solar. Furthermore, the increasing number of private firms have been supplying Pico-scale Solar systems on a commercial basis to cater to the existing electricity demand in MEA. The emergence of smart metering technologies and widespread use of mobile phones, which enable mobile payments, are making it easy for the suppliers to track and regulate electricity consumption. These factors are making Pico Solar products convenient and cost-effective for consumers in MEA.
Top Pico-Solar System Providers
The market is moderately fragmented. This Pico Solar market analysis report provides a detailed analysis of the market’s competitive landscape and offers information on the services offered by various companies. To enable service providers in creating strategies to make the most of the increasing Pico Solar market size, the report also provides information on the upcoming trends and challenges that will influence market growth.
The report offers a detailed analysis of several companies, including:
- Greenlight Planet Inc.
- M-KOPA SOLAR Kenya Ltd.
- Panasonic Corp.
- Signify NV
- Yingli Green Energy Holding Co. Ltd.
Segments covered in this report
Pico-Solar market by application
- Multi-purpose
- Single-purpose
Pico-Solar market by region
- MEA
- ROW
Key Highlights of the Pico Solar Market Forecast Report for the Period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the Pico Solar market size during the next five years
- Precise estimation of the global Pico Solar market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the Pico Solar industry across MEA and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of Pico Solar providers
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