The global pico-solar market is expected to post a CAGR close to 15% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global pico-solar market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising demand for energy. A considerable section of the population has no electricity or have electricity but face poor quality supply. These factors have paved the way for the development of technologies and solutions that can significantly accelerate the growth trajectory of electricity access. Off-grid renewable energy solutions such as stand-alone systems and mini-grids have emerged as a mainstream and cost-competitive option for expanding electricity access. Off-grid renewable energy solutions such as pico-solar represent a viable electrification solution, which is rapidly scalable, environmentally sustainable, can be customized to local conditions and holds the potential to empower the rural communities. Hence, the rising demand for electricity access and associated socio-economic benefits of using off-grid renewable solutions such as pico-solar are expected to drive the growth of the global pico-solar market during the forecast period.
As per Technavio, the rapid growth in the adoption of portable devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pico-solar market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global pico-solar market: Rapid growth in adoption of portable devices
There has been a rapid growth in the adoption of portable devices such as smartphones, tablets, and e-readers, which consume relatively small amounts of electricity. Furthermore, it has been expected that most of the electrical devices and certain consumer products could be connected to Internet-of-Things devices, thus using energy to collect, process, store, transmit and receive data. The use of such portable electronic devices has been propelling the growth potential of pico-solar systems for charging mobile phones, lanterns, and torches in remote areas with poor electricity access. There has been considerable growth in the number of portable devices with integrated solar module and rechargeable battery built into the design. Also, certain devices use rechargeable mobile phone batteries rather than traditional disposable batteries, thus allowing the devices to be recharged using pico-solar systems. As a result, the growth in the use of portable devices is expected to boost the growth of the global pico-solar market during the forecast period.
“Apart from the rapid growth in adoption of portable devices, the development of favorable financing options, the rising support from NGOs, and the rising demand for clean energy technologies, are some other major aspects that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global pico-solar market: Segmentation analysis
This market research report segments the global pico-solar market by application (multi-purpose and single purpose) and geographical regions (MEA and ROW).
The MEA region led the market in 2018 and during the forecast period, the MEA region is expected to maintain its dominance over the global market and register the highest incremental growth due to rising adoption of pico-solar systems in the region.
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