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.
Seattle, WA -- (SBWIRE) -- 12/12/2019 -- 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.
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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.
The rising demand for energy is one of the primary factors driving the growth of the Pico Solar Systems 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 Systems in the regions. Pico Solar Systems 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 Systems market over the forecast period.
Upcoming Pico Solar Systems 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 Systems 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.
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 Systems, in MEA.
The market is moderately fragmented. This Pico Solar Systems 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 Systems market size, the report also provides information on the upcoming trends and challenges that will influence market growth.
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