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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Pico-Solar Market Outlook
The global pico-solar market attained a value of USD 308.97 million in 2023. The market is estimated to grow at a CAGR of 12.4% during 2024-2032 to reach a value of USD 632.74 million by 2032.
| Global Pico-Solar Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | 308.97 |
| Market Size 2032 | USD Million | 632.74 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 12.4% |
| CAGR 2024-2032 - Market by Region | Americas | 10.2% |
| CAGR 2024-2032 - Market by Country | Nigeria | 15.4% |
| CAGR 2024-2032 - Market by Country | Brazil | 12.0% |
| CAGR 2024-2032 - Market by Application | Multi-Purpose | 12.7% |
| CAGR 2024-2032 - Market by End Use | Residential Sector | 11.9% |
| Market Share by Country 2023 | Germany | 2.0% |
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Market Segmentation
A pico-solar system is described as a small PV system, which is much smaller than regular home systems, with a power output of 1 to 10W, used primarily for lighting and, therefore, capable of replacing unhealthy and unreliable sources such as kerosene lamps and candles. Pico-solar systems can be used in portable products like small lights, toys, mp3 players, cell phones, calculators, and tablets, among others. Small ICT applications may also be introduced depending on the model. Pico solar systems contain a charge controller and photovoltaic module, along with a rechargeable battery.
The pico-solar market can be divided based on segments like application and end-use.
| CAGR 2024-2032 - Market by | Country |
| Nigeria | 15.4% |
| Brazil | 12.0% |
| USA | 11.2% |
| India | 6.8% |
| Kenya | XX% |
| Ethiopia | XX% |
| Cameroon | XX% |
| Germany | XX% |
| Tanzania | XX% |
| CAGR 2024-2032 - Market by | Application |
| Multi-Purpose | 12.7% |
| Single-Purpose | XX% |
The industry can be broadly categorised on the basis of its application into:
- Multi-Purpose
- Single-Purpose
- Others
| CAGR 2024-2032 - Market by | End Use |
| Residential Sector | 11.9% |
| Commercial Sector | XX% |
| Industrial Sector | XX% |
The market can be divided based on its end-use as:
- Residential
- Commercial
- Industrial
| CAGR 2024-2032 - Market by | Region |
| Americas | 10.2% |
| Asia Pacific | 9.5% |
| EMEA | XX% |
The EMR report looks into the global pico-solar markets like Americas, Asia Pacific and Europe, Middle East and Africa (EMEA).
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Market Analysis
One of the main factors boosting the growth of the pico-solar industry size is the increasing demand for energy. The objective of sustainable development (SDG) was to ensure universal access to affordable, secure, and efficient energy services by 2030. There is, however, a pause in attempts to do the same. There is no access to electricity for the majority of people in sub-Saharan Africa (SSA). Throughout Asia, there have also been issues with access to reliable energy in some nations. As a result, off-grid renewable energy solutions such as pico-solar in the regions are becoming increasingly focused. Pico-solar is a viable solution for electrification. It is quickly scalable and sustainable in the environment. It also has the ability to strengthen rural communities. It is expected that these factors will drive the pico-solar market growth over the forecast period.
| 2023 Market Share by | Country |
| Germany | 2.0% |
| USA | XX% |
| Kenya | XX% |
The pico-solar market is expected to be supported by platforms like World Banks Group’s Lighting Global. Also contributing to the market growth will be the upcoming pico-solar market trends, such as rapid growth in the adoption of portable devices. The increasing need for efficient charging in portable devices and their growing sales will have a positive impact on the industry growth in focus. The rising market for pico-solar chargers is also expected to drive the pico-solar market growth.
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Competitive Landscape
The report presents a detailed analysis of the following key players in the global pico-solar market, looking into their capacity, and competitive landscape:
- Sun King
- M-KOPA Group
- Signify N.V.
- Shenzhen Power-Solution Ind Co., Ltd
- Fosera Solarsystems GmbH & Co. KGaA
- d.light Limited
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Pico-Solar Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of over 12.4% between 2024 and 2032.
The major drivers of the market include the scalability and sustainability in the environment, increasing need for efficient charging in portable devices and their growing sales, and rising market for pico-solar chargers.
The increasing demand for energy and the fast growth in the adoption of portable devices are the key market trends propelling the market's growth.
The major regions in the market are Americas, Asia Pacific, and Europe, Middle East and Africa.
Pico-solar find their major application in a multi-purpose and single-purpose, among others.
The industry can be divided based on its end-use as residential, commercial, and industrial.
The major players in the market are 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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