Pico Solar Market: Current Analysis and Forecast (2024-2032)

The pico solar market refers to the market for small-scale solar energy systems, typically designed to provide lighting or charge small electronic devices in off-grid or remote areas. Pico solar systems help bridge the energy gap for communities without access to electricity grids, particularly in rural and remote areas. One of the major driver boosting the growth is affordability of pico solar systems which makes them accessible to low-income households, offering a cost-effective alternative to traditional energy sources like kerosene lamps.

Pico Solar Market is expected to grow at a strong CAGR of 12.8 % during the forecast period owing to the growing advancement in solar technology, including improvements in efficiency and affordability. Additionally, the increasing penetration of mobile phones and other electronic devices in developing regions has created a growing demand for off-grid charging solutions provided by pico solar systems. Policies and initiatives supporting renewable energy adoption, such as subsidies and incentives, have stimulated demand for pico solar systems. Moreover, pico solar systems contribute to reducing greenhouse gas emissions by replacing fossil fuel-based lighting and charging solutions.

Based on type, the market is segmented single purpose and multi-purpose. Amongst these, the single purpose segment is forecasted to have a significant growth in the pico solar market because These systems are often designed for easy setup, potentially by the user themselves, and may not require a professional installer. Moreover, due to their small size and limited components, single point pico solar systems are generally more affordable than larger solar setups. They are best suited for powering basic appliances or low wattage devices.

Based on application, the market is segmented into residential, commercial, and industrial. Amongst these, the residential segment has a significant share in the pico solar market because in many regions, particularly developing countries, households may lack access to a reliable electricity grid. Pico solar systems offer a cost-effective way to meet basic needs like lighting and phone charging. Additionally, pico systems are relatively inexpensive and can be easily scaled up by adding additional units to power more appliances. This modularity makes them suitable for homes with varying electricity demands. In some countries, governments offer subsidies or tax breaks to encourage the adoption of pico solar in homes. This can further incentivize residential use and drive market growth.

For a better understanding of the market adoption of the pico solar industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), Rest of World. The Asia-Pacific region has experienced significant growth in the pico solar market as a substantial portion of the population in Asia Pacific, particularly in Southeast Asia and some rural areas, lacks access to a reliable electricity grid. Pico solar systems offer a compelling solution, providing a clean and independent way to meet basic electricity needs for lighting, phone charging, and powering small appliances. Additionally, as economies in the region strengthen, disposable income rises. This makes pico solar systems, once potentially out of reach, more affordable for individuals and families. The Asia Pacific region has a young and growing population, many residing in areas where pico solar can significantly improve their quality of life. This growing demand further fuels market expansion. Moreover, growing emphasis on adopting renewable energy sources across Asia Pacific. Pico solar aligns perfectly with this goal, providing a clean and environmentally friendly way to generate electricity.

Some major players operating in the market include Sun King, Signify N.V., Fosera Solarsystems GmbH & Co. KGaA, Power-Solution, Panasonic Corporation, Solar Run, JA SOLAR Technology Co, Ltd, Barefoot Power, Maxeon Solar Technologies Ltd., and d. light design.