Pico-Solar Market Size, Share & Industry Analysis By Product Type (Multi-Purpose and Single-Purpose), By Application (Residential, Commercial, and Industrial), and Regional Forecast till 2032

The global pico-solar market is expanding due to the increasing demand for solar-based products. In addition, rising awareness regarding climate change also supports the demand for pico-solar products. Pico-solar is one of the essential parts of the solar industry that comprises small-scale solar power systems. These systems are famous for their compact size, low cost, and capacity to supply energy for applications such as small appliances, device charging, and lights.

The rising need for supportable and clean energy solutions, mainly in places with or without unstable traditional electrical systems, is one of the main factors pushing the pico-solar market.

Pico-Solar Market Driver

Rising Adoption of Renewable Energy-Based Products to Boost the Market Growth

Solar is one of the major contributors to the global renewable market. It is easy to install on small and large scales, and portable products are combined with solar panels. The growing adoption of such solar-based products is boosting market growth. Moreover, pico-solar is widely used for outside activities, and its compatibility and easy-to-carry application are also driving the market growth.

Pico-Solar Market Restraint

Complexity Associated with Pico-Solar May Hinder Market Growth

Pico-solar is a new concept that is designed to deliver power to portable devices such as phones, lights, electronic products, and others. The availability of the manufacturers for these devices is limited, which is affecting the market growth. This is owing to the complexity of the pico-solar. The lack of technicality in the design and mechanism has been delaying market growth in recent years.  

Pico-Solar Market Opportunity

Rising Awareness of Energy Transition to Offer New Growth Opportunities

Awareness regarding the energy transition is becoming a new opportunity for all renewable-based products. Pico-solar is coming up with a new approach that can create a trend in portable energy storage systems. The growing demand for portable devices is also one of the major factors boosting the expansion of the pico-solar market.

Segmentation

Key Insights

The report covers the following key insights:

• Recent Advancements in Pico-Solar


• Key Industry Trends


• Regulatory Landscape for Pico-Solar


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

Analysis By Product Type

Based on product type, the market is segmented into multiple purposes and single-purpose.

The multi-purpose segment is the dominating segment driven by its application through portable and nonportable devices. The growing outdoor activities require multi-purpose pico-solar to manage all the power-based devices. This is one of the factors driving the market growth.

The single-purpose segment is the fastest-growing segment driven by its mechanism, which can only be associated with particular applications.

Analysis By Application

Based on application, the market is divided into residential, commercial, and industrial.

The residential segment is considered a dominating sector globally, driven by the application of pico-solar in household appliances.

The industrial segment is expected to be one of the fastest-growing segments. This is owing to the adoption of renewable-powered devices for operations and supply chain. Commercial buildings such as hotels, hospitals, and offices are focusing on zero carbon emissions due to climate change policies. This is one of the major factors driving the growth of the pico solar market.

Regional Analysis

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Based on region, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is considered to be the dominant region globally. This is owing to the availability of pico solar manufacturers in China and Japan. China holds the maximum share of solar energy, which is somewhere nearing market growth for pico-solar products.

North America is one of the fastest-growing regions, backed by rising sales in the U.S. The region's demand for solar-based products drives market growth over the forecast period. The rising research and development and government support for the solar sector are expected to offer market players more opportunities. For instance, in May 2024, the Dept. of Energy announced ~USD 70 million in research and development (R&D) selections to seed new technologies throughout the solar supply chain.

Growing awareness regarding climate change is driving Europe globally. Countries such as the U.K. and Germany are focusing on a policy that will lead to zero carbon emissions, driving the pico-solar market.

Key Players Covered

The global pico-solar market is fragmented in terms of the number of providers. Various market developments and strategic initiatives are anticipated to drive market growth. For instance, in April 2020, EnDev, DFID, and SNV collaborated for establishing a market for Pico PV technologies in the rural areas of Tanzania’s Lake Zone. The Results-Based Financing for Pico-Solar Market Development project aims to enhance market access and the utilization of quality pico-solar devices for off-grid and rural households.

The report includes the profiles of the following key players:

• Sun King (Kenya)


• M-KOPA Group (Kenya)


• Signify N.V. (Netherlands)


• Shenzhen Power-Solution Ind Co., Ltd (China)


• Fosera Solarsystems GmbH & Co. (Germany)


• HUNTER DOUGLAS INC. (Netherlands)


• d.light Limited (U.S.)

Key Industry Developments

• In January 2024, Tom’s Hardware shared plans to launch a new concept named “Raspberry Pi Pico Solar Flower.” This product serves as a modest interface for the flower that can show the date and time.


• In June 2022, Namene, a clean technology company, achieved a crucial landmark by distributing one million high-quality pico-solar lights to off-grid customers through its carbon development projects since 2021.