Global Pico Solar Market Size By Type (Pico Solar Lamp, Pico Solar Radio), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2023 to 2032

The Global Pico Solar Market, valued at approximately USD 2.5 billion in 2023, is projected to exceed USD 6.8 billion by 2031, growing at a CAGR of 12.3% during the forecast period. Driven by rising demand for clean, accessible energy in off-grid areas and the growing affordability of solar technologies, the pico solar market is witnessing rapid expansion. Pico solar products, including solar lanterns, phone chargers, and lighting systems, are designed for minimal energy usage, providing an accessible and environmentally friendly solution for lighting and small-scale power needs in regions with limited access to traditional energy sources.

Drivers:

Increasing Demand for Off-Grid Energy Solutions: The lack of grid access in rural and remote areas, particularly in developing regions, is a significant driver for pico solar products. These solutions offer an affordable and sustainable energy alternative for households and communities.

Declining Costs of Solar Technology: Continuous advancements in solar panel efficiency and manufacturing processes have lowered costs, making pico solar products more accessible to low-income populations.

Growing Environmental Awareness: The shift towards sustainable and renewable energy solutions has boosted the adoption of pico solar products, which reduce carbon emissions and reliance on fossil fuels.

Restraints:

Battery Maintenance and Replacement Costs: The costs associated with battery maintenance and replacement for pico solar products can hinder adoption in certain low-income regions.

Limited Power Output: Pico solar products are designed for minimal energy output, which restricts their use to small applications, limiting their appeal to some consumers with broader energy needs.

Opportunity:

Expansion in Emerging Markets: Emerging economies in Africa, Asia-Pacific, and Latin America present significant growth opportunities for pico solar products due to large off-grid populations and supportive government initiatives for renewable energy.

Technological Innovations: Advances in energy storage, efficiency, and product design offer opportunities to expand the applications of pico solar products and improve overall user experience.

Market by System Type Insights:

The Solar Lanterns segment accounted for the largest share of the pico solar market in 2023, driven by demand for affordable and sustainable lighting solutions in off-grid areas. Solar lanterns provide a cost-effective, renewable lighting option for homes, schools, and community centers, especially in rural regions with unreliable electricity access.

Market by End-Use Insights:

The Residential segment dominated the market in 2023, with households in rural and remote areas adopting pico solar products to meet basic energy needs. As demand for renewable energy solutions increases, the residential segment is expected to maintain its leadership in the market.

Market by Regional Insights:

The Asia-Pacific region led the global pico solar market in 2023, with substantial demand from countries such as India, Bangladesh, and Nepal, where grid access is limited in many areas. Africa is expected to witness the highest growth rate, supported by increasing solar infrastructure investments and strong government support for renewable energy solutions.

Competitive Scenario:

Key players in the Global Pico Solar Market include Greenlight Planet Inc., d.light Design, BBOXX Ltd., Philips Lighting (Signify), NIWA Solar, and Yingli Solar. These companies focus on product innovation, strategic partnerships, and geographic expansion to strengthen their market position and meet growing global demand. Recent developments include the launch of next-generation pico solar lanterns with enhanced battery life and mobile charging capabilities by Greenlight Planet in 2023.

Scope of Work – Global Pico Solar Market

Key Market Developments:

Greenlight Planet Inc. launched a series of long-lasting solar lanterns in 2023, designed to offer extended lighting hours and mobile charging functionalities, catering to remote communities.

d.light Design expanded its pico solar product offerings in 2024 with a focus on Africa and Asia-Pacific markets, introducing cost-effective lighting solutions aimed at underserved communities.

BBOXX Ltd. partnered with local distributors in 2023 to increase access to pico solar solutions across Africa, enhancing distribution channels and consumer access in off-grid areas.

FAQs

What is the current market size of the Global Pico Solar Market?

The Global Pico Solar Market was valued at approximately USD 2.5 billion in 2023.

What is the major growth driver of the Global Pico Solar Market?

The market’s growth is primarily driven by the increasing demand for off-grid energy solutions and the declining cost of solar technology.

Which is the largest region during the forecast period in the Global Pico Solar Market?

Asia-Pacific is expected to remain the largest region, with high demand for pico solar products, especially in off-grid areas.

Which segment accounted for the largest market share in the Global Pico Solar Market?

The Solar Lanterns segment held the largest market share in 2023, driven by demand in off-grid and rural areas.

Who are the key market players in the Global Pico Solar Market?

Key players include Greenlight Planet Inc., d.light Design, BBOXX Ltd., Philips Lighting (Signify), NIWA Solar, and Yingli Solar.