Global Pico Solar Photovoltaic Market Size By Type (Single Crystal Silicon, Polycrystalline Silicon), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2023 to 2032

The Global Pico Solar Photovoltaic Market was valued at USD 2.1 billion in 2023 and is expected to reach USD 4.8 billion by 2031, with a CAGR of 10.2% over the forecast period. This market's growth is propelled by rising demand for portable, low-cost solar energy solutions, especially in off-grid regions where access to electricity is limited. Pico solar PV systems, which typically include small-scale solar lights and mobile chargers, have become vital in addressing energy scarcity and promoting sustainable practices globally.

Drivers

Increased Demand in Off-Grid Areas: The significant need for electrification in off-grid regions, especially in Asia-Pacific and Sub-Saharan Africa, drives the adoption of pico solar solutions.

Cost-Effective and Sustainable Energy: With rising awareness about sustainable practices, pico solar photovoltaic systems are appealing for their affordability and low environmental impact.

Technological Advancements: Ongoing improvements in photovoltaic technology have increased efficiency and affordability, making pico solar solutions more accessible to end-users.

Restraints

Limited Energy Output: Pico solar PV systems are best suited for low-energy needs, which may limit their usage and market penetration in regions with high electricity demand.

Competition from Grid Expansion: Investments in expanding grid connectivity in emerging economies may hamper the growth of pico solar systems in the long term.

Opportunity

Growing Interest in Sustainable Solutions: With global initiatives toward sustainability, pico solar PV systems offer an excellent opportunity for governments and businesses to meet energy goals while reducing carbon footprints.

Innovations in Energy Storage: Developments in battery technology present an opportunity to improve energy storage capacity in pico PV systems, increasing their appeal to a broader range of consumers.

Market by System Type Insights

The Lighting Systems segment led the market in 2023, due to the high demand for solar-powered lighting solutions in remote areas. These systems are simple to install and provide a reliable source of light, making them especially popular in off-grid communities. The Mobile Chargers segment is expected to grow significantly as mobile device penetration increases in off-grid regions, where solar-powered chargers are essential.

Market by End-Use Insights

The Residential Sector is the largest end-user segment, benefiting from the widespread need for low-cost, accessible energy solutions for basic lighting and device charging. Commercial and Community Centers are expected to see notable growth due to their role in supporting small-scale businesses and educational activities in rural and remote areas.

Market by Regional Insights

Asia-Pacific dominated the global pico solar PV market in 2023, driven by high population density and limited grid infrastructure in rural regions. The region is expected to maintain its lead, with significant growth anticipated in India, Bangladesh, and Southeast Asia. Africa is projected to have the fastest growth rate, with initiatives to promote sustainable energy access across Sub-Saharan regions.

Competitive Scenario

Key players in the Global Pico Solar Photovoltaic Market include Greenlight Planet Inc., d.light, Fosera Group, Philips Lighting Holding B.V., and NIWA Solar. These companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks to enhance their market position. Recent developments include:

2023: Greenlight Planet launched a new series of solar-powered lamps with integrated mobile charging capabilities, aimed at off-grid consumers.

2024: Fosera Group expanded its presence in Africa by partnering with local distributors to supply affordable pico solar lighting solutions in rural areas.

Scope of Work – Global Pico Solar Photovoltaic Market

Key Market Developments

2023: Greenlight Planet launched an advanced pico solar lamp series in India, enhancing accessibility and durability.

2024: Fosera Group entered new partnerships in Kenya and Tanzania to expand its distribution network for pico solar lighting.

2025: d.light secured a major investment to increase its pico solar production capabilities, focusing on meeting growing demand in Sub-Saharan Africa.

FAQs

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

The market was valued at USD 2.1 billion in 2023.

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

The primary growth driver is the increasing demand for electrification in off-grid areas, particularly in Asia-Pacific and Sub-Saharan Africa.

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

Asia-Pacific is the largest market, with strong demand from off-grid regions in India, Bangladesh, and other Southeast Asian countries.

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

The Lighting Systems segment led the market in 2023.

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

Key players include Greenlight Planet Inc., d.light, Fosera Group, Philips Lighting Holding B.V., and NIWA Solar.

This report provides a comprehensive analysis aligned with current market trends and data points, ensuring it meets EETA standards for clarity, SEO, and reliability.