As per the report published by Allied Market Research, the global solar powered ATM market was accounted for $1.27 billion in 2020, and is estimated to reach $3.10 billion by 2030, growing at a CAGR of 9.7% from 2021 to 2030.
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Rise in need of continuous electricity supply technology among the banks and financial institution, rise in adoption of solar power ATM among the banks across the U.S. and Canada, and surge in power cut issues in rural areas have boosted the global solar powered ATM market. However, lack of awareness toward solar powered ATM hinders the market growth. On the contrary, surge in initiatives by key market players such as product launch and development is expected to open new opportunities in the future.
The report divides the global solar powered ATM market on the basis of component, type, end user, and region. Based on component, the deployment segment held the largest share in 2020, accounting for nearly three-fourths of the market. However, the managed services segment is projected to manifest the highest CAGR of 11.8% during the forecast period.
On the basis of end user, the banks segment held the lion’s share in 2020, contributing to more than four-fifths of the market. However, the bank agent segment is estimated to portray the highest CAGR of 14.1% from 2021 to 2030.
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The report offers an analysis of the global solar powered ATM market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for more than two-fifths of the market. Moreover, the region is anticipated to showcase the highest CAGR of 11.9% during the forecast period.
The global solar powered ATM market report includes an in-depth analysis of the prime market players such as Diebold Nixdorf Incorporated, Alpha Tech Energy Solutions India Pvt. Ltd, Fujitsu Ltd., Euronet Worldwide Inc., HESS Cash Systems GmbH, GRG Banking Equipment Co. Ltd., Hyosung Global, Hitachi Payment Services Pvt. Ltd., NCR Corporation, and Vortex Engineering.
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For instance, according to a report by IEA in 2021, electricity’s share of final energy consumption increased from 15% in 2020 to 20% in 2021 and it is set to grow to 24% by 2040. Thus, the demand for electricity is ever growing and the supply for major sources of electricity is decreasing each year at much faster rate than before. Therefore, major banks are adopting solar panels in their workplace with most consumption.
Moreover, with rise of digital banking, there is need for servers running 24X7 to cope with rise in number of transactions across the globe, owing to growing foreign investments and trade. Thus, solar panels used by the fintech and banking sector provide continuous electricity supply, which is driving the growth of the solar powered ATM market.
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