The solar-powered automated teller machine (ATM) market size has grown strongly in recent years, with projections indicating it will increase from $1.42 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. This growth during the historical period is driven by factors such as growing financial inclusion initiatives, the provision of reliable banking services in remote areas, the banking needs of rural and off-grid locations, energy independence, and a heightened demand for sustainable practices. The solar-powered ATM market is expected to continue this upward trend, reaching $2.22 billion in 2028 at a CAGR of 9.3%. The growth in the forecast period can be attributed to economic incentives, improvements in brand image, favorable regulatory compliance, increased awareness, and growing government initiatives. Major trends expected during the forecast period include the integration of smart technologies, hybrid solar systems, data analytics and insights, modular and scalable designs, and advancements in wireless communication.
Major Driver In The Solar Powered Automated Teller Machine ATM Market
The rising growth of fintech infrastructure is expected to significantly drive the expansion of the solar-powered automated teller machine (ATM) market in the future. Fintech infrastructure includes the essential technological and organizational components that facilitate the delivery of financial technology (fintech) services. This growth is attributed to the increasing demand for digital financial services and advancements in technology that foster innovation and efficiency. The integration of solar-powered ATMs enhances financial infrastructure accessibility, playing a crucial role in promoting financial inclusion. For example, the 2023 State of Fintech Report published by F Prime Inc. in March 2023, a US-based venture capital firm, indicated that the companies within the fintech index have consistently demonstrated growth, with their combined trailing twelve-month revenue rising to $155 billion in the third quarter of 2022, up from $116 billion in the same quarter of 2021. Consequently, the rising growth of fintech infrastructure is driving the solar-powered ATM market forward through 2023, into 2024, and is projected to continue expanding by 2028.
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Solar Powered Automated Teller Machine ATM Market Competitive Landscape
Major companies operating in the solar powered automated teller machine (ATM) market are NRG Energy, Fujitsu Ltd., NCR Corporation, Diebold Nixdorf Incorporated, Euronet Worldwide Inc, IndusInd Bank, Hyosung TNS Inc., Hitachi Payment Services Pvt Ltd, EcoATM Solution, HESS Cash Systems GmbH, Vortex Engineering, Solar Solution, Solaris Technologies, Sun Solar Techno Limited, Autonic Energy Systems Pvt. Ltd, Avo Solar, POSB Bank, Alpha Tech Energy Solutions India Pvt Ltd, GRG Banking Ltd, Zenom Solar Power
Key Solar Powered Automated Teller Machine ATM Market Trend
Major companies in the solar-powered automated teller machine (ATM) market are focusing on developing innovative offerings, such as solar-powered ATM kiosks, to improve energy efficiency and lower operational costs. A solar-powered ATM kiosk operates using electricity generated from solar panels, providing banking services in remote or off-grid areas with limited access to conventional power sources. For instance, in April 2022, DBS Bank Limited, a Singapore-based bank, and Post Office Saving Bank, a Singapore-based consumer banking services provider, launched Singapore's first solar-powered ATM kiosk. This kiosk, located at Blk 528 Ang Mo Kio Ave. 10, features solar panels that generate approximately 30% of its annual energy consumption from self-generated solar energy, and customers can monitor real-time solar energy generation through a dashboard at the ATM.
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Global Solar Powered Automated Teller Machine ATM Market Segmentation
The solar powered automated teller machine (atm) market covered in this report is segmented –
1) By Type: On-Site, Off-Site, Other Types
2) By Component: Deployment, Hardware, Software, Managed Service
3) By Transaction Type: Financial, Non-Financial
4) By Distribution Channel: Online, Offline
5) By End User: Banks, Bank Service Agent
By Geography:The regions covered in the solar powered automated teller machine (ATM) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the solar powered automated teller machine (ATM) market in 2023.
The Solar Powered Automated Teller Machine ATM Global Market Report 2024 furnishes information about the global solar powered automated teller machine atm market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
