According to a recent report published by Allied Market Research, titled, “Global Solar Powered ATM Market Size By Component, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global solar powered ATM market size was valued at $1.27 billion in 2020, and is projected to reach $3.10 billion by 2030, growing at a CAGR of 9.7% from 2021 to 2030.
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Solar-powered ATM is an electronic banking outlet, which provides basic banking transaction without the aid of branch representative and even without consuming electricity. It is a type of specialized computer, which is programmed in a specific way to perform financial transactions, including cash withdrawals and balance checking. In addition, rapid adoption of solar power ATM among banks across the U.S. and Canada and developing nations, such as India, positively impacts the growth of the market.
However, lack of awareness toward solar powered ATM hampers the solar powered ATM market growth. On the contrary, increase in key player initiatives, such as product launch, product development, and partnership, is expected to offer remunerative opportunities for expansion of the solar powered ATM market trends during the forecast period.
Depending on type, off-site dominated the solar powered ATM market share in 2020, and is expected to continue this trend in the upcoming years, owing to huge demand among banks to provide enhance customer experience in rural areas. In addition, off-site ATMs are machines, which are installed in places other than the branch office. They help to avoid long travels and reduce traffic present in the bank and save time for customers. This factor leads to increase in the growth of off-site during the forecast period. However, the others segment is expected to witness significant growth rate during the forecast period due to rise in awareness of mobile-ATM and worksite ATM among the banks and other service agents across the globe.
Region-wise, the solar powered ATM market was dominated by Asia-Pacific is expected to retain its position during the forecast period, owing to expansion of FinTech infrastructure and hefty investments from private & public players in the region.
The outbreak of COVID-19 is anticipated to have a negative impact on the growth of the solar powered ATM market. This is attributed to increase in online banking activities across the globe and rise in adoption of cashless means of transaction among various retailers caused due to the pandemic. Moreover, most banks and financial institutes witnessed decline on usage of ATMs, owing to the fear of contamination and spread of COVID-19, which, in turn, halted various solar projects planned by financial institutes.
Moreover, to sustain in the competitive market, finance companies shifted toward digitalization to provide online services, helping customers to compare prices with other competitors for choosing right options & offers to carry out financing processes online. It has become clear that COVID-19 would have long-term impacts on lives and economies by minimizing the demand for ATMs with rising digital banking services and cashless economy, thereby negatively impacting the growth of the market.
Key Findings of the Study
- By type, the off-site segment accounted for the largest solar powered ATM market share in 2020.
- Region-wise, Asia-Pacific generated highest revenue in 2020.
- Depending on end user, the banks segment generated the highest revenue in 2020.
The key players profiled in the solar powered ATM market analysis are Alpha Tech Energy Solutions India Pvt. Ltd., Diebold Nixdorf Incorporated, Euronet Worldwide Inc., Fujitsu Ltd., GRG Banking Equipment Co. Ltd., HESS Cash Systems GmbH, Hitachi Payment Services Pvt. Ltd., Hyosung Global, NCR Corporation, and Vortex Engineering. These players have adopted various strategies to increase their market penetration and strengthen their position in the solar powered ATM industry.
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