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Global Solar Powered Automated Teller Machine (ATM) Market Projected to Surpass $2.42 Billion by 2029 with 9.17% Annual Growth
Solar Powered Automated Teller Machine (ATM) Market Size
There has been robust expansion in the market size of solar powered automated teller machines (ATMs) in recent years. It is anticipated to escalate from $1.56 billion in 2024 to $1.7 billion in 2025 with a compound annual growth rate (CAGR) of 9.4%. The growth experienced in the previous period is due to the rise in initiatives for financial inclusivity, dependable banking facilities in inaccessible regions, requirement for rural and off-grid banking, energy self-sufficiency, and a surge in the demand for sustainable practices.
The market size for solar powered automated teller machines (ATM) is projected to experience robust growth in the coming years, expanding to $2.42 billion by 2029 with a compound annual growth rate (CAGR) of 9.2%. The anticipated growth during this forecast period can be credited to various factors such as economic incentives, improved brand images, encouraging regulatory compliance, heightened awareness, and increased government initiatives. The upcoming trends within this period are expected to feature the incorporation of smart technologies, hybrid solar systems, data analytics and insights, modular and scalable designs, and advancements in wireless communication technologies.
What Is Contributing to the Growth of the Solar Powered Automated Teller Machine (ATM) Market?
The solar-powered automated teller machine (ATM) market is predicted to experience substantial growth due to the accelerating expansion of fintech infrastructure. Fintech infrastructure is essentially the technological and organisational components that make order in fintech services possible. The demand for this infrastructure is on a steep curve upwards, fueled by the growing need for digital financial instruments and the progress in technology that promotes innovation and efficiency. The inclusion of solar-powered ATMs into this infrastructure significantly enhances its accessibility, underlining their vital role in promoting financial inclusion. As an illustration, the 2023 State of Fintech Report, released by F Prime Inc., a venture capital firm located in the US, showed that companies listed in the fintech index have seen consistent growth. Their combined trailing twelve-month revenue rose to $155 billion in Q3 of 2022, a significant increase from the $116 billion in the same quarter of the previous year. Consequently, the robust growth of fintech infrastructure is a key driver in the expansion of the solar-powered ATM market.
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Which Key Market Leaders Are Driving Solar Powered Automated Teller Machine (ATM) Industry Growth?
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
What Are the Emerging Trends in the Solar Powered Automated Teller Machine (ATM) Industry?
Prominent companies in the solar-powered ATM market are keen on harnessing innovation to create products like solar-powered ATM kiosks that offer greater energy efficiency and lower operating costs. These kiosks essentially comprise automated teller machines that derive their power from solar panels, delivering banking services in isolated or off-grid locations where traditional power supply is sparse. For example, in April 2022, DBS Bank Limited and Post Office Saving Bank, both based in Singapore, launched the country's pioneer solar-powered ATM kiosk. This groundbreaking kiosk is situated at Blk 528 Ang Mo Kio Ave. 10 and boasts solar panels that supply about 30% of its yearly energy demand through solar energy produced on-site. The kiosk also allows customers to track the live solar energy production via a dashboard on the ATM machine.
What Are the Main Segments in the Solar Powered Automated Teller Machine (ATM) Market?
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
Subsegments:
1) By On-Site: Bank Branch ATMs, Retail Or Store ATMs
2) By Off-Site: Standalone ATMs, Remote Location ATMs
3) By Other Types: Mobile Or Portable ATMs, Kiosk-Based ATMs, Solar-Powered Hybrid ATMs
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Which Geographic Area Leads the Solar Powered Automated Teller Machine (ATM) Market?
Asia-Pacific was the largest region in the solar powered automated teller machine (ATM) market in 2024. The regions covered in the solar powered automated teller machine (ATM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Solar Powered Automated Teller Machine (ATM) Global Market Report?
- Market Size Analysis: Analyze the Solar Powered Automated Teller Machine (ATM) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Powered Automated Teller Machine (ATM) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar Powered Automated Teller Machine (ATM) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Powered Automated Teller Machine (ATM) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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