Wilmington, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solar Power in Petrol Pump Market by Installation Type (Ground, Mounted and Rooftop), and Grid Type (On-grid and Off-grid): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the solar power in petrol pump market was valued at $0.9 billion in 2023, and is estimated to reach $2.0 billion by 2033, growing at a CAGR of 8.3% from 2024 to 2033.
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Prime determinants of growth
Technological advancements in solar power and related technologies are key drivers for their adoption in petrol pumps. Innovations in solar panel efficiency, energy storage, and smart energy management systems have made solar power more practical and efficient for commercial applications. Modern solar panels can convert more sunlight into electricity, maximizing energy generation even in limited spaces such as petrol station rooftops or parking canopies.
Energy storage solutions, such as advanced lithium-ion batteries, have also improved, allowing for the storage of excess solar energy generated during the day for use at night or during cloudy periods. This capability ensures a continuous power supply and maximizes the utilization of solar energy. Additionally, smart energy management systems enable real-time monitoring and optimization of energy use, improving the efficiency and reliability of solar power systems. However, high initial may hinder the growth of the solar power in petrol pump market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.9 billion |
| Market Size in 2033 | $2.0 billion |
| CAGR | 8.3% |
| No. of Pages in Report | 350 |
| Segments covered | Installation Type, Grid Type, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The rooftop segment to maintain its lead position during the forecast period.
By installation type, the demand for rooftop-type solar power in petrol pumps is increasing due to its efficient use of space and cost-effectiveness. Rooftop solar installations leverage unused space on petrol station roofs, making them ideal for urban and space-constrained locations. This type of solar power system reduces the need for additional land or structural modifications, leading to lower installation costs. Additionally, rooftop solar panels generate clean, renewable energy that helps petrol stations cut electricity bills and align with sustainability goals. As energy costs rise and environmental regulations tighten, rooftop solar solutions offer a practical, scalable, and economically viable way for petrol stations to enhance energy efficiency and reduce their carbon footprint.
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The on-site segment to maintain its lead position during the forecast period.
By grid type, the demand for on-site solar power in petrol pumps is increasing due to its ability to provide reliable, cost-effective, and sustainable energy solutions directly at the point of use. On-site solar power systems generate electricity from the sun right where it is needed, reducing reliance on grid power and offering protection against energy price fluctuations and outages. These systems help petrol stations cut electricity costs, maintain operations during power failures, and meet growing environmental regulations. Additionally, on-site solar power supports corporate sustainability goals by reducing carbon footprints and enhancing the station’s eco-friendly image. As energy costs rise and environmental concerns mount, on-site solar power becomes a practical choice for efficient, renewable energy management at petrol stations.
North America to maintain its dominance by 2033
Region wise, the demand for solar power in petrol pumps is increasing in North America due to rising energy costs, environmental concerns, and government incentives. As electricity prices climb and grid reliability fluctuates, petrol stations are seeking stable and cost-effective energy solutions, with solar power offering a viable alternative. Additionally, heightened environmental awareness drives the push for greener practices, and solar energy helps reduce carbon footprints and meet sustainability goals. Government incentives, such as tax credits and rebates, also make solar installations more affordable, encouraging petrol stations to invest in renewable energy. This combination of economic benefits, environmental responsibility, and supportive policies fuels the growing adoption of solar power in North American petrol stations.
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Leading Market Players: -
- Ujjawal Solar
- SURAT EXIM PVT. LTD.
- Bluebird Solar
- Oswal Pumps
- Loofal Protech Solution
- Aeronova Global Network Pvt. Ltd.
- SWITCHING AVO ELECTO POWER LTD.
- SunShell Technology Solutions Private Limited.
- Apollo Power Systems Pvt. Ltd.
The report provides a detailed analysis of these key players in the global solar power in petrol pump market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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