(MENAFN- EIN Presswire) EINPresswire/ -- 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.

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.

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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.

COVID-19 Scenario:

The Covid-19 pandemic resulted in country-wide lockdown and shut down of businesses across the globe. This imposed restrictions on selling and installing ATM systems.
Since the pandemic, the industrial sectors prefer to buy solar powered ATMs due to rise in awareness of growing CO2 emissions and climate change.
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.

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.

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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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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