Most people are using ATM’s than ever before especially during the Coronavirus era, because they are a fast and convenient way to get cash or make deposits. As the demand for ATM’s continues to grow worldwide, ATM manufacturers are producing new ATM models that can withstand that demand including creating ATM’s with advanced artificial intelligence (AI), and solar-powered ATM’s.
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. According to Allied Market Research.
Why Solar Powered ATM’s?
An ATM is essentially a computer that operates on Microsoft Windows, and it needs electricity (power) to function just like any desktop computer.
When the power goes out, an ATM will stop working unless there is a power backup that can keep it functioning.
Sadly, when ATM’s stop working due to power failure, this can also affect a customer’s transaction and keep the ATM down for hours, or days at a time, if it needs to be rebooted.
Solar-powered ATM’s obviously will continue to work when the power goes out because of the simple reason that they generate their energy via their solar panels and will keep functioning while other ATM’s stop operating when they don’t have electricity.
Most solar-powered ATMs have two 24-volt batteries. When one battery is being charged, the other will always be powering the automatic teller machine so that there’s never a drop in power.
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 industry. According to GlobelNewswire.com.
What’s Happening With Solar Powered ATMs?
More banks and ATM owners are choosing solar-powered ATMs because of the reliability that these ATM’s offer them and also because it enables them to do their part to lower their carbon footprint by having environmentally friendly ATMs.
Besides doing their part to have environmentally friendly ATMs, more companies are choosing solar-powered ATMs for rural and remote areas. This gives ATM owners the ability to have a presence in areas where there is an untapped market while offering a service that benefits the community as well.
These machines are being placed everywhere, from major cities to off-grid locations. Solar-powered ATM’s provide consumers with more places to get convenient access to cash.
Solar-powered ATMs have seen the most significant demand in North America, China, Europe, Japan, and Southwest Asia.
In India, ICICI Bank recently purchased 200 solar-powered ATM’s, helping the bank to lower its carbon footprint and saving enough energy per year to power more than 40,000 households.
The top companies that have been developing solar-powered ATMs include Fujitsu, DIEBOLD, Inc, Euronet, and Hitachi payment systems.
Market Outlook For 2023 And Beyond
With more banks and ATM privately held companies around the world working hard to go “carbon neutral,” it’s likely that we will see more solar-powered ATMs in 2023 and beyond.
High CAGR is expected for the solar-powered ATM market in the coming years; this is to be expected as more people are enjoying the benefits that energy independent ATM’s offer them and they will expect ATM’s to always be working regardless of where the machine is placed.
Sources include: Allied Market Research and GlobelNewswire.com.
By Jeremy Raglin, Content Writer.