Solar Powered Cold Storage Market Size, Growth, Trends, Analysis & Forecast 2030

 

According to the Reports and Insights analysis, the global solar powered cold storage is estimated for US$ 34,792.8 Mn in 2022 and is projected to register a CAGR of 12.4% to reach US$ 88,641.5 Mn by 2030 end. In 2021, the Asia Pacific region is account for the prominent market share in comparison to other regions.

Growing Requirement for Cold Storage Facility to Bolster the Market Growth Outlook

The impact of food nutrients, particularly protein, on general physical and mental growth and development is now better understood by consumers, who are also more concerned with health and wellness. Perishable foods like dairy, fruits, vegetables, and high-protein animal-based goods have changed in how people consume them as a result (such as meat, eggs, and fish and seafood). Perishable food items are in high demand in emerging nations in the Asia Pacific and Latin America. This might be ascribed to the countries' quick urbanization, shifting consumer tastes and preferences, and growing disposable income.

Due to these nations' lower adoption rates, the market potential for processed and frozen food products is also substantial. In these nations, demand for prepared foods such as frozen pizzas, desserts, and snacks is gradually increasing. In order for food products to maintain their chemical makeup even after several months, the frozen foods market requires an efficient cold storage system. In the upcoming years, it is anticipated that there will be a rise in demand for cold storage systems due to the increased worldwide trading of these food goods, where solar power facility will gain traction owing to low operating cost and higher adaptation rate.

Significant consumption volume of dairy products

The dairy sector has displayed impressive fortitude in the face of the COVID-19 pandemic. Due to their perishable nature, fresh liquid milk and other dairy products were especially susceptible to supply chain disruptions; yet, globally, the dairy industry was not as seriously hit as other sectors. The pandemic's negative effects ranged by region, from a lack of shipping containers to the need to dispose of excess products. Global milk output (about 80% cow milk, 15% buffalo milk, and 4% goat, sheep, and camel milk combined) is anticipated to increase significantly each year over the forecast period (to 1020 Mt by 2030, faster than most other major agricultural commodities).

Fresh dairy products that have not been treated or have barely been processed are how most dairy production is consumed (i.e. pasteurized or fermented). The percentage of fresh dairy products consumed globally is expected to increase over the following ten years due to strong demand growth. Substantial consumption of milk and other dairy products all over the globe to boost the market of solar power cold storage in the coming years.

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Growth in Retail Sector: Market Opportunity

One of the key factors influencing the expansion of the cold chain industry is the development of retail channels and chains in the form of supermarkets, hypermarkets, and convenience stores. Additionally, retail chains have grown to the point that some producers have their own internal chilled storage facilities. Large food retail chains are growing their storefronts in industrialized nations like the UK, Germany, and the US as well as in emerging markets like China, Brazil, and Argentina. These chains include Walmart, Tesco, Spar, and 7-Eleven. For instance, with more than 11,000 locations spread across 27 countries, Walmart is the largest American international retail firm. It has a sizable fleet for moving perishable commodities, as well as a strong distribution system. Additionally, it employs 3PL refrigerated warehousing service providers to efficiently move perishable goods to its retail locations.

Market expansion potential for refrigerated warehousing and refrigerated transportation are being created by the rise of such large merchants and their expanding operations in international trade. By establishing food waste rules and assisting food-related companies like the cold chain industry, governments in many countries are attempting to reduce food and agricultural waste.

Who are the Key players in solar powered cold storage market?

Ecozen Solutions, ColdHubs, Unitech Engineering Solutions, Bharat Solar Energy, Termodizayn, Viking Cold Storage, Solar Freeze, Aldelano Solar Solutions, Mech Air Industries and many others are the top leading players in the solar powered cold storage market.

What are the Key Segments Covered in Solar Powered Cold Storage Market Report?

The global solar powered cold storage market is segmented by type, application, technology, end user industry and by region

By Type:

On-Grid

Off-Grid

By Technology:

Photovoltaic operated refrigeration cycle

Solar Mechanical Refrigeration

Absorption Refrigeration

By Application:

Fruits

Vegetables

Flowers

Eggs, fish, meat & seafood

Dairy

Processed Food

Vaccines

Grains, pulses & millets

Others

By End Use Industry:

Horticulture/Floriculture Industry

Food & Beverages

Pharmaceutical Industry

Others

By Region:

North America

Latin America

Europe

Asia Pacific

Africa

Middle East

Benchmarking Factors Considered During in Solar Powered Cold Storage Market Report

Various factors that are benchmarked while estimating the market growth includes (but not restricted to):

Global Economic Growth Outlook

Penetration of Solar Power Infrastructure

Top Companies Historical Growth Rate

Pricing Impact

Technological Development

Rise in Trade Activities

Increasing Processed Food Consumption

Demand for Cold Storage Facility

Growing demand for Storage of Fish, Meat and Seafood

These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.

 

Key Geographies: North America, Latin America, Europe, Asia Pacific, Africa, and Middle East.

Market Segmentation: The global solar powered cold storage market is segmented by type, application, technology, end user industry, and by region.

Key Players: Ecozen Solutions, ColdHubs, Unitech Engineering Solutions, Bharat Solar Energy, Termodizayn, Viking Cold Storage, Solar Freeze, Aldelano Solar Solutions, Mech Air Industries and many others are the top leading players in the solar powered cold storage market.

Report Coverage: Significant rise in the demand for food storage facility all over the globe as many a times food shortages are witnessed owing to several factors. Increase in adaptation of renewable sources of energy especially solar power for various application and improving infrastructure of grid system. Rise in processed food consumption all over the globe.

Market Size: US$ 34,792.8 Mn in 2022 CAGR: 12.4%

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