Solar Powered Cold Storage Market Up-to-date Exclusive Report |2023-2031

The Solar-Powered Cold Storage Market refers to the use of solar energy to power refrigeration systems in cold storage facilities. These facilities are used for the storage of perishable goods such as food, pharmaceuticals, and flowers. Solar powered cold storage solutions offer a sustainable and reliable alternative to traditional grid-powered refrigeration systems. They reduce the dependence on fossil fuels and contribute to the reduction of greenhouse gas emissions. These systems utilize solar panels to generate electricity, which is then used to power the refrigeration units. They are particularly beneficial in remote areas where the electricity grid is unreliable or nonexistent. The solar powered cold storage market is experiencing significant growth due to increasing environmental concerns and the need for sustainable energy solutions in the storage industry.

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Global Solar-Powered Cold Storage Market: Overview

According to the Reports and Insights analysis, the global solar powered cold storage market 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 powered cold storage in the coming years.

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.

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Some of the key questions answered in this report: 

Which are the five top players of the Solar Powered Cold Storage Market?
How will the Solar Powered Cold Storage Market change in the upcoming years?
Which product and application will take a share of the Solar Powered Cold Storage Market?
What are the drivers and restraints of the Solar Powered Cold Storage Market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Solar Powered Cold Storage Market throughout the forecast period?
What is the current market size, what will the market size be in 2030 and what will the growth rate be?
What are the challenges to grow in the market?
What are the market opportunities and challenges faced by the key vendors?
Who are the major competitors and what is their strategy?
What are the barriers to entry for new players in the 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

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Key Benefits for Industry Participants & Stakeholders:

Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Solar Powered Cold Storage Market

Report Spotlights

Progressive trends in the Solar Powered Cold Storage industry to help players develop effective long-term strategies
Business growth strategies adopted by companies to secure growth in developed and developing markets
Quantitative analysis of the global Solar Powered Cold Storage market from 2023 to 2031
Estimation of the demand for Solar Powered Cold Storage across various industries
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the Solar Powered Cold Storage industry
Recent developments to understand the competitive market scenario and demand for Li-Fi
Market trends and outlook, and factors governing the growth of the Solar Powered Cold Storage market
Understanding the strategies that underpin commercial interest with regard to the market growth, aiding in the decision-making process
Solar Powered Cold Storage market size at various nodes of market
Detailed overview and segmentation of the market, as well as its industry dynamics
Solar Powered Cold Storage market size in various regions with promising growth opportunities

Global Solar-Powered Cold Storage Market: Regional Outlook

Geographically, the global solar-powered cold storage market is extended into North America, Latin America, Europe, the Middle East, Africa, and Asia Pacific.

A sizable market share is expected for the North American area in 2020, and growth at a notable CAGR is anticipated for the entire forecast period.

The fastest global growth is predicted to occur in the Asia-Pacific region. Asia Pacific is likely to maintain its dominance and enjoy significant growth throughout the course of the projection period. The market share for the Middle East, Latin America, and Africa region is stable.

Solar Powered Cold Storage Market 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.

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This release was published on openPR.