Global Solar-Powered Cold Storage Market: Introduction
Reports and Insights deliver key insights on the Global Solar-Powered Cold Storage Market. In terms of revenue, the global solar-powered cold storage market is estimated to expand at a CAGR of 12.4% during the forecast period and expected to reach at a value of US$ 88,641.5 Mn by the end of year 2030, owing to numerous factors, regarding which Reports and Insights offer thorough insights and forecasts in its report on the global solar-powered cold storage market.
High-capacity batteries are used to store the energy produced by solar panels that are positioned on the cold room's roof. An inverter receives power from these batteries to power a refrigeration unit. Farmers can increase storage quality and decrease fruit and vegetable waste thanks to solar-powered cold storage infrastructure.
Solar-powered cold storage systems reduce post-harvest loss by roughly 80% and increase the shelf life of perishable foods from two to 21 days.
These devices offer post-harvest chilling of products to farmers. Enabling farmers to sell their goods at the most advantageous moment, eventually offers marketing flexibility.
Systems for cold storage powered by solar energy typically need less upkeep. To get the most power out of these panels, weekly cleaning is required. A fortnightly check of the battery's water level is also required.
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Market Report Outlook:
This report on the global solar-powered cold storage market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, global solar-powered cold storage market opportunities for the major players, global solar-powered cold storage market trends, market segmentation outlook, regional outlook, global solar-powered cold storage market size, market forecast, market share, as well as the major players operating in the global solar-powered cold storage market.
Global Solar-Powered Cold Storage Market: Dynamics
The European Commission's Heating and Cooling Strategy identifies "boosting the percentage of renewables" and "reusing energy waste from industry" as two critical areas for decarbonizing cooling to reach the EU's climate targets by 2050. Therefore, new technology must be created and employed to quickly "absorb" renewable energy and/or waste heat before "converting into" and "storing" cooling energy.
Cryogenic slurries make ideal options for cold storage due to their high fluidity and ability to be moved by pumps. Different capsules with low freezing point core PCMs can be mixed to form slurries with efficient temperature-dependent heat capacities, which can help reduce energy waste during the charging and discharging processes. To speed the commercialization of new cooling technologies, 12 research institutes and 5 industrial firms from across the world are participating in a program on green cooling technologies that is being directed by experts in the School of Chemical Engineering.
Many industry participants are incorporating solar power into their cold storage facilities to reduce operational costs, use less energy, and last for a longer period. To stay competitive in the market, several industry participants in the cold chain are also utilizing renewable sources for cold storage.
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.
Global Solar-Powered Cold Storage Market: Key Players
The major market players in this sector are as follows; Ecozen Solutions, ColdHubs, Unitech Engineering Solutions, Covestro AG, Bharat Solar Energy, Termodizayn, Viking Cold Storage, Solar Freeze, Aldelano Solar Solutions, Mech Air Industries, Ice Make Refrigeration Limited, Inspira Farms, Contained Energy, Ahata Industries, and Dgrid Energy amongst others.
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Global Solar-Powered Cold Storage Market: Segmentation Outlook
Data for growth projections and estimates are included in this study for the Type segment (Off-Grid, On-Grid); for the Application segment (Fruits, Vegetables, Flowers, Eggs, fish, meat & seafood, Dairy, Processed Food, Vaccines, Grains, pulses & millets, Others); for the Technology segment (Photovoltaic-operated refrigeration cycle, Solar Mechanical Refrigeration, Absorption Refrigeration); for the End-Use Industry segment (Horticulture/Floriculture Industry, Food & Beverages, Pharmaceutical Industry, Others).
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