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
Photovoltaic operated refrigeration cycle
Solar Mechanical Refrigeration
Eggs, fish, meat & seafood
Grains, pulses & millets
By End Use Industry:
Food & Beverages
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
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.
|Base Year:||2021||Forecast Period:||2022-2030|
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
|Market Size:||US$ 34,792.8 Mn in 2022||CAGR:||12.4%|
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