Solar-Powered Vaccine Refrigerator Market

Global Solar-Powered Vaccine Refrigerator Market Size (2024 to 2032):

The Global Solar-Powered Vaccine Refrigerator Market size, estimated at US$ 4.01 billion in 2023, is projected to reach a revised size of US$ 8.16 billion by 2032 from 4.34 billion in 2024, growing at a CAGR of 8.21% between 2024-2032.

Current Scenario of the Global Solar-Powered Vaccine Refrigerator Market

In the 1980s, solar cooling emerged as a promising development that offered a viable alternative to absorption technology to meet the calls of the cold chain in remote areas. These devices generally had robust laboratory performance data. However, his overall experience in the field has been somewhat mixed. Conventional solar refrigerators relied heavily on comparatively expensive battery systems that were found to have shorter livers compared to the refrigerators themselves. Currently, there are different alternatives available for these battery systems, sometimes unreliable. In addition, it is now clearly recognized that solar-powered vaccine refrigerators must be maintained, installed, and designed by experts and technicians with the proper knowledge and training. Therefore, the market is predicted to experience a steady expansion rate in the coming years of the outlook period from 2021 to 2026. On the other hand, rechargeable batteries are also employed to store electrical energy. The charge controller regulates the flow of electricity to protect the batteries from overcharges and discharges.

Several regions of the world do not have access to the electricity grid. This has become a serious challenge that poses an equally serious threat to the continuation of the vaccine cold chain. The main traditional alternatives to electric vaccine refrigerators, such as gas refrigerators, kerosene refrigerators, and others, have been plagued with problems associated with gas supply interruptions. These alternatives are also hampered by lower yields, frequent maintenance requirements, and a lack of proper temperature control. At present, there are no gas or kerosene refrigerators that meet the minimum quality standards provided by the World Health Organization. Furthermore, they are barely qualified for the performance, quality, and safety system provided by WHO. Solar-powered vaccine coolers, also known as off-grid photovoltaic (PV) systems, are employed to maintain a constant temperature suitable for storing vaccines in clinics.

MARKET TRENDS

The global solar-powered vaccine refrigerator market is majorly driven by the increasing call for the usage of contemporary and cleaner energy sources. Solar cooling was a promising development in the early 1980s, providing an alternative to absorption technology to meet cold chain requirements in remote areas with little or no electrical power.

Currently, several solar cooling models prequalified by the World Health Organization (WHO) are employed. Furthermore, a new approach to solar cooling has emerged in which the newly designed solar cooler eliminated the need for expensive energy storage batteries employed to power solar coolers. This technology called solar direct drive technology uses solar energy to directly freeze water or other cold storage material and then uses the energy stored in the frozen bank to keep the refrigerator cold during nights and rainy days when subsequent solar power is not available.

MARKET DRIVERS

The use of solar refrigeration for vaccine storage is a major advance in the worldwide healthcare industry.

It is useful for remote areas, where electricity is not available in sufficient quantity. The worldwide healthcare industry has grown rapidly in recent years. The growing population of the elderly around the world, the high prevalence of chronic diseases, and the advancement of innovative digital technologies are some of the main factors driving the healthcare industry. Electricity prices are inherently volatile. They fluctuate seasonally, monthly, and annually. Over the past decade, electricity prices have risen tremendously and are supposed to continue to rise during the outlook period. This, in turn, is predicted to increase the call for the use of solar technology for vaccine storage in the near future. There is a strong call to explore clean and sustainable energy sources as the world tries to limit emissions and targets to achieve net zero carbon emissions.

MARKET RESTRAINTS

Most countries get enough sunlight to justify the consideration of solar-powered vaccine refrigeration.

However, several countries also have microclimates, with little availability of sunlight throughout the year. For example, Colombia receives enough sunlight to cool solar-powered vaccines, but some coastal areas have microclimates, with widespread cloudiness throughout the day. Therefore, in cloudy areas of the country, the option to use solar technology is limited and the implementation of the technology requires careful design, such as a larger grid size.

MARKET OPPORTUNITIES

Government support in the form of favourable initiatives has fueled the use of solar technology in recent years.

This is estimated to be a major driver of the global solar-powered vaccine refrigerator market during the forecast period. For example, the Solar Energy Corporation of India (SECI) launched a tender, in which the government would offer a 30% subsidy to the social sector, residential sector, and private and non-profit organizations in the field of education and health services. This call for tenders is part of an initiative by the Ministry of New and Renewable Energies (MNRE) to achieve the goal of 40 Gigawatts of rooftop solar power generation by the end of 2022.

MARKET CHALLENGES

The other factor hindering the solar-powered vaccine refrigeration systems is long-term stability, as most of these systems need battery-powered storage systems. Additionally, solar battery systems involve high initial investments. However, with proper maintenance, returns are high, as recurring costs are limited only to periodic battery replacement.

REPORT COVERAGE

REGIONAL ANALYSIS

Asia-Pacific is likely to dominate the worldwide market for solar-powered vaccine refrigerators from 2024 to 2032 due to growing concerns about air pollution and carbon emissions in the region.

High investments, especially in developing countries such as China and India, and government subsidies are predicted to boost the region's market between 2020 and 2025. Several contract auctions have been held to develop the market. power generation capacity in India, which has helped determine worldwide minimum prices for solar technology in a comparable way. As a result, India is likely to outperform the European Union, in terms of renewable energy use, during the foreseen period. Therefore, India is predicted to own a significant share of the worldwide market for solar-powered vaccine refrigerators in the near future. On the other hand, the size of the US industry is predicted to double by the end of the conjecture period. Renewable energy projects in the United States are likely to benefit from multi-year federal tax incentives and various pro-solar state policies over the next several years.

KEY PLAYERS IN THE GLOBAL SOLAR-POWERED VACCINE REFRIGERATOR MARKET

Companies playing a prominent role in the global solar-powered vaccine refrigerator market include Dulas Ltd., RuthurEnergy Limited, Sure Chill, Godrej Appliances, Renaissance Energy Systems, Meditech Technologies India Private Limited, Haier, Vestfrost Solutions, Qingdao Herald Cryogenic Technology Co., Ltd, AcmasTechnologies (P) Ltd, Kyocera Corporation, Sundanzer, Neumann & Miller, Qingdao Amed Commercial Refrigeration Equipment Co., Ltd, and Others.

RECENT HAPPENINGS IN THE GLOBAL SOLAR-POWERED VACCINE REFRIGERATOR MARKET

• Samsung India expanded its consumer electronics portfolio by introducing solar-powered direct cooling and frost-free smart convertible refrigerators, as well as a new line of air conditioners with digital inverter technology that cools 43 % faster.

DETAILED SEGMENTATION OF THE GLOBAL SOLAR-POWERED VACCINE REFRIGERATOR MARKET INCLUDED IN THIS REPORT

This research report on the global solar-powered vaccine refrigerator market has been segmented and sub-segmented based on type, temperature, end user, and region.

By Type

• Chest Freezer
• Upright Freezer

By Temperature

• Low-Temperature Freezer
• Ultra-Low-Temperature Freezer

By End User

• Hospitals
• Blood Banks
• Pharmaceutical Companies
• Academic and Research Institutes

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa