COVID-19 Impact analysis

• The COVID pandemic, and now finally, the vaccination push across the world against the disease has put the spotlight firmly on the role distributed solar products, particularly Solar refrigeration could play
• Rockwell Industries Ltd, a commercial cold chain appliances manufacture, Thursday launched its new product called 'Chillermill' here. The product is both a freezer and chiller useful to store COVID-19 vaccine at the required temperatures.
• The Vaccine Alliance – began buying and installing solar-powered fridges to store vaccines throughout the region. The idea would be a gamechanger for regional and district health workers who often struggle to carry out routine immunizations for children in places with unreliable electricity and cold storage facilities.

Top Impacting Factors

Solar refrigeration was an encouraging development in the early 1980s, providing a substitute for the absorption technology to meet cold chain requirements in remote areas with finite or no electric power. At present, various solar refrigeration models prequalified by the World Health Organization (WHO) are in use. A fresh approach in solar-based refrigeration has emerged, wherein the newly designed solar refrigerator has gotten rid of the need for high priced energy storage batteries employed to power solar refrigerators. This technology called solar direct drive technology uses solar energy to directly freeze water or other cold storage material (for instance, refrigerant) and then, uses the energy stored in the frozen bank to keep the refrigerator cold during nights and rainy days when the upcoming solar energy is not within easy reach.

Market Trends

• Solar-powered vaccine refrigerators, also called off-grid photovoltaic (PV) systems, are put to use to maintain a continues temperature suitable for storing vaccines in clinics
• In solar-powered vaccine refrigerators, photovoltaic modules transmute the solar energy directly into electricity, which is further employed to power the compressor of the vaccine refrigerator. On the other hand, rechargeable batteries are also used to store electric energy. The charge controller regulates the flow of electricity to protect batteries from over-discharging and overcharging.
• Use of solar-based refrigeration for vaccine storage is a major development in the global health care industry. It is useful for remote areas, where electricity is not available in sufficient amounts. The global health care industry has witnessed rapid growth in the recent years. Growing elderly population worldwide, high prevalence of chronic diseases, and advancements in innovative digital technologies are some of the major factors driving the global health care industry.
• Electricity rates are inherently turbulent. They fluctuate seasonally, monthly, and annually. Over the last decade, electricity prices had increased enormously and they are poised to increase even more during the forecast period. This, in turn, is projected to rise the demand for use of the solar technology for storage of vaccines in the near future.
• There exists high demand for exploration of sustainable and clean sources for energy, as the world tries to limit emissions and targets to reach net zero carbon emissions
• Government support in the form of favorable initiatives has driven usage of the solar technology over the last few years. This is estimated to be a major factor driving the global solar-powered vaccine refrigerator market during the forecast period. For instance, the Solar Energy Corporation of India (SECI) has passed a tender, wherein the government would be offering 30% subsidy to the social sector, the residential sector, private and not-for-profit organizations in the field of education, and health care institutions. 

  Key Benefits of the Report

• This study presents the analytical depiction of the Solar-powered vaccine refrigerator industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Solar-powered vaccine refrigerator market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the Solar-powered vaccine refrigerator market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Solar-powered vaccine refrigerator market analysis based on competitive intensity and how the competition will take shape in coming years.