Solar cooling is also known as air-conditioning that utilizes solar power. This can be done through solar thermal energy conversion, photovoltaic conversion, and passive solar building design. Solar cooling provides zero-energy and energy-plus design of buildings. Lighting and air-conditioning accounts for more than 50% of the overall electricity consumption in the industrial sector. Thus, industry needs new solutions to reduce the electricity demand of conventional A/C systems. This would drive the solar cooling market during the forecast period. Increasing demand for refrigeration and air-conditioning has led to increase in electricity demand across the globe. This would also drive the solar cooling market in the near future, as solar thermal cooling can reduce the conventional electric A/C loads. Key challenge before the market is to reduce system costs.
Based on end-use, the solar cooling market has been segmented into commercial, residential, and industrial. Air-conditioning is a constantly growing industry and is likely to expand during the forecast period. Renewable energy is now a lucrative industry and it is projected to expand tremendously across the globe in the near future. Renewable energy includes solar cooling application and solar thermal energy application which are growing tremendously. The increasing demand for renewable energy is estimated to boost the solar cooling market during the forecast period.
Based on solar cooling system, the solar cooling market has been divided into desiccant systems and absorption systems. In a desiccant system, air passes through a drying material such as silica gel, which absorbs moisture from the air and makes the air more comfortable. The desiccant is regenerated by using solar heat. Absorption chiller systems, the most common solar cooling systems, use solar water heating collectors and a thermal–chemical absorption process to attain air-conditioning without using the electricity.
Geographically, the global solar cooling market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is one of the key consumers of solar cooling systems. Developing economies such as China witness significant growth in the industrialization. Moreover, changing lifestyles also play a role in propelling the solar air-conditioning market. Asia Pacific is estimated to be a rapidly expanding market for solar cooling in the next few years, due to growing economy of the region and presence of developing countries such as China and India in Asia Pacific.
Stringent government regulations and incentives have been fueling the solar cooling market in Italy for the last few years. The high budget available for a national incentive scheme called Conto Termico 2.0 has made several manufacturers and service providers positive about the solar cooling market in Italy. The market in the country is likely to expand during the forecast period. China holds a major share of the solar cooling market across the globe. In 2016, two large solar thermal cooling systems were installed in China. One of them was a 23-kW Yazaki absorption system and the other one was a newly developed, 50-kW, variable-effect absorption chiller driven by a Fresnel collector. Jordan (MEA) is witnessing rapid increase in demand for solar cooling, as the German Agency for International Cooperation is expected to initiate a solar cooling project in industrial and commercial sectors in Jordan.
The solar cooling includes both solar PV solutions and solar thermal market in near future across globe. However, PV cooling technologies are more economical than grid-driven electric chillers at cooling loads of 100 KWc. On the other hand, solar thermal cooling should be used for 1 MWc cooling. Europe is the second-largest market for solar cooling across the globe, as Germany is one of the key markets for solar cooling or solar air conditioning.
Key players operating in the global solar cooling market include SolXenergy, LLC, Honeywell International Inc., SorTech AG, SM Solar Pvt. Ltd., and Arka Technologies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.