Press Release Description
Favorable Government Interest in Solar Cookers to Minimize the Global CO2 Emissions to Accelerate the Market Growth
The Global Solar Cooker Market is projected to grow at a CAGR of around 8.58% during the forecast period, 2023-28, cites MarkNtel Advisors in the recent research report. The market growth can be attributed to the surging initiatives of governments & manufacturers to promote the use of solar cookers to reduce carbon emissions & reliance on fossil fuels.
Additionally, the rising prevalence of respiratory diseases among residents, particularly those living in rural areas, who are increasingly relying on firewood & coal to cook their food due to the unavailability of LNG, is driving up demand for solar cookers. This is due to governments' growing willingness to distribute solar cookers to rural populations around the world in order to raise awareness & reduce the country's disease burden.
Moreover, the increased exploitation of fossil fuel reserves in recent years, combined with the declining availability of proven oil reserves has significantly exacerbated the global energy crisis, resulting in a supply deficit of fossil fuel-derived products such as natural gas & crude oil. Due to the presence of excess demand & limited supply, the price of crude oil & LNG has skyrocketed.
As a result, the price of LPG used in residential & commercial cooking activities has significantly increased, prompting consumers to switch towards solar-based appliances for cooking & practicing commercial operations, further states the research report, “Global Solar Cooker Market Analysis, 2023.”
Solar Parabolic Cookers to Gain Significant Revenue Growth in the Market
Based on the type, the market is bifurcated into Solar Box Cooker, Solar Panel Cooker, Solar Parabolic Cooker, and Others (Trough Cookers & Evacuated Tube Cookers). The Solar Parabolic Cooker, in particular, is gaining popularity among residents due to its superior ability to attract UV rays and cook food much faster than the others.
Furthermore, the ability to deep fry food products in solar parabolic cookers resulted in widespread adoption among restaurants that frequently operate in open spaces. Besides, as the government encourages a shift toward sustainability & energy efficiency, demand for solar parabolic cookers is expected to rise in the coming years.
Asia-Pacific to Witness a Considerable Growth Rate in the Upcoming Years
Geographically, the Asia-Pacific region has traditionally dominated the global solar cooker market. The region is poised for future growth as governments and manufacturers focus on encouraging the introduction of more environmentally friendly products. For instance, the Indian Oil Corporation Limited (IOCL) manufactures solar cooktops known as 'Surya Nutan,' which can be used effectively in all seasons. Furthermore, the region's increasing depletion of fossil resources is expected to drive up sales of solar cookers between 2023 & 2028. This is due to a scarcity of low-cost energy, such as natural gas, for both residential & commercial use.
Additionally, with the region's rising smartphone penetration, solar cooker manufacturers have started selling their products on online retail sites. Manufacturers such as KECUP, MrMApMax, and others, for example, are intensely using advertisement tactics to boost their sales through online channels.
As online retail services in the region are expected to expand due to residents' growing disposable income, sales of solar cookers are predicted to go up. This would provide revenue growth opportunities for the Asia-Pacific Solar Cooker market over the course of the next few years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Tellco Europe, Glenergy Inc, Gosun, SoLenium Technology, Simplified Technologies for Life Pvt. Ltd., Kavita Solar Energy Private Limited., Greenmax Technology, Rudra Solar Energy, Hainess Solar cookers LLC, SunMitra Solar Pvt. Ltd, Suryatech Solar Systems, Earth Cardboard Co. Ltd, HainingJuYang New Energy Co., Ltd, KECUP, MrMapMax, Indian Oil Corporation Limited (IOCL), and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various regions, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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