Seoul, South Korea, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to the latest industry report by Fact.MR, a market research and competitive intelligence provider, the global solar dryer market is estimated at US$ 2.64 billion in 2022 and is expected to expand at an impressive CAGR of 6.1% during the 2022-2032 forecast years.
The two key pillars of sustainability are the environment and the economy. Solar dryers are most suited for sustainable development, which aims to meet human needs without endangering the environment. There are several opportunities for manufacturers of solar dryers in the short-term period as a result of rising global awareness of sustainability and innovation.
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In vivid industries such as agriculture, food processing, textiles, pharmaceuticals, and many more, the use of solar dryers has considerably increased. Additionally, the utilization of solar dryers can substantially minimize post-harvest losses for small-scale producers, increase food quality, creating revenue opportunities, and addressing the worldwide issues of hunger and food security.
Besides, industries such as food processing, textile, agriculture, pharmaceuticals, and others are also changing the direction of their energy supply as the world pushes for greener initiatives.
As such, the market for solar dryers is anticipated to provide an absolute dollar opportunity of US$ 2.26 billion by 2032, on the back of their broad usage across the world.
How Will Solar Dryer Market Growth Be Aided By the Agriculture Industry?
An important issue being faced by developing countries in recent times is the security of food. The usage of solar dryers provides a good socio-economic solution for the security of food. According to the varying quantities to be dried, different designs of solar dryers can be used. A cabinet dryer is a box-type dryer that is used to dry vegetables, fruits, and other food in small quantities.
China, the U.S, Brazil, and India are the top four leading countries in the agriculture industry. India generates revenue of approximately US$ 38.3 billion from the agriculture sector. Drying the produced food is one of the important processes in agriculture to preserve it for a longer time.
Active involvement of developed and developing countries in the agriculture industry is paving the way for increased sales of solar dryers in the long run. The agro-industry solar dryer market is expected to expand at a CAGR of 5.8% due to booming technological developments in the agriculture industry.
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Key Segments Covered in the Solar Dryer Industry Survey
- By Product Type :
- Box Type
- Cabinet
- Tunnel
- Box Type
- By Design :
- Natural Convection Dryers
- Forced Convection Dryers
- Natural Convection Dryers
- By Mode :
- Direct
- Indirect
- Mixed
- Direct
- By End-use Industry :
- Textile Industry
- Agro-Industry
- Food Processing Industry
- Paper Industry
- Pharmaceutical Industry
- Other Discrete Manufacturing
- Textile Industry
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Market Development
Top manufacturers are aiming to produce a wide standard of products that may help meet the changing demands from diverse end-use industries for value-added products and lessen the negative effects on the environment.
- For instance, Rudra Solar Energy has come up with a hybrid solar dryer, which can even be operated in the absence of the sun via switching on an electric heater that consumes less power.
Additionally, industry participants are working to grow their client base by providing collaborative platforms that let customers directly engage with their technical teams. Market leaders are also concentrating on forming alliances and purchasing small- and medium-sized enterprises to diversify their portfolios and provide more expertise.
- One such instance is the collaboration between Malnutrition Matters and SolarFlex Inc. to create a cutting-edge solar fruit and vegetable dryer with a flexible design that is affordable for end users.
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Key players in the Solar Dryer Market
- Rudra Solar Energy
- My Solar Dryer
- Juatechnology
- Radha Solar Dryer
- Focusun Energy Systems
- Malnutrition Matters
- Effimaxsolar
- Solar Brother
- Covestro
Key Takeaways from Solar Dryer Market Study
- By the end of 2022, the market is projected to achieve a global market size of US$ 10.01 Bn.
- Globally, North America accounted for over 33.5% of revenue in 2022.
- Hardware based digital transaction management systems to dominate the market in 2022, with a revenue share of over 40.5%
- More than 38.4% of market revenue was generated by the electronic signatures segment in 2021
- Over 55.5% of the market revenue in 2022 will be accounted for by large enterprises.
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