Solar Freezer Market to Reach $15.5 Billion by 2030, At a CAGR of 6.9%

The Asia-Pacific solar freezer market is projected to grow at the highest CAGR of nearly 8.1%, in terms of revenue, during the forecast period.

According to a new report published by Allied Market Research, titled, "Solar Freezer Market by Type, Capacity and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global solar freezer market size was valued at $8.0 billion in 2020, and is projected to reach $15.5 billion by 2030 with expected solar freezer market forecast at a CAGR of 6.9% from 2021 to 2030.

The demand for solar freezer industry has drastically increased due to the outbreak of the novel coronavirus all over the world. Most of the powerful countries have invested huge amount of money to curb the demand for vaccine freezer and refrigerator in various places where electricity is not available throughout the day. Additionally, rise in awareness regarding the prospects of solar freezer is expected create solar freezer market opportunities of growth throughout the forecast period.

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Moreover, creating awareness among the people about the usage of eco-friendly products such as solar freezer and also making it affordable at a low price with high-quality technologies can replace the conventional freezer in the supermarkets and also can be used to increase the revenue of ice cream industry by aiding them in developing in the unexplored locations. The increase in awareness among the people regarding carbon emission due to power generation through fossil fuels being used by conventional refrigerator in increasing the demand for solar freezer among the household appliance sector and many other commercial sectors throughout the forecast period.

Rise in need for eco-friendly energy solutions has further propelled the demand for solar freezer. For instance, Indian government took various steps to promote the solar-based appliances for the basic needs in the rural areas where the electrical transmission is not available. The government also invested nearly 135 million through various banks to the industries under the solar home system (SHS) segment. Solar-based household appliances are promoted in these areas to make people live in better conditions such as basic lighting and other basic services. Government schemes and initiatives toward the use of solar-based system is expected to boost the growth of the solar freezer market during the forecast period.

The global solar freezer market is segmented on the basis of type, capacity, end use, and region. Depending on type, the market is categorized into solar-battery based and solar-direct drive. In terms of value, solar-battery based segment accounted for the largest share in 2020, owing to its ease of use and low maintenance cost. On the basis of capacity, it is divided into less than 250 ltrs, 250-500 ltrs, and more than 500 ltrs. In terms of volume, the 250-500 ltrs segment accounted for the largest market share in 2020. End uses of solar freezer include medical (hospitals, pharmacies & vaccines, blood banks and others), household, infrastructure, commercial, and other end uses. The infrastructure segment held the largest solar freezer market revenue share in 2020, and is depicted to grow at a CAGR of 6.3%.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. As per global solar freezer market analysis, Asia-Pacific accounted for the largest share of the market in 2020 as well as the fastest growing region.

The major companies profiled in this report include CONNEXA ENERGY, EcoSolarCool, SunDanzer, Unique Off-Grid Appliances, B Medical Systems, DOMETIC, Dulas, Engel Coolers, KYOCERA, Sure Chill Steca Elektronik, and Vestfrost Solutions.

The key players are involved in partnership and acquisition strategies to attain key developments in the solar freezer market trends. For instance, B Medical Systems, signed MOU with Adani group for the establishment of its manufacturing facility and several technology initiatives in India. This partnership is expected to develop strong collaboration between these two companies to bring state of art solar powered vaccine logistics solutions in India.

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Impact Of Covid-19 On The Global Solar Freezer Market

Emergence of COVID-19 situation has greatly boosted the growth of the global solar freezer market for a short period.
This market has witnessed growth in demand during this pandemic, due to increase in demand for the vaccine storage freezer. The development of various kinds of vaccines and medicine for the coronavirus has propelled the growth of this market.
Use of solar freezers in storing blood and medicines in pharmaceuticals is expected to increase the sales of solar freezer during the COVID-19 pandemic
Several legal liabilities over business due to COVID-19 pandemic has pushed commercial segment to possess slow growth during the pandemic period.
Thus, the abovementioned factors are expected to fuel the global solar freezer market growth in current times.

Key findings of the study

The Asia-Pacific solar freezer market is projected to grow at the highest CAGR of nearly 8.1%, in terms of revenue, during the forecast period.
By type, the solar-battery segment accounted for the largest market share in 2020.
By capacity, in terms of volume, the 250-500 ltrs segment accounted for the largest market share in 2020.
By end use, the infrastructure segment accounted for the largest market share in 2020.

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Organization: Allied Market Research
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Release ID: 89036176