Solar Freezer Market Overview - 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 global solar freezer market forecast expected at a CAGR of 6.9% from 2021 to 2030. Solar freezers can play a transformative role in improving people’s health and socio-economic statuses. Rapid urbanization in developing regions and increase in environmental concerns are the key factors that drive global solar freezers growth. Solar Freezers are now used in several end-use applications such as households, dairy, research-labs, medicals, and more. It is a freezer that transfers solar energy into thermal energy for providing low temperature. The basic components present in solar freezer include solar array, panel support structure, battery (optional), and freezer. Solar-battery based and solar-direct drive solar freezer are the most common types used in different end-use applications.
Rapid increase in the demand for vaccine due to COVID-19 pandemic has created abundant demand for solar freezer industry across the globe; thereby, increasing solar freezers share in the medical sector in recent times. Government is the largest buyer of vaccine storage for supply at PHCs and other institutions. Furthermore, increase in demand for refrigerators from rural areas due to improved income and standards of living is another factor increasing global solar freezer market trend. As per the research United Nations in 2018, by 2050, 68% of the world population is expected to live in urban areas. The demand for various medical products and blood has increased during this period, which has also indirectly fueled the demand for solar freezer for storage. Indian government has launched various cooperation methods and partnerships with multinational companies such as Tata, Rockwell, and many start-ups to curb the urgent demand for cold storage and vaccine transportation & storage demand in the rural areas. Several government initiatives are aiming use of renewable energy, scheme implementation to promote use of solar freezers and development support programs on innovations in off-grid refrigeration, which is expected to create abundant solar freezer market opportunities throughout the forecast period.
High upfront cost of technology and lack of consumer financing limit uptake of solar freezers in households, direct sales of milk chilling units exist only for large federations and societies, which are some of the factors restraining the growth of the solar freezer market throughout the globe. However, financing options for solar freezer systems is expected to boost the market sales throughout the forecast period. For instance, as of 2019, Caspian, a social impact investment firm, has invested USD 17 million in the affordable and clean energy sector.
The global solar freezer market is segmented on the basis of type, capacity, end use, and region.
On the basis of type, the global market is segmented into solar-battery based and solar-direct drive. On the basis of capacity, it is divided into less than 250 ltrs, 250-500 ltrs, and more than 500 ltrs. The end uses of solar freezer market include medical (hospitals, pharmacies & vaccines, blood banks and others), household, infrastructure, commercial and other end uses.
Solar-battery drive is projected to create abundant $ opportunity till 2030
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
250-500 ltrs is projected as the most lucrative segment.
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, Vestfrost Solutions, and others.
By End Use
Infrastructure is projected as the most lucrative segment.
As per solar freezer market analysis, Asia-Pacific accounted for the largest share of the market in 2020 as well as the fastest growing region, owing to rapidly increasing urbanization in India
In terms of type, the solar-battery based segment accounted for the largest solar freezer market share in 2020, owing to low maintenance compared with other types. Solar battery-based segment is also projected to grow at a CAGR of 6.3% from 2021 to 2030.
In terms of capacity, 250-500 ltrs segment held the largest solar freezer market revenue share in 2020, and is expected to grow at a CAGR of 6.5%.
In terms of end use, infrastructure segment held the largest market revenue share in 2020, and is expected to grow at a CAGR of 6.3%.
Aisa Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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 shown a rise in this pandemic season, which is mostly 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.
- 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 Market Segments
- Solar-Battery Based
- Solar-Direct Drive
- Less than 250 ltrs
- 250-500 ltrs
- More than 500 ltrs
By End Use
- Pharmacies & Vaccines
- Blood Banks
- Other end uses
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Solar Freezer Market Report Highlights
By End Use
Key Market Players
Kyocera, Connexa Energy, B Medical Systems, Dometic, VESTFROST SOLUTIONS, SUNDANZER, SURECHILL, DULAS, STECH ELEKTRONIK, ECOSOLARCOOL, UNIQUE APPLIANCES
The global solar freezer market is expected to gain high traction during the forecast period due to shifting preferences toward the use of eco-friendly and renewable resources.
High presence of alternatives and high initial investment cost of solar freezer as compared with traditional refrigerators/freezers are likely to hamper the growth of the solar freezer market during the upcoming years. However, rapidly growing urbanization, burgeoning medical industry, and growth in awareness toward the use of eco-friendly products are some of the key factors expected to drive the demand for the solar freezer market during the forecast period. Additionally, government scheme and initiatives toward promoting the use of renewable products will drive the global solar freezer sales.
The COVID-19 pandemic has positively impacted the global solar freezer market for a short span due to increase in demand for the vaccine storage freezer; thereby, creating opportunity for various companies to show their innovative talent to create new and efficient way to transport the vaccines from production area to the consumers.
Moreover, companies are inheriting partnership and acquisition strategies to support the growth of the solar freezer market throughout the forecast period. Presently, infrastructure segment holds the largest market share in the global solar freezer market.