| A11860 | Pages: 320 | Jun 2021 | 2245 Views | ||
| Author(s) : Prakhar Jain , Eswara Prasad | Tables: 256 | Charts: 56 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Solar Freezer Market
Request Now !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.
The development of various kinds of vaccines and medicine for the treatment of corona virus has propelled the growth of solar freezer market, 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.
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.
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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.
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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.
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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.
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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%.
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Impact Of Covid-19 On The Global Solar Freezer Market
Key Market Segments
By Type
By Capacity
By End Use
By Region
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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.
A. Solar-battery drive segment accounted for largest Solar Freezer market share.
A. Companies are inheriting partnership and acquisition strategies to support the growth of the solar freezer market throughout the forecast period.
A. To get latest version of Solar Freezer market report can be obtained on demand from the website.
A. Increasing demand among the healthcare facilities sectors in off-grid areas, government initiatives to curb the urgent demand for cold storage and vaccine transportation & storage demand in the rural areas are key factors driving the growth of solar freezer market
A. To open up the opportunities we need to create awareness among the people about the usage of Eco-Friendly products like solar freezer and also making it affordable at a low price with high quality technologies. It can also replace the conventional freezer in the supermarkets and also can be used to increase the revenue of ice cream industry by aiding them in the developing in the unexplored locations. These are the opportunities which will be helpful for the growth of the solar freezer market during this forecast period.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Pharmaceuticals, blood banks, vaccine transporting companies, large-scale industries, dairy and ice-shops
A. Asia Pacific significantly China and India will provide more business opportunities for Solar Freezer Market in coming years
A. CONNEXA ENERGY, EcoSolarCool, SunDanzer, Unique Off-Grid Appliances, B Medical Systems, DOMETIC, Dulas, Engel Coolers, KYOCERA, Sure Chill Steca Elektronik, and Vestfrost Solutions.
A. The expected market value of Solar Freezer by 2028 is US$ 13.5 billion
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