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.
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.
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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 solar freezer market growth during the forecast period. However, high prices of solar freezer compared to conventional fuel-based freezers is expected to hamper the sales of 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.
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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, and Vestfrost Solutions.
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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