Solar Freezer Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Solar-Battery-Based, Solar-Direct Drive); Capacity (<250 liters, 250-500 liters, >500 liters); End-User (Medical, Household, Infrastructure, Commercial, Others); and Region and Country
Solar Freezer Market was valued at US$ 8 billion in 2020 and is expected to grow at a CAGR of 7% over the forecast period (2021-2027). Solar Freezers are those freezers that harness solar energy and may include PV or solar thermal energy. These solar-powered freezers are usually used in off-grid locations where utility AC power is not available and are used in various industries including medical, commercial, infrastructure, and others.
In 2020, the consumption of all other fuels declined while the only source which increased the demand for energy sources was renewables 2020. As the global economy recovers from the crisis, The renewable energy source witnessed an uptake, therefore, expand more quickly. As per International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW. Furthermore, exceptionally high-capacity additions become the “new normal” in 2021 and 2022, with renewables accounting for 90% of new power capacity expansion globally. Owing to this wide adoption of renewables across the world due to the deteriorating environment the solar freezer market is expected to grow in the forthcoming years.
Another significant reason responsible for the growth of the solar freezer market is the rising demand for energy and the growing adoption of solar-powered appliances owing to numerous benefits offered by them. Some of the benefits of using solar freezers include zero running cost, longer hold over time, scalable, lower maintenance with the higher build quality. Furthermore, the rapid increase in solar power installations around the world is also propelling the solar freezer market globally. For instance, as per IEA, solar is setting the new track for new global deployments each year after 2022, with an average of around 125 GW of new capacity expanded globally between 2021 and 2025.
Cumulative Installed Solar Power Capacity in China, 2015-2020 (in gigawatts)
CONNEXA ENERGY, EcoSolarCool, SunDanzer, B Medical Systems, Unique Off-Grid Appliances, Sure Chill, DOMETIC, Dulas, Engel Coolers, Vestfrost Solutions are some of the prominent players operating in the solar freezer market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, Solar-Battery Based segment holds the major share”
Based on type, the global solar freezer market is fragmented into solar-battery-based and solar-direct drive. The solar-battery-based freezer segment dominated the market and grabbed XX% market share in 2020. However, the solar-direct drive freezer accounted for a market valuation of US$ XX billion in 2020 and is expected to grow with a considerable CAGR of XX% over the forecast period. Solar direct drive freezers are relatively the new technology of solar-powered freezers bypassing the use of a battery and charge controller. These are connected to PV panels for power and store solar energy in the form of frozen liquids (e.g., ice or phase-change material) to provide continuous cooling for a limited number of cloudy days and at night. The growth of these freezers market is because of its growing use in vaccine storage as these are prequalified by WHO.
“Amongst Capacity, 250-500 liters segment holds the major share”
Based on capacity, the global solar freezer market is segmented into less than 250 liters, 250-500 liters, and more than 500 liters. The 250-500 liters segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe. The growth of this segment is attributed to the growing use of medium-capacity freezers in a wide array of applications in medical and household setups. Many people use this medium-sized freezer as they do not consume a very high amount of power and offer excellent total cost of ownership and best in class water pack freezing performance.
“Amongst End-Use, Infrastructure segment holds the major share”
Based on End-Use, the global Solar Freezer market is segmented into medical, household, infrastructure, commercial, and others. The infrastructure segment held the largest market revenue share in 2020 and is expected to grow at a CAGR of XX% during 2021-2027. however, the medical segment is also expected to grow with the lucrative CAGR of XX% during the analyzed period as solar freezers are being widely adopted in various blood banks for the storage of blood samples. Further, these freezers also provide a reliable cold chain for important vaccines even in remote areas as the integrity of vaccines or blood packs are well safeguard in these freezers due to their high-temperature stability.
“Asia-Pacific represents one of the largest markets of Solar Freezer market”
For a better understanding of the market dynamics of the solar freezer market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. Asia-Pacific dominated the market and generated revenue of US$ XX million in 2020 owing to the increasing adoption of solar-powered appliances across countries such as China, Japan, India, etc.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Global solar freezer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Solar Freezer Market Study|
|2.1.||Research Methodology for the Solar Freezer Market|
|2.1.1.||Main Objective of the Solar Freezer Market|
|5||SOLAR FREEZER AMID COVID|
|6||SOLAR FREEZER MARKET REVENUE (US$ BN), 2021-2027F|
|8.1||Space Heating System|
|8.2||Domestic Hot Water Systems|
|8.3||Solar Combi Systems|
|10.1.||NORTH AMERICA SOLAR FREEZER MARKET|
|10.2.||EUROPE SOLAR FREEZER MARKET|
|10.3.||ASIA-PACIFIC SOLAR FREEZER MARKET|
|10.4.||REST OF THE WORLD SOLAR FREEZER MARKET|
|12||SOLAR FREEZER MARKET OPPORTUNITIES|
|13||SOLAR FREEZER MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|14.2.1.||Top Product Launches|
|14.2.2.||Top Business Partnerships|
|14.2.3.||Top Business Expansions, Investments and Divestitures|
|14.2.4.||Top Merger and Acquisitions|
|15||VALUE CHAIN ANALYSIS|
|17.4||B Medical Systems|
|17.5||Unique Off-Grid Appliances|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Solar Freezer Market were the three major steps undertaken to create and analyze the adoption of Solar Freezer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Global Solar Freezer Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the solar freezer through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the solar freezer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, capacity, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of solar freezer in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of solar freezer. Further, we conducted factor analysis using dependent and independent variables such as increasing global temperature and growing adoption of renewable energy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the solar freezer sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the solar freezer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of solar freezer across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the solar freezer market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the solar freezer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, capacity and end-use of the solar freezer market.
The main objective of the Solar Freezer Market Study
The current & future market trends of solar freezer were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of solar freezer in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of types, capacity and end-use
- Define and analysis of the regulatory framework for the solar freezer industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the solar freezer market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific, and Rest of the world
- Company profiles of the solar freezer market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry