Global Solar Freezer Market is Expected to Foresee Significant Growth during the Forecast Period. Asia-Pacific to Grab Major Market Share
The global Solar Freezer Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Solar freezers are the freezers that run on electricity provided by energy harnessed by the sun.
The global solar freezer market is proliferating on account of rising concern about the ever-rising emission of greenhouse (GHGs) particularly CO2 since the birth of the industrial revolution. For instance, in 2019, roughly 36.44 billion metric tons of carbon dioxide was emitted across the world, up from 33.13 billion metric tons in 2010. However, in 2020, a noticeable reduction in emissions was seen due to the impacts of the COVID-19 lockdown. Owing to these alarming facts, the demand for clean energy sources is increasing all over the world thereby augmenting the solar freezer market globally.
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Additionally, the growth of this market can be attributed to the increased inclination towards renewable alternatives and the growing adoption of solar freezers in a wide range of applications among various industries. Additionally, in recent years, there has been a rising demand for the utilization of solar energy for various applications owing to the vast renewable energy potential which is still untapped. For instance, At the end of 2020, global renewable generation capacity amounted to 2,799 GW. Moreover, in 2020, the renewable generation capacity increased by 10.3% which is 260 GW. Solar energy continued to lead the capacity expansion, with an increase of 127 GW (+22%), followed closely by wind energy with 111 GW (+18).
Based on type, the global solar freezer market is segmented into solar-battery based and solar-direct drive. The solar battery-based 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 as these freezers require limited maintenance cycles for the sealed batteries. 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.
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Based on end-use, the market is also fragmented into the 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 used for vaccine storage as these are recommended equipment by the WHO and have defined a set of performance standards for these.
Additionally, the report provides detailed initiatives that are being taken in the field of solar freezers. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Asia-pacific dominated the market with US$ XX million in 2020 owing to the increasing investments in the renewable energy sector leading to the development of robust infrastructure for the usage of solar energy in APAC countries. For instance, according to the survey conducted by multinational market research & consulting firm in 2019 regarding the level of solar energy infrastructure in some selected countries of the APAC region, amongst all nearly 63% of the participants stated that the solar energy infrastructure of China was either very or fairly good.
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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 make solar freezer as cost-effective and as widely available as possible.
Global Solar Freezer Market Segmentation
Market Insight, by Type
- Solar-Battery Based
- Solar-Direct Drive
Market Insight, by Capacity
- Less than 250 liters
- 250-500 liters
- More than 500 liters
Market Insight, by End-Use
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- CONNEXA ENERGY
- B Medical Systems
- Unique Off-Grid Appliances
- Sure Chill
- Engel Coolers
- Vestfrost Solutions