Solar Freezer Market Forecasts to 2028 – Global Analysis By Type (Solar Battery Based, Solar Direct Drive and Other Types), By Capacity (Less Than 250 Litres, 250-500 Litres and More Than 500 Litres), By End User and By Geography

Solar Freezer Market Forecasts to 2028 – Global Analysis By Type (Solar Battery Based, Solar Direct Drive and Other Types), By Capacity (Less Than 250 Litres, 250-500 Litres and More Than 500 Litres), By End User and By Geography

According to Stratistics MRC, the Global Solar Freezer Market is accounted for $9.75 billion in 2022 and is expected to reach $17.65 billion by 2028 growing at a CAGR of 10.4% during the forecast period. The socioeconomic and physical health of individuals can be significantly enhanced by solar freezers. Rapid urbanization in developing nations, rising environmental concerns, numerous end-use industries, including families, dairy, research labs, healthcare, and more, use solar freezers are driving the growth It functions as a freezer by converting solar energy into thermal energy to maintain a low temperature. The solar array, panel support structure, battery (optional), and freezer make up the solar freezer's essential parts.

According to 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.

Market Dynamics

Driver

Rising demand from medical sector

Throughout the world, the demand for healthcare facilities is booming. Worldwide, there is a huge increase in demand for numerous medicinal products. Different medications, vaccinations, and blood bags are kept in these freezers. These freezer types are becoming increasingly used in the medical sector as a means of product storage. In many regions of the world, the need for cold storage for storing vaccines has considerably increased. To tackle the need for cold storage for the transportation and storage of vaccines inside the nation, the Indian government established cooperation programs and partnerships with global firms such as Tata, Rockwell, and other start-ups.

Restraint

High cost of technology

The number of consumers is constrained by the solar freezer technology's high initial cost. Due to the high cost of these freezer units, large-scale users have been offered financing assistance. Every application requires a significant financial expenditure to install such components because photovoltaic systems are similarly expensive to install. The cost of creating a portable freezer is likewise high. This limits the expansion of the solar freezer market.

Opportunity

Rising demand for energy efficient equipment to boost market growth

Throughout the world, there is a substantial rise in the consumption of electricity. The majority of electricity is produced using traditional fuels like coal and natural gas. Renewable energy sources are being used more and more. However, pollution levels in the environment rise as a result of these conventional sources. Refrigerators, TVs, irons, geysers, and air conditioners all require a lot of electricity. One of the vital pieces of equipment used currently is the freezer. They are employed to keep certain items from decomposing. People are searching for alternatives to minimize such pollution levels. Solar freezers are one such alternative. These items are extremely effective and run on sunlight. The usage of energy-efficient equipment is encouraged by the government as well.

Threat

Challenging climatic situations

The solar panels are slightly expensive. They are expensive. However, the panels have a low operating cost. The country's climate can be a challenge. The production of electricity depends on sunshine, so varying climates might be problematic. Because the batteries are charged by solar energy, solar energy is typically available at night as well. The batteries may weigh a lot and occupy a large amount of space.

Covid-19 Impact

The COVID-19 pandemic's rapid rise in vaccination demand has produced a booming market for solar freezers all over the world, boosting their popularity in the medical industry significantly. The majority of vaccine storage purchased for PHCs and other institutions is purchased by the government. Numerous industries, including manufacturing, oil and gas, aviation, hospitality, and others, have been affected by the COVID-19 epidemic. Following the pandemic, which had a devastating impact on the economy all around the world, governments in several nations enforced national lockdowns and restrictions. The epidemic caused supply chain disruptions, project delays, and manpower shortages. In many of those nations, the renewable energy industry is heavily dependent on imports from other nations, primarily China.

The solar battery-based segment is expected to be the largest during the forecast period

During the projection period, the solar battery-based sector is expected to hold the largest market share. Freezers powered by solar batteries are highly demanded for a variety of uses. In order to use solar energy after the first light, they store it using batteries. They are more productive and successful. In addition, solar battery-based refrigerators and freezers use less energy than conventional refrigerators and freezers, which helps the market grow.

The hospitals & blood banks segment is expected to have the highest CAGR during the forecast period

During the extrapolated period, the worldwide market is anticipated to have the highest compound annual growth rate in the hospitals & blood banks segment. The need for a blood bank exists throughout the year, and these blood banks store blood in practically every healthcare facility. The hospitals stored critical medications refrigerated. As the use of the latest technology rises, solar freezers are becoming more prevalent in these applications. These freezers are more dependable and portable.

Region with largest share

In 2020, Asia Pacific dominated the market, and it is anticipated that it will continue to hold the largest share during the projected period. Since such freezers are widely used in the commercial and medical sectors, this region has the largest installation of the device. It does not have any negative environmental effects and aids in lowering electricity use. To reduce the urgent demand for cold storage and vaccine delivery and storage in rural areas, the Indian government has developed a number of cooperation approaches and collaborations with international corporations like Tata, Rockwell, and several start-ups.

Region with highest CAGR

Asia-Pacific region is expanding its solar energy capacity to meet the region's growing population's demand for electricity. Furthermore, the government is actively promoting the use of energy-efficient appliances like solar freezers. The area places a strong emphasis on lowering carbon emissions. Moreover, this raises the need for these freezers in the region. Additionally, many government programs are promoting the use of renewable energy, the adoption of schemes to encourage the use of solar freezers, and the development of programs to support advances in off-grid refrigeration, all of which are predicted to result in an abundance of solar freezer market potential.

Key players in the market

Some of the key players in Solar Freezer market include B Medical Systems, Connexa Energy, Dometic, Dulas Ltd, Engel Coolers, KATEK Memmingen GmbH , Kyocera Corporation, Rockwell Industries Limited, Sholep Energy Ltd, STECH ELEKTRONIK, Sundanzer, The Sure Chill Company Limited, Unique Appliances and Vestfrost Solutions.

Key Developments

In September 2021, Angaza and SureChill announced a partnership to bring affordable solar refrigeration to off-grid and weak-grid homes and businesses. Both these companies are working to provide consumers in remote regions with widespread access to affordable pay-as-you-go (PAYG) solar refrigeration solutions.

In February 2021, B Medical Systems announced that it has been awarded an agreement of a group purchasing with Premier. Under the agreement, premier members will have access to the company line of ultra-low temperature freezer, blood bank refrigerators, transport boxes, and others.

Types Covered
• Solar Battery Based
• Solar Direct Drive
• Other Types

Capacities Covered
• Less Than 250 Litres
• 250-500 Litres
• More Than 500 Litres

End Users Covered
• Household
• Medical
• Commercial
• Infrastructure
• Military
• Residential
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements