Solar Freezer Market: Current Analysis and Forecast (2021-2027)

Solar Freezer are those freezers that harness the 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 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 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.
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, solar-direct drive freezer accounted for a market valuation of US$ XX billion in 2020 and is expected to growing with a considerable CAGR of XX% over the forecast period.
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 owing to the growing use of medium-sized freezers.
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 analyzed period.

For a better understanding of the market adoption of the Solar Freezer, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. Asia-Pacific constitutes a major market for the solar freezer industry and generated revenue of USD XX Million in 2020 due to the emerging demand for clean energy owing to the rising death due to pollution from fossil fuels use. Also, the presence of well-established players in the region adding pace to the growth of the market in the region.

Some of the major players operating in the market CONNEXA ENERGY, EcoSolarCool, SunDanzer, B Medical Systems, Unique Off-Grid Appliances, Sure Chill, DOMETIC, Dulas, Engel Coolers, Vestfrost Solutions, among others. Several M&As along with partnerships have been undertaken by these players to develop solar freezer.

This market is expected to witness a boost on account of the growing demand for energy and wide adoption of renewable energy sources across the globe. In addition to this, key players worldwide are introducing new and advanced technologies as well as applications to cater to the middle-income group propelling the growth of the solar freezer market across the globe.