The Worldwide Solar Freezer Industry is Expected to Reach $15.5 Billion by 2030 – ResearchAndMarkets.com | Financial Buzz

The Worldwide Solar Freezer Industry is Expected to Reach $15.5 Billion by 2030 – ResearchAndMarkets.com

The “Solar Freezer Market by Type, Capacity and End Use, Household, Infrastructure, Commercial and Other End Uses: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.

The global solar freezer market was valued at $8.0 billion in 2020, and is projected to reach $15.5 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.

Solar freezers can play a transformative role in improving people’s health and socio-economic statuses. Rapid urbanization in developing region and increase in environmental concerns are the key factors driving the demand for solar freezers. Solar freezers are now used in several end-use applications such as households, dairy, research-labs, medicals, and more. It is a freezer that transfers solar energy into thermal energy for providing low temperature. The basic components present in solar freezer include solar array, panel support structure, battery (optional), and freezer. Solar-battery based and solar-direct drive solar freezers are the most common types used in different end-use applications.

Rapidly growing pharmaceutical sector due to COVID-19 pandemic and increased use of solar freezer have created abundant demand for solar freezers across the globe. Rapidly increasing demand for vaccine due to coronavirus pandemic is another factor that is currently driving the global solar freezer market. Additionally, the recreation sector has a huge demand for solar freezer market, as the consumers take their family and friends to various famous places to hangout in RVs and tents, which requires solar freezer or portable solar refrigerator to preserve the food & beverages for various occasions. European & American regions have great demand for solar freezer in the recreational sector.

The initial investment cost of this market is huge as most of the patents or components regarding the production of solar freezer are available only in the hands of the big companies. In order to make new products a huge investment must be put into research and development. It also faces a challenge of making the solar freezer affordable at a low price by innovating various technologies. This factor is likely to hamper the sales of solar freeze.

The global solar freezer market is segmented on the basis of type, applications, and region.

On the basis of type, the global solar freezer market is segmented into solar-battery based and solar-direct drive. On the basis of capacity, it is divided into less than 250 ltrs, 250-500 ltrs, and more than 500 ltrs. The end uses segment includes medical (hospitals, pharmacies & vaccines, blood banks and others), household, infrastructure, commercial, and other end uses.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.

Market Dynamics

Drivers

  • Increasing demand among the healthcare facilities sectors in off-grid areas
  • Need for the solar refrigeration in Military & Recreation sector

Restraint

  • High Initial Investment costs and ease of conventional refrigeration systems

Opportunities

  • Awareness about the prospects of solar freezer will open up opportunities for the market

Key Market Segments

By Type

  • Solar-Battery Based
  • Solar-Direct Drive

By Capacity

  • Less than 250 ltrs
  • 250-500 ltrs
  • More than 500 ltrs

By End Use

  • Medical
  • Hospitals
  • Pharmacies & Vaccines
  • Blood Banks
  • Others
  • Household
  • Infrastructure
  • Commercial
  • Other End Uses

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

Key Players Include:

  • Connexa Energy
  • EcoSolarCool
  • SunDanzer
  • Unique Off-Grid Appliances
  • B Medical Systems
  • DOMETIC
  • Dulas
  • Engel Coolers
  • KYOCERA
  • Sure Chill
  • Steca Elektronik
  • Vestfrost Solutions

For more information about this report visit https://www.researchandmarkets.com/r/d5idkw

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