Solar Freezer Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Solar Freezer Market grew at a CAGR of 7.4% between 2017-2021 and is estimated to be US$ 642.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 8.0% and is expected to reach a valuation of US$ 1,386.2 Mn by 2032 end.
Solar Freezers can play a transformative role in improving people’s health and socioeconomic statuses. Solar Freezers are now used in several end-use applications such as households, dairy, research labs, medicals, etc.
GROWING FOCUS ON GHG EMISSION REDUCTION WILL DRIVE THE MARKET FOR SOLAR FREEZE
Energy consumption in the world has gone up considerably over the last few years. The strong economic growth, rising population, and flourishing manufacturing sector led to increased power consumption. Developing economies are witnessing high electricity demand due to infrastructure development. Improved living standards need more electricity to run appliances, which is why demand is growing. The use of smart electronics products is also increasing, which leads to higher energy consumption.
HIGH TECHNOLOGY COSTS HAMPER THE MARKET GROWTH
The high upfront cost of solar freezer technology limits the number of consumers. The cost of such freezers units is very high, and such financing help has been provided to large-scale users, which helps in their acceptance among the clientele. The installation of such components requires increased investment in every application as the cost of photovoltaic installation is also high. The construction of portable freezers is also expensive, hindering this market’s growth.
THE RISE DEMAND FOR ENERGY-EFFICIENT MACHINERY WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The consumption of electricity is increasing around the world; most of it is generated through conventional sources. Renewable sources such as wind, solar and hydro are used to create electricity. However, these traditional sources increase the pollution levels in the environment. To reduce such pollution levels, people are looking for alternative options: solar freezers. These products run on sun rays, are very efficient, and use less energy. The government is also supporting these freezers by providing subsidies.
The abrupt coronavirus outbreak has had a negative impact on the expansion of utility applications. In several projects, the installation of Solar Freezer systems declined in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.
However, it is anticipated that the adoption of Solar Freezer systems will expand due to the growing installation of Solar Freezer systems in operational projects and the growing government focus on upgrading the electricity sector. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Capacity :
By Application :
By Region and Country:
Why are Solar Based batteries projected to ensure the most revenue during the forecast period?
At 60.0% of the market, Solar based batteries had the greatest revenue share. Solar battery-based freezers hold a major market share and are likely to continue to dominate the market during the forecast period. The solar battery-based segment is more efficient and effective because they do not use batteries but use solar panels that direct to appliances directly. The solar direct drive segment is expected to grow significantly during the forecast period, as they are more expensive than solar battery-based freezers. These freezers do not require batteries and can plug into an appliance when energy requirements increase.
Why is the 250-500 Liter segment expected to expand the fastest during the forecast period?
In 2021, The demand for freezers with a capacity of 250-500 liters was significantly higher in the market. This product segment offers a good size and occupies less space than smaller freezers. The above 500-liter segment will likely witness significant growth during the forecast period. The installation of the product is increasing in household and commercial segments. These segments generally use freezers with a capacity of more than 500 liters. This increases the demand for such freezers in the market during the forecast period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide.
Some of the key developments that have taken place in the Solar Freezer Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Capacity, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 8.0%.
Growing consumer demand for energy-saving equipment drives market expansion.
Major global Solar Freezer Market players are B Medical Systems, Connexa Energy, Dometic, DULAS, ECOSOLARCOOL, SUNDANZER, Kyocera, SURECHILL, Steca, UNIQUE APPLIANCES, VESTFROST SOLUTION.
Market growth is constrained by the high capital investment needed to deploy Solar Freezer systems.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Solar Freezer market.
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