Solar Freezer Market Size, Share and COVID-19 Impact Analysis By Type (Solar Battery Based and Solar Direct Drive), By Capacity (Less Than 250 Liter, 250 – 500 Liter, and Above 500 Liter), By Application (Hospitals & Blood Banks, Pharmacies & Vaccines, Commercial, and Others), and Regional Forecast, 2021-2028

The global solar freezer market size was USD 346.1 million in 2020, and is projected to grow from USD 372.5 million in 2021 to USD 653.8 million in 2028 at a growth rate of 8.4% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering with solar freezer witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -7.0% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.

Solar freezers can be defined as a refrigerator, which is incorporated with solar thermal energy or photovoltaic. These freezers run on energy provided by sun rays and are used to keep commodities and goods, such as dairy cool, and meat, in hot climates. Theye are widely used to store vaccines to avoid spoilage as the demand for vaccines is very high and are useful where AC power is not available. They require heavy lead-acid batteries and are expensive. 

Supply Chain Disruptions Due to COVID-19 Pandemic Impact Market Growth Severely

The COVID-19 pandemic has impacted several business sectors, such as manufacturing, oil & gas, aviation, hospitality, and others. Governments in many countries imposed nationwide lockdowns & restrictions in the wake of the pandemic which severely affected economies across the globe. The pandemic disrupted supply chains and delayed many projects, and created a shortage of labor. In many countries, the renewable sector is highly dependent on imports from other countries, mainly from China.

However, after the arrival of vaccines in the market, the demand for such freezers has increased significantly as they are used to store vaccines in healthcare facilities sectors. The buyers for medical freezers have increased due to the COVID-19 pandemic. 

LATEST TRENDS

Rising Focus Toward Reducing GHG Emission to Boost Market Growth

Power consumption in the world has increased considerably over the last few years. The strong growth of the economy, rising population, and flourishing manufacturing sector have led to increased consumption of power. The developing economies are witnessing high electricity demand due to expansion and infrastructure development. Improved standard of living of people is also widely increasing which increases the use of smart electronics products.

The more and more use of refrigerators and freezers releases carbon dioxide in the environment. This, increases the greenhouse gases in the environment. The use of such freezers reduces the consumption of electricity as they run on solar energy. The government is also focusing on reducing greenhouse gases. Thereby, increases the adoption of such equipment.  

DRIVING FACTORS

Rising Demand for Energy Efficient Equipment to Boost Market Growth

The consumption of electricity is widely increasing around the world. Majority of electricity is generated through conventional sources such as coal and natural gases. The penetration of renewable sources is increasing slowly. However, these conventional sources increase the pollution levels in the environment. The use of refrigerators, TV, iron, geysers, and ACs consumes high power. Freezers are one of the necessary equipment used these days. They are used to protect various things from spoiling.

To reduce such pollution levels, people are looking for alternative options. One such option is solar freezers. These products run on sun rays and are very efficient. The government is also supporting the use of energy-efficient equipment. The installation of these freezers is increasing as they run on solar energy, which decreases the energy bill and works efficiently.

Rising Demand from Medical Sector to Propel Market Growth

The healthcare facilities sector is growing immensely across the world. The demand for various pharmaceutical products is also increasing significantly worldwide. These freezers are used to store various drugs, vaccines, and blood bags. The medical segment is widely adopting these types of freezers in order to store products. The demand for cold storage has increased significantly in various parts of the world to store vaccines. The Indian government launched cooperation programs and partnerships with multinational companies, such as Tata, Rockwell, and other start-ups, to overcome the demand for cold storage for vaccine storage and transportation within the country. 

RESTRAINING FACTORS

High Cost of Technology Hinder Global 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. The installation of such components requires high investment in every application as the cost of installation of photovoltaic is also high. The construction of portable freezers is also expensive. This hinders the solar freezer market growth.

SEGMENTATION

By Type Analysis

Solar Battery Based Segment to Dominate Market Due to Higher Application  

Based on type, the market is segmented into solar battery-based and solar direct drive. The solar battery-based segment held the largest market share and is likely to dominate the market during the forecast period. Solar battery-based freezers have a high demand for various applications. They use batteries to store solar energy and use that energy after dawn. They are more efficient and effective.

The solar direct drive segment is likely to grow significantly during the forecast period. The solar direct drive segment is capturing the market slowing as they are expensive. These types of  freezers do not store energy and do not require energy-storing batteries. Solar panels in such freezers are connected to a plug and play directly to the appliances.

By Capacity Analysis

250 – 500 Liter Segment Dominated Market in 2020 Due to Rising Demand  

Based on the capacity, the market is segmented into less than 250 liter, 250 – 500 liter, and above 500 liter. The 250-500 liter segment accounts for the largest market share during the forecast period. The demand for such freezers with a capacity of 250-500 liter is higher in the market. The capacity of the freezer is used widely for medical applications around the world.

The above 500 liter segment is likely to 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 liter. This increases the demand for such freezers in the market during the forecast period. 

By Application Analysis

Hospitals & Blood Bank Segment to Grow at Highest Rate during Forecast Period Due to Higher Adoption of Advanced Technology

Based on the application, the market is segmented into hospitals & blood banks, pharmacies & vaccines, commercials, and others. The hospitals & blood bank segment is likely to dominate the market during the forecast period. The requirement for a blood bank is not seasonal and almost every healthcare center stores blood in such blood banks. The hospitals stored vital drugs in cold storage. The penetration of solar freezers into these applications is increasing as the use of latrest technology is increasing. These freezers are easy to transport and more reliable. This increases the demand and adoption of the product in such application.

The pharmacies & vaccine applications are likely to contribute significantly to the growth of the solar freezer market during the forecast period. Vaccines for covid-19 has to be stored in low temperature and are transferred to different locations within the country as well as outside the country. To carry such vaccines, use of solar freezer is increasing as they run on the most convenient source of energy. The pharmacies often use these freezers to store various drugs, vaccines, etc.

REGIONAL INSIGHTS

Geographically, the global solar freezer market has been analyzed across five key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Asia Pacific dominated the market in 2020. This region has the highest installation of the product as the commercial and medical segment is widely adopting such freezers. It helps reduce electricity consumption and does not affect the environment in any way.

Furthermore, to fulfill energy demand from the population of North America, the region is increasing its solar energy capacity. The government is also widely supporting the use of energy-efficient equipment such as solar freezers. The region is highly emphasizing reducing carbon emissions. This also increases the demand for such freezers in the region.

KEY INDUSTRY PLAYERS

Key Players Focus on Increasing Their Production Capacity by Introducing New Products

The market is fragmented owing to the presence of a large number of companies in developed and developing countries. Currently, B Medical Systems, SUNDANZER Connexa Energy, DULAS are leading the market. These companies are expanding their presence and such products.

In July 2021, B Medical Systems announced the launch of a new solar direct drive vaccine freezer. The company has named this freezer TCW80SDD and it comes with remote monitoring and with a vaccine storage capacity of 80.5 liters. These refrigerators are easy to transfer vaccines anywhere in the world.

LIST OF KEY COMPANIES PROFILED:

• B Medical Systems (Luxemburg)


• Connexa Energy (U.S.)


• Dometic (Sweden)


• DULAS (U.K.)


• ECOSOLARCOOL (U.S.)


• SUNDANZER (U.S.)


• Kyocera (Japan)


• SURECHILL (U.K.)


• Steca (Germany)


• UNIQUE APPLIANCES (Canada)


• VESTFROST SOLUTIONS (Denmark)

KEY INDUSTRY DEVELOPMENTS:

• 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


• 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.

REPORT COVERAGE

The global solar freezer market research report includes a detailed solar industry analysis and focuses on key aspects such as leading companies, technology, installation, grid type, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several drivers that have contributed to the growth of the market in recent years.

REPORT SCOPE & SEGMENTATION