Solar Freezer Market Estimation Worth $15.5 billion by 2030
Global Solar Freezer Market projected to grow at a CAGR of 6.9% from 2021 to 2030
WILMINGTON, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the global solar freezer market size was valued at $8.0 billion in 2020, and is projected to reach $15.5 billion by 2030 with expected solar freezer market forecast at a CAGR of 6.9% from 2021 to 2030.
A solar freezer is an energy-efficient appliance that operates using electricity generated from solar power. It is particularly valuable in areas with limited or unreliable access to conventional electricity, such as off-grid rural regions, disaster zones, or remote communities. Solar freezers are commonly used for preserving food, medicine, vaccines, and other perishable items.
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Asia-Pacific solar freezer market is projected to grow at the highest CAGR of nearly 8.1%, in terms of revenue, during the forecast period.
The major companies profiled in global solar freezer industry report include CONNEXA ENERGY, EcoSolarCool, SunDanzer, Unique Off-Grid Appliances, B Medical Systems, DOMETIC, Dulas, Engel Coolers, KYOCERA, Sure Chill Steca Elektronik, and Vestfrost Solutions.
By type, the solar-battery segment accounted for the largest market share in 2020.
By capacity, in terms of volume, the 250-500 ltrs segment accounted for the largest market share in 2020.
By end use, the infrastructure segment accounted for the largest market share in 2020.
The demand for solar freezer industry has drastically increased due to the outbreak of the novel coronavirus all over the world. Most of the powerful countries have invested huge amount of money to curb the demand for vaccine freezer and refrigerator in various places where electricity is not available throughout the day.
Rise in awareness regarding the prospects of solar freezer is expected create solar freezer market opportunities of growth throughout the forecast period.
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Creating awareness among the people about the usage of eco-friendly products such as solar freezer and also making it affordable at a low price with high-quality technologies can replace the conventional freezer in the supermarkets and also can be used to increase the revenue of ice cream industry by aiding them in developing in the unexplored locations.
The increase in awareness among the people regarding carbon emission due to power generation through fossil fuels being used by conventional refrigerator in increasing the demand for solar freezer among the household appliance sector and many other commercial sectors throughout the forecast period.
Rise in need for eco-friendly energy solutions has further propelled the demand for solar freezer. For instance, Indian government took various steps to promote the solar-based appliances for the basic needs in the rural areas where the electrical transmission is not available.
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The government also invested nearly 135 million through various banks to the industries under the solar home system (SHS) segment. Solar-based household appliances are promoted in these areas to make people live in better conditions such as basic lighting and other basic services.
Government schemes and initiatives toward the use of solar-based system is expected to boost the solar freezer market revenue during the forecast period.
High prices of solar freezer compared to conventional fuel-based freezers is expected to hamper the sales of solar freezer market during the forecast period.
Impact Of Covid-19 On The Global Solar Freezer Market
Use of solar freezers in storing blood and medicines in pharmaceuticals is expected to increase the sales of solar freezer during the COVID-19 pandemic,
This market has witnessed growth in demand during this pandemic, due to increase in demand for the vaccine storage freezer. The development of various kinds of vaccines and medicine for the coronavirus has propelled the growth of this market.
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Several legal liabilities over business due to COVID-19 pandemic has pushed commercial segment to possess slow growth during the pandemic period.
Thus, the abovementioned factors are expected to fuel the global solar freezer market growth in current times.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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