Solar Freezer Market To Hit $15.5 Billion By 2030, Says Allied Market Research

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The rise in demand among the healthcare facilities sectors in off-grid areas and need for solar refrigeration in the military & recreation sector drive the global solar freezer market. The market across Asia-Pacific would showcase the highest CAGR of 8.1% during the forecast period. The increase in demand for vaccines to prevent Covid-19 infection created the need for solar freezers in the healthcare sector.

As per the report published by Allied Market Research, the global solar freezer market was pegged at $8.0 billion in 2020 and is expected to reach $15.5 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.

The rise in demand among the healthcare facilities sectors in off-grid areas and the need for solar refrigeration in the military & recreation sector drive the global solar freezer market. However, high initial investment costs and ease of conventional refrigeration systems hinder the market growth. On the contrary, awareness regarding the prospects of solar freezers would open new opportunities in the coming years.

Covid-19 scenario:

  • The increase in demand for vaccine to prevent Covid-19 infection created need for solar freezers in the healthcare sector.
  • However, government of several countries imposed strict lockdown restriction and advised to close several manufacturing facilities to curb the spread of virus.
  • Moreover, the prolonged lockdown resulted in supply chain disruption and increase in prices of raw materials.

The report segments the global solar freezer market on the basis of type, capacity, end use, and region.

Based on type, the solar-battery based segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the solar-direct drive segment is expected to portray the highest CAGR of 7.8% from 2021 to 2030.

On the basis of end use, the infrastructure segment dominated the market in 2020, contributing to nearly one-third of the market. However, the household segment is estimated to register the highest CAGR of 7.6% during the forecast period.

The global solar freezer market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific would showcase the highest CAGR of 8.1% during the forecast period. In addition, the region held the largest share in 2020, contributing to more than two-fifths of the market.

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