New York, United States , Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Global Solar Freezer Market Size is to Grow from USD 9.6 Billion in 2023 to USD 16.62 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.64% during the projected period.
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Solar freezers are appliances that run on solar thermal energy. These freezers use solar energy to keep foods and commodities cool, such as dairy and animal products, in hot weather. They have been widely used for vaccine storage due to the high demand for vaccines. Solar freezers are especially useful in off-grid and isolated places where access to a consistent power supply is restricted or unclear. The growing demand for efficient cooling systems that use renewable energy resources may drive market expansion. The market is being driven by rising awareness of renewable energy, government initiatives to boost solar adoption, and a need for trustworthy cold storage solutions in underserved areas. Technological advances have also resulted in the development of more efficient and cost-effective solar freezer systems, hastening market growth. However, the cost of technology limits worldwide market expansion.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the "Global 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, More Than 500-Liter), By End-User (Hospitals & Blood Banks, Pharmacies & Vaccines, Commercial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solar-battery-based sector is likely to fuel market expansion throughout the forecast period.
Based on type, the solar freezer market is classified into solar-battery based, and solar-direct drive. Among these, the solar-battery-based sector is likely to fuel market expansion throughout the forecast period. Solar battery-based freezers outperform solar direct drive freezers in terms of reliability and storage capacity. They can store excess solar energy during sunny hours and use it on cloudy days or at night to keep the cooling process running. This function addresses the intermittent nature of solar energy production by providing a more reliable option for continuous cooling, which is vital in industries such as healthcare, agriculture, and food preservation. Furthermore, solar battery-based technologies seemed to be expanding at a faster rate. Solar battery-based freezers use energy storage technology to store extra solar energy for use during periods of low sunlight, resulting in more consistent and reliable chilling efficiency.
The 250-500-liter segment is predicted to hold the largest market share during the projection period.
Based on capacity, the solar freezer market is classified into less than 250-liter, 250-500 liter, and more than 500-liter. Among these, the 250-500-liter segment is predicted to hold the largest market share during the projection period. The market is experiencing growing demand for such freezers with capacities ranging from 250 to 500 liters. Solar freezers with capacities ranging from 250 to 500 liters are utilized in a range of applications, including small businesses, healthcare facilities, and larger houses. Furthermore, these mid-sized boxes offer higher storage capacity than smaller models, making them perfect for storing larger quantities of commodities or immunizations. In addition, they achieve an equilibrium between capacity and energy efficiency, making them versatile and suitable for a wide range of business and institutional applications.
The hospitals and blood banks look to constitute the largest and most prominent group.
Based on end-user, the solar freezer market is classified into hospitals & blood banks, pharmacies & vaccines, commercial, and others. Among these, the hospitals and blood banks look to constitute the largest and most prominent group. This dominance can be attributed to the critical need for reliable and continuous cold storage in healthcare institutions. Hospitals and blood banks must maintain constant temperature control in order to preserve life-saving medications, vaccines, and blood supplies. Solar freezers are a sustainable and reliable alternative in places with inconsistent electricity or limited access to traditional cooling systems. The pharmacy and vaccine industries are quickly expanding as a result of the increased emphasis on equitable immunization distribution.
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Asia-Pacific is expected to hold the largest share of the solar freezer market over the forecast period.
Asia Pacific contains heavily populated countries with a mix of developed and developing economies. Many of these countries, particularly those in South and Southeast Asia, struggle to provide reliable energy, especially in rural and remote areas. Solar freezers offer a practical option for cold storage that does not require a regular grid power supply. Furthermore, regional governments have actively promoted the use of renewable energy, particularly solar technology, to address energy security and environmental concerns. The Chhattisgarh government is attempting to promote green energy, with Climatic Investment Funds and the World Bank funding the nation's biggest solar battery plant in Rajnandgaon.
North America is predicted to grow at the fastest pace in the solar freezer market during the projected timeframe. The region's rising commitment to sustainable practices and renewable energy sources has spurred the development of solar-powered solutions for a wide range of businesses. Government policies, subsidies, and legislation favoring renewable energy technologies have prompted both businesses and consumers to invest in solar freezers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the solar freezer market include Steca, UNIQUE APPLIANCES, VESTFROST SOLUTIONS, SunDanzer, EcoSolarCool, Indel B, Sun Frost, Sure Chill, Sun Star Electri, Sun Danzer, Eco-Fridge, BFR Refrigeration, Medical Systems, Connexa Energy, Dometic, DULAS, SUNDANZER, Kyocera, SURECHIL, and Others.
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Recent Developments
- In May 2022, B Medical Systems, a Luxembourg-based medical cold chain system provider, announced the installation of many Suns Direct Drive vaccine freezers at Meghalaya's public health facilities and joint ventures. B Medical Systems' Solar Direct Drive refrigerators use solar energy to ensure safe vaccine storage even in areas where power is sporadic.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global solar freezer market based on the below-mentioned segments:
Global Solar Freezer Market, By Type
- Solar-Battery Based
- Solar-Direct Drive
Global Solar Freezer Market, By Capacity
- Less Than 250-Liter
- 250-500 Liter
- More Than 500-Liter
Global Solar Freezer Market, By End-User
- Hospitals & Blood Banks
- Pharmacies & Vaccines
- Commercial
- Others
Global Solar Freezer Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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