The rising development of solar energy to meet incessantly growing energy needs is primarily fuelling the solar battery market. Rising concerns of emissions of fossil fuels, and their adverse impact on the environment are increasingly pushing the development of renewable sources of energy.
Abundance of solar energy, and relatively easy technique of development of solar energy supports demand for equipment for solar energy production and storage. This includes solar battery. Solar batteries are used to store electricity generated from solar energy. The device converts DC power into AC power for later use.
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Favorable government regulations and availability of subsidies for development of renewable energy has aroused the interest of public and private agencies to participate in these initiatives. Solar energy, wind energy, and hydro energy are some renewable energy initiatives that enjoy government benefits for their development.
The vast applications of solar energy with technological advances in end-use industries augurs well for the growth of solar battery market. Space research, telecom, automobile, and power sector are some end users of solar energy that indirectly stoke demand for solar batteries.
Amidst COVID-19, Disruption of Supply Chains hampers Growth in Asia Pacific
Asia Pacific accounts for significant revenue in the solar battery market. Presence of large solar battery manufacturing units in China, and increasing commitment of nations in the region to use solar energy are crucial factors behind growth of solar battery market in the region. However, the outbreak of COVID-19 pandemic has impacted growth of the solar battery market in the region. Disruption of production cycles, unavailability of components due to disruption in supply chain, and large inventory of finished products are some factors that have hampered the solar battery market over the past few months. Impact on R&D due to restrictions on field testing to comply with social distancing orders has further slowed the solar battery market in the region.
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