Efforts to harness Solar Energy for Electricity needs benefits Solar Battery Market

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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Solar Battery Market to Ride on Wave of Government Support and Awareness about Clean Energy

The solar battery market is predicted to ride on the wave of substantial growth across the forecast period of 2019-2029. The need to implement effective conservation measures to curb problems like global warming and exhausting renewable resources may offer great gains for the solar battery market. In addition, the switch to cleaner energy sources is also proving to be beneficial for the solar battery market. Solar batteries are used across various applications such as residential, aerospace, commercial, and industrial. Based on technology, the solar battery market can be segmented into sodium nickel chloride, flow (zinc bromine), lead-acid, and lithium-ion.

Advantages Attached to Solar Batteries Proving to be a Game-Changer

Numerous benefits of solar batteries over normal batteries are powering the solar battery market. Key benefits include low maintenance and high-temperature performance. Solar batteries also tackle the fossil fuel problem. Fossil fuels are declining at a greater rate. In addition, they also pose a risk to the environment. Solar batteries can serve as a great alternative for fossil fuels. Thus, by using solar batteries, one can help to reduce the carbon footprint on the planet. Furthermore, solar batteries are more cost-effective than traditional energy methods. Besides, they offer clean energy without the need of using power from the energy grid. Solar batteries are also predicted to reduce the electricity bill by over 35 percent. These factors can bring the solar battery market closer toward growth.

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Government Support is a Boon for Solar Battery Market

Growing government support is spinning a strong web of growth across the solar battery market. Various initiatives and campaigns strike a chord with individuals for switching to clean energy and also assist the manufacturers in the solar battery market. Alliances like the International Solar Alliance, a joint collaboration of 121 countries either completely or partly between the Tropic of Cancer and the Tropic of Capricorn for efficient use of solar energy Is boosting the growth of solar battery market.

The recent announcement of measures by the Government of India to promote ‘Champion Sectors’ of economic growth including incentives related to advanced battery cells and solar PV manufacturing will be a shot in the arm for the growth of the solar battery market. Policy simplification to increase fast track investments and transparency were also included in the measures, further attracting considerable growth.

Solar battery market may record good growth as telecom sectors shift to green telecom towers
The trend of telecom sectors switching to the greener side can greatly enhance the growth rate of the solar battery market. The installation of the base station acquires an important place in the telecom sector to provide better coverage. Commonly, diesel generators are used to overcome the obstacle of unreliable grid connections. These generators prove to be significant environment damagers. Replacing diesel generators with cleaner alternatives such as lithium-ion and solar hybrid will aid in reducing the pollution levels considerably. Airtel has plans to implement solar hybridization across 40000 telecom towers. Thus, this factor brightens the growth prospects of the solar battery market.

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Lithium-ion batteries may gain considerable momentum due to properties like efficiency, high energy density, and improved energy-to-density ratio. Increasing usage of lithium-ion batteries in smartphones, tablets, and laptops can bring substantial growth for the solar battery market.

Partnerships, mergers, and acquisitions are common in the solar battery market and aid in increasing the growth rate. Key players in the solar battery market are forging partnerships with commercial, industrial, and automotive companies to strengthen their position. Key players involved in the solar battery market are Shenzhen Herewin Technology, Bosch Solar Energy, East Penn Manufacturing, Samsung SDI, GS Yuasa, Sanyo Solar, and Alpha ESS.