Solar-Powered Microbes Market analysis by Key Manufacturers
The use of solar-powered microbes in the food and feed industry is expected to grow significantly in the near future. The demand for solar-powered microbes from end-use industries, namely, wine, bakery, dairy, and probiotics, is increasing rapidly. Also, various government policies supporting solar energy-based industrial production of food in developing countries is a major factor boosting the market growth.
Market Lifecycle Stage
The adoption of solar-powered microbes in the food and feed industry are still in the developing phase. Increased research and development activities are underway to develop solar-powered microbes technology, which will increase the technology adoption by feed, food, and microbes producers.
Read Report Overview: Solar-Powered Microbes Market
Increasing investments in the research and development of solar-powered microbes is one of the major opportunities in the solar-powered microbes market. Moreover, solar-powered microbes are highly nutritious compared to conventional microbes.
• Globally, governments are more focused on renewable energy sources to minimize pollution and the cost structure of services and products. Solar energy is the most rapidly expanding and cost-effective source of electricity, especially in the U.S. Over three million photovoltaic (PV) installations have been established in the U.S., with one million being installed in 2019. With a decrease in the installation cost of solar energy systems, more industries are opting for green energy. This decrease in cost is due to various policies and schemes started by the government in the country, which will expect to drive the demand for the production of solar-powered microbes in the coming years.
• With an increased demand for nutritious food and feed, the shift to the eco-friendly production process expects to drive the solar-powered microbes market. This implies that solar-powered microbes can be a great alternative to conventional microbes. The transition may be more prominent in North America and Europe regions.
Impact of COVID-19
The outbreak of the COVID-19 pandemic delayed several solar panel installation projects. The government policies and schemes were also on hold due to significant restrictions. In 2020, the pandemic showed a downturn in solar investment and postponement and cancellations of major panel installations. However, the growth of nutritious food products increased due to the pandemic as end consumers started demanding healthy products to enhance their immunity strength. Thus, further boosting the demand for solar-powered microbes will increase in the near future.
According to Rakhi Tanwar, Principal Analyst, BIS Research, "The solar-powered microbes market expects to replace conventional microbes market. Better adoption of these eco-friendly microbes-based products may drive the solar-powered microbes market.”
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Key Questions Answered in This Report:
- What are the different applications of solar-powered microbes in the food and feed industry?
- What are the major drivers and challenges affecting the growth of the solar-powered microbes market?
- What are the various regulations for solar energy consumption and solar-powered microbes in countries such as the U.S., Canada, the U.K., and France?
- What key developmental strategies are implemented by key players to sustain the competitive market?
- What is the expected future scenario of the solar-powered microbes market in different regions and countries, such as North America, Europe, Asia-Pacific and Japan, China, the U.K., South America, and the Rest-of-the-World?