SAN FRANCISCO, July 6, 2020 /PRNewswire/ -- The global solar charge controller market size is expected to reach USD 4.15 billion by 2027, expanding at a CAGR of 15.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Implementation of climate change policies, along with provision of government subsidies for power generation through renewable energy, is likely to strengthen market growth over the forecast period.
Key suggestions from the report:
- By type, the Pulse Width Modulation (PWM) segment accounted for a significant market share in 2019 owing to PWM charge controller ability to self regulate to battery condition and provide constant voltage battery charging
- Maximum Power Point Tracking (MPPT) is anticipated to expand at the fastest CAGR over the forecast period. The growth can be attributed to the higher efficiency of MMPT technology and its ability to extract maximum power available from PV module under specified conditions
- The commercial application segment occupied the largest market share in 2019 and is expected to expand at the highest CAGR over the forecast period. Growing penetration of solar PV modules for power generation across commercial office spaces is expected to drive the solar charge controller demand across the segment
- Asia Pacific accounted for the largest revenue share in 2019, with China being the highest revenue contributor. Presence of major manufacturers, along with significant investments in the solar industry resulting in reduced production costs, is expected to boost the market growth in China.
Read 90 page research report with ToC on "Solar Charge Controller Market Size, Share & Trends Analysis Report By Type (Pulse Width Modulation, Maximum Power Point Tracking), By Application, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/solar-charge-controller-market
Growing requirement for reliable power supply in harsh environmental conditions or remote locations has resulted in increasing deployment of off-grid photovoltaic systems, which, in turn, has positively influenced the solar charge controller demand across such regions. In addition, renewable energy battery storage solutions are expected to bolster the market growth over the forecast period.
Solar charge controllers increase battery lifespan by regulating the voltage and current flow from PV panels to battery during the day and preventing excessive discharging flow from battery to solar panels during the night. Innovative technology advancements including controllers integrated with auto night detection capabilities, smart sensor technology, and smart communication technologies, such as Bluetooth, are expected to enhance the functional capability of the product across the industry.
Major industry participants find lucrative market growth opportunities in the Asia Pacific region with low cost product manufacturing across the developing economies. Market players practice high degree of forward integration to enhance their foothold and market share in the solar industry. Moreover, manufacturers are massively investing in innovative technologies such as Maximum Power Point Tracking (MMPT) owing to the higher output generated when compared to the Pulse Width Modulation (PWM) technology.
Grand View Research has segmented the global solar charge controller market on the basis of type, application, and region:
- Solar Charge Controller Type Outlook (Revenue, USD Million, 2016 - 2027)
- Pulse Width Modulation (PWM)
- Maximum Power Point Tracking (MPPT)
- Solar Charge Controller Application Outlook (Revenue, USD Million, 2016 - 2027)
- Solar Charge Controller Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- List of Key Players of Solar Charge Controller Market
- Morningstar Corp.
- Schneider Electric
- Beijing Epsolar Technology Co., Ltd
- Wenzhou Xihe Electric Co., ltd
- Sunforge LLC
- Luminous India
- KATEK Memmingen GmbH
- Victron Energy
Find more research reports on Renewable Energy Industry, by Grand View Research:
- Wind Power Market– Growing need to replace conventional source of energy with renewable source of energy is projected to drive the market over the upcoming years. Solar and wind power generation, which were considered expensive two decades ago are now considered more cost-competitive than new-built coal or gas plant today.
- Rooftop Solar PV Market– Rising deployment of renewable energy for electricity generation along with abundant availability of solar energy during the day is expected to drive the market growth.
- Energy Retrofit Systems Market– Increasing demand for energy efficient systems, preferably consuming renewable power is predicted to drive the market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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