ID: MRFR/E&P/2927-HCR | 110 Pages | Published By Priya Nagrale on March 2023
Solar Charge Controllers Market is expected to be valued at USD 1,932.40 million, with a CAGR of 6.80% Forecast by 2030
Solar charge controllers market is expected to grow at a CAGR of 6.80% by 2030. Increasing applications in residential solar systems will be the key driver in growth of the Solar charge controllers market during forecast period.
The COVID-19 pandemic changes everything globally, mainly in business sectors like automobiles, food & beverages, electronic industries, chemical industries, and so on. In the same way, the solar charge controller’s market growth also falls for some days, and later these solar controllers are needed for some medical equipment too. So, rapidly it increases the demand for solar charge controllers.
To protect the batteries from overcharging and failures, this technology is very useful. This technology is used in various remote applications, smart devices, energy storage devices that connect along with the battery to flow the energy. But manufacturing of these devices is impacted by COVID by creating supply chain, market disruption, and the financial impact on firms.
The prominent key players in the solar charge controllers market are the following:
By increasing applications in residential solar systems and industrial establishments drives the solar charge controller’s market growth. The advanced technologies that include controllers like smart communication technology as Bluetooth, auto night detection capabilities, and smart sensor technology increases the growth of the solar charge controller’s market outlook. Favorable government policies regarding the use of clean fuel and the rising deployment of off-grid photovoltaic systems drive the solar charge controller’s market growth.
Currently, the demand for batteries is increasing rapidly. The charge controllers are used along with the batteries to prevent overcharging and discharging. Hence the increase in demand for batteries increases the demand for the market.
Solar-based grid installation is very expensive and in various regions, there is a lack of grid infrastructure. These reasons may be expected to hamper the growth of the solar charge controllers market over the forecast period. Augmentation of solar capacity with the existing electricity infrastructure in various countries may hinder the market growth.
Net metering, feed-in tariff, and subsidies increasing solar energy adoption for the end-use sectors. These are the factors that increase the opportunities of the solar charge controllers market growth. Usage of solar PV modules across hospitals, corporate offices, hotels, and many more is expected to increase the growth of the solar charge controller’s market. By increasing the awareness of the latest advanced technologies of solar energy around the globe may drive the growth of solar charge controller’s market trends.
Renewable technologies and solar devices are dependent on rare elements of the earth which may be a highly challenging task to some supply disturbance.
The global solar charge controller’s market research has been segmented based on the type, end-use industry, and region.
Based on Type
Based on the type, the solar charge controllers market is segmented into PWM (Pulse-Width Modulation) charge controller and MPPT (Maximum Power Point Tracking) charge controller. The operating efficiency of a PMW charge controller is 70% approximately which is less than the efficiency of an MPPT charge controller that is 90%. PMW solar charge controller regulates and reduces the excess solar voltage, and this controller is a switch that connects a solar array to a battery. This is the best low-cost solution for small-medium solar systems. Whereas MPPT controllers are used in larger systems or utility-scale solar installations because these can produce superior performance.
Based on Region
The solar charge controllers market based on the region is segmented into four regions like North America, Europe, Asia-Pacific, and the rest of the world. Among the other regions, the Asia-Pacific region dominates the highest market share for the solar charge controller’s market outlook. It is followed by the Middle East and Africa, and America.
Based on End-use Industry
The solar charge controllers market revenue is segmented into residential and non-residential. The increasing population increases the demand for energy which results to increase solar installations at both mass and individual levels. For storing excess energy, batteries should be installed and along with batteries, solar charge controllers also should be installed to prevent battery failures. The Pulse Width Modulation technology is expected to dominate the market in residential and commercial solar panel operations.
The global market is segmented into the regions like Asia Pacific, Europe, America, and the rest of the world. During the forecast period, Asia- Pacific holds the largest solar charge controllers market share among the others for their high population, government policies, incentive structures, and their modern houses. This region demands high energy and hence demands maximum solar installations. Certainly, brings the solar charge controllers for safety operations and to prevent battery failures. Worldwide, China is the leading country for market share in this region for its advanced technologies.
Europe holds the second-largest share in the solar charge controller industry due to its EU28 green energy target. Italy, U.K, and Germany are the major countries that increase the market share in this region. North America leads the significant market rate for its advanced technologies as commercial and industrial technologies. The other regions the Middle East & Africa and Latin America hold the healthy growth in the market trends along with the renewable power generations in the regions.
In October 2019, Solar Energy Corporation of India supplies 500 solar home cooking systems for the states like Uttar Pradesh, Meghalaya, Chhattisgarh, and Gujarat. To accept this contract, the bidder should manufacture solar cells, PV systems electronics, a battery, or PV cooking systems.
In August 2019, Hyundai launches the first car with a solar roof charging system which provides additional electrical power, fuel efficiency, and driving range to the vehicles. This technology is manufactured with a solar panel and a charge controller that has the capacity of 30-60% battery charging per day and also increases the travel distance by 1300km annually.
A solar charge controller is a device that regulates the current or voltage produced by solar panels to protect the batteries in the solar power system from overcharging, because it may damage the panels and sometimes the whole system. These are not necessary for the small capacity like 1 to 5 watt or trickle charge panels. Since solar panels are of high capacity, there is a necessity of regulating them. It is very essential because currently, usage of solar panels is increased with energy storage. Apart, global safety regulations prevent the batteries from overcharging. By regulating this overcharging or overvoltage, batteries in the storage system get long life. This controller is designed as a circuit and integrated into the battery pack or as the entire standalone system. It is directly connected as a DC-coupled system. Based on the technology, three different types of charge controller technologies are available for solar systems.
This global solar charge controllers market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent Developments, Segmentation Table and FAQs. The market dynamics include the solar charge controllers market drivers, restraints, challenges, and opportunities. The solar charge controller industry is segmented into type, end-use industry, and region.
The solar charge controllers market research outlook is segmented into type, end-use industry, and region.
The market divided into two types as Pulse Width Modulation charge controller and Maximum Power Point Tracking charge controller
Asia-Pacific, North America, Europe, and the rest of the world are the main geographies included in the market.
By End-user Industry
Residential and Non-residential.
|Market Size||USD 1,932.40 million|
|CAGR||6.80% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Genasun (Italy), Luminous India (India), Microtek (China), Schneider Electric (France), Su-Kam Power Systems (India), and Arise India (India). Delta Electronics (India), Sungrow Power Supply Co., Ltd (China), Victron Energy (Netherlands), and Beijing Epsolar Technology Co., Ltd (China)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The solar charge controllers market is poised to mark 6.80% CAGR.
The key contributors are Genasun (Italy), Microtek (China), Luminous India (India), Schneider Electric (France), Arise India (India), Su-Kam Power Systems (India), Delta Electronics (India), Victron Energy (Netherlands), Sungrow Power Supply Co., Ltd (China), and Beijing Epsolar Technology Co., Ltd (China).
Increasing applications in residential solar systems and industrial establishments are presumed to drive the growth of the solar charge controllers market.
APAC market is supposed to hold the forefront position in the global solar charge controllers market.
By application, the segments of the solar charge controllers market are commercial, residential, and industrial.