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Solar Charge Controllers Market Trends

ID: MRFR//2927-HCR | 110 Pages | Author: Priya Nagrale| July 2024

Global Solar Charge Controllers Market Overview:

The solar Charge Controllers Market Size was valued at USD 1.17 billion in 2023. The Solar Charge Controllers market industry is projected to grow from USD 1.25 Billion in 2024 to USD 1.98 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.92% during the forecast period (2024 - 2032). A quick increase in the variety of rooftop operations in remote areas, an increase in solar panel installations, and a rise in electronic infrastructure for solar power technologies are the key market drivers enhancing the market growth.

Global Solar Charge Controllers Market Overview1

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Solar Charge Controllers Market Trends

  • Quick increase of solar panel installations to drive the market growth

The quick increase of solar panel installations, increase in the variety of rooftop operations in remote areas, and rise in electronic infrastructure for solar power technologies all participate in the market CAGR. It is predicted to grow even more owing to the rise in power consumption from data centers and communication stations, as well as more penetration of solar PV modules in hotels, hospitals, and corporate offices. Nonetheless, the initial high installation cost of solar batteries and the disadvantages associated with solar charge controllers are expected to hamper the solar charge controller market growth in recent years. On the other hand, government initiatives & investments towards different solar infrastructure projects in energy, railways, and real estate are estimated to create opportunities for key players operating in the market during the forecast period.

Additionally, the solar charge controller controls the flow of current and voltage from solar panels to the linked battery, averting the battery from being overcharged or discharged. Solar charge controllers are initially utilized in off-grid solar panels to control the energy flow into batteries. Most commercially accessible solar charge controllers for PV applications use a switched series regulator to control the charging current. A solar charge controller is a solar-powered voltage and current regulator. which is used to manage power input from PV arrays in off-grid and hybrid off-grid applications so that the best power output is given to run electrical loads and charge batteries. Solar charge converters are also known as solar charge regulators.

Further, technological advancements, including controllers equipped with smart communication technology, such as auto night detection capabilities, Bluetooth, and smart sensor technology, are positively influencing the functional capability of solar charge controllers. Such integration of innovative techniques with existing technology is estimated to boost the penetration rate of the product across the industry.

Favorable regulatory policies, including net metering, feed-in tariff, and subsidies encouraging solar energy adoption across various end-use sectors, are among the key factors complementing the industry dynamics in the coming years. Thus, driving the Solar Charge Controllers market revenue.

Solar Charge Controllers Market Segment Insights:

Solar Charge Controllers Type Insights

The Solar Charge Controllers market segmentation, based on type, includes PWM and MPPT. The MPPT segment held the highest solar charge controller market share. This is due to the rise in the deployment of solar power generation infrastructure across the globe. In addition, MPPT solar charge controllers extract maximum power from solar panels and have high efficiency & performance of MPPT as compared to PWM solar charge controllers.

However, high battery reserve capacity, longer battery life, efficient use of solar array energy, and greater user satisfaction are among the key factors that will sustain the competitiveness of the PWM segment.

Solar Charge Controllers Application Insights

The Solar Charge Controllers market segmentation, based on Application, includes Commercial, Industrial, and Residential. The Commercial segment holds the largest share in terms of revenue and is estimated to maintain its dominance during the forecast period due to an increase in demand for solar charge controllers from commercial applications for power consumption in data centers, communication base stations, hospitals, restaurants, corporate offices, and others.

However, the Industrial segment is projected to grow during the forecast period due to the growing demand for clean electricity, along with a rising number of industrial-scale projects and others.

Figure 1: Solar Charge Controllers Market, by Type, 2022 & 2032 (USD billion)

Solar Charge Controllers Market, by Type, 2022 & 2032

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Solar Charge Controllers Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific Solar Charge Controllers market area will dominate this market for its high population, incentive structures, government policies, and modern houses. This Region demands high energy and hence demands maximum solar installations.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Solar Charge Controllers Market Share By Region 2022 (%)

Solar Charge Controllers Market Share By Region 2022

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Europe's Solar Charge Controllers market accounts for the second-largest market share due to due to its EU28 green energy target. Italy, U.K., and Germany are the major countries that increase the market share in this Region. Further, the German Solar Charge Controllers market held the largest market share, and the UK Solar Charge Controllers market was the fastest-growing market in the European Region.

The North American Solar Charge Controllers Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to its advanced technologies as commercial and industrial technologies. Moreover, the U.S. Solar Charge Controller market held the largest market share, and the Canadian Solar Charge Controllers market was the fastest-growing market in the North American Region.

For instance, currently, the demand for batteries is increasing rapidly. The charge controllers are used along with the batteries to prevent overcharging and discharging. Hence the rise in demand for batteries increases the demand for the market.

Solar Charge Controllers Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Charge Controllers market rise even more. Market participants are also undertaking a variety of strategic activities to enlarge their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Solar Charge Controllers industry must offer cost-effective items.

Manufacturing narrowly to minimize operational costs is one of the key business tactics used by manufacturers in the Solar Charge Controllers industry to benefit clients and increase the market sector. In recent years, the Solar Charge Controllers industry has offered some of the most significant advantages to the market. Major players in the Solar Charge Controllers market, including Microtek (China), Sungrow Power Supply Co., Ltd (China), Schneider Electric (France), Su-Kam Power Systems (India), Victron Energy (Netherlands), Beijing Epsolar Technology Co., Ltd (China), and others are attempting to increase market demand by investing in research and development operations.

Microtek (Shenzhen) Technology Co., Limited (MSTL) is a group company of Microtek International Private Limited, the market leader in Power & Healthcare products in India.   MSTL was established on September 3rd, 2018, with the objective of setting up a world-class R&D facility to develop supremely advanced technological products. It is Certified by ISO 9001 and has a team of dedicated & qualified 80 R&D engineers with wide experience in China's top product-developing companies. MSTL products pass through multiple quality checks as per its commitment to provide advanced technology & quality assured products to its customers in line with best Industry practices and standards. They are committed to Environment Sustainability, and all their products are LEAD-FREE and ROHS Compliant in Anti-Static Environments.

Founded in 1997 by Dr. Renxian Cao, Sungrow has become a leading producer in the PV inverter industry. Globally, they employ more than 1,000 people, of whom over 30% are R&D engineers, and have offices in France, Italy, Germany, Canada, Australia, the US, and other countries. Sungrow Power Supply Co. Ltd produces power supply equipment for solar PV and wind power projects. Their product range from grid-connected PV inverters and wind power converters to distributed power supplies. They also provide development, construction, and operation management for renewable energy projects. They are committed to improving the environment and the renewable energy industry and continue to develop more efficient and cost-effective solutions to bring more green electricity to our lives.

Key Companies in the Solar Charge Controllers market include

  • Genasun (Italy)

  • Luminous India (India)

  • Microtek (China)

  • Schneider Electric (France)

  • Su-Kam Power Systems (India)

  • Arise India (India)

  • Delta Electronics (India)

  • Sungrow Power Supply Co., Ltd (China)

  • Victron Energy (Netherlands)

  • Beijing Epsolar Technology Co., Ltd (China)

  • Among them, Sungrow Power Supply Co., LTD

Solar Charge Controllers Industry Developments

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.

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.

October 2020: Schneider Electric launched Conext MPPT 100 high-power solar charge controller, which purportedly ramps up charging power by 25% as compared to its predecessor, the MPPT 80. The product is designed to operate at 600 V, including the temperature correction factor, which drives a reduction in balance-of-system costs.

Solar Charge Controllers Market Segmentation

Solar Charge Controllers Type Outlook

  • PWM

  • MPPT

Solar Charge Controllers Application Outlook

  • Commercial

  • Industrial

  • Residential

Solar Charge Controllers Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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