Solar Charge Controller Market Size, Share, Growth Analysis:
The solar charge controllers market was at USD 1.58 billion in 2020 and is predicted to reach USD 3.90 billion by 2025, with a CAGR of 15.3% during the foreseen period of 2020 to 2025.
The solar charge controller normally works by regulating the flow of energy from the panels to the energy storage system, which is directly connected as a DC coupled system. One of the most important results of this is that it gives the batteries in the storage system a longer life. The solar charge controller typically does this by preventing systems from overloading and even sometimes from power surges, which can create a safety risk. A solar charge controller or more commonly a charge regulator is primarily employed to prevent batteries in solar power systems from being overcharged by regulating the current or voltage produced by the solar panels. Charge controllers are not normally needed for trickle charging panels or small capacity panels, such as 1 to 5-watt panels. However, with solar panels being employed more and more for energy storage, finding a way to regulate the flow of energy is critical as these panels have a much higher capacity. Also, worldwide safety regulations for the use of solar panels and batteries prevent them from being overcharged as they can cause severe damage to all storage and even panel systems.
Solar Charge Controller Market Trends:
Stringent environmental concerns to reduce GHG emissions fostered by government reforms to promote clean energy will boost the market for solar charge controllers. The lower cost of solar panels in reference to the increase in solar energy installations in the commercial, utility and residential sectors will drive the adoption of the product. The minimum emissions of solar batteries are the main factor that favors the penetration of the product.
Recent Developments in the Solar Charge Controller Market:
- Schneider electric launches off-grid compatible solar charge controller. The power electronics company offers a product that can work on and off the grid and can charge discharged batteries using a solar panel on the roof.
Solar Charge Controller Market Drivers
The solar charge controller is highly finding its application in residential solar systems, industrial establishments where solar panels are employed for power operations, and in large-scale solar projects. The cost of solar power generation is rapidly declining around the world as solar power reaches grid parity with conventional fuel sources. As countries in Southeast Asia and other regions of the world see a massive deployment of solar energy due to growing commitment to climate change goals, solar charge controllers are predicted to see escalatedexpansion. Large-scale installations and large solar power installations are predicted to be the main expansion factors for MPPT type solar charge controllers.
Restraints:
On the other hand, escalating solar capacity may be a limitation with existing electrical infrastructure, especially in countries with growing solar markets.
Opportunities in the Solar Charge Controller Market:
Factors such as government policies supporting solar power, the growing development of off-grid power systems, and the rise of solar power installations are the main drivers of the solar charge controller market. Also, off-grid electrical equipment such as streetlamps are rapidly developing and expanding to improve power generation systems and promote energy savings. Furthermore, almost all developing regions strive to maximize the use of solar energy and reduce dependence on fuel-based electricity generation. Escalating awareness of the benefits of solar power is predicted to drive the global solar charge controller market around the world during the foreseen period.
Solar Charge Controller Market Challenges:
Installing new solar power grids could be a costly undertaking, which in turn will restrict the market for solar charge controllers. Additionally, solar devices and other renewable technologies rely heavily on rare earth elements, which can create a high risk of power outages.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 – 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 – 2025 |
|
CAGR |
15.3% |
|
Segments Covered |
By Product, Type, Consumption, Distribution Channel and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
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), and Beijing Epsolar Technology Co., Ltd (China). |
Solar Charge Controller Market Segmentation:
By type:
- PWM (Pulse width modulation)
- Simple 1 or 2 stage controls
- MPPT (Maximum power point tracking
The market for pulse width modulation (PWM) solar charge controllers is destined to grow due to its ability to control the flow of energy in small to medium solar systems. Optimal use of resources combined with automatic tension adjustment are the key drivers of business dynamics. Government initiatives and regulatory programs, including tax cuts on energy conservation, will further strengthen the outlook for the industry.
By application:
- Commercial
- Industrial
- Residential
The solar charge controller is highly finding its application in residential solar systems, industrial establishments where solar panels are employed for power operations, and in large-scale solar projects. The cost of solar power generation is falling rapidly around the world as solar power reaches grid parity with conventional fuel sources.
Solar Charge Controller Market Regional Analysis:
The Solar Charge Controller Market Report includes the segmentation of Regions with their respective Countries.
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Among the regions covered, Asia-Pacific is predicted to have the highest market share, as the region experiences an increase in solar power installations for off-grid and remote electrification purposes. Especially in countries like China and India, government policies and incentive structures are contributing to the rapid adoption of solar energy, which in turn is driving the market for solar charge controllers. Additionally, the North America region is the next big market for solar charge regulators as the region continually invests in the construction of large-scale solar power plants. The Asia-Pacific region dominates the regulatory freight market, followed by the Middle East and North and South Africa and the Americas. This dominance can be attributed to factors such as escalating energy call, growing environmental awareness, and rising need of solar energy in various countries, such as China. Asia Pacific and the Middle East and Africa are predicted to grow at a relatively high rate and capture significant market share in terms of value over the foreseen period. Europe, along with North America and Latin America, is likely to grow at a significant rate.
Solar Charge Controller Market Key Players:
The report provides detailed information and strategies of the top key players in the industry such as 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), and Beijing Epsolar Technology Co., Ltd (China).
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Solar Charge Controller Market, By Type
6.1.1 PWM
6.1.2 Simple 1 or 2 Stage Controls
6.1.3 MPPT
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Solar Charge Controller Market, By Application
6.2.1 Commercial
6.2.2 Industrial
6.2.3 Residential
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America – Market Analysis (2018 – 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Application
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Application
8. Key Player Analysis
8.1 Genasun
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Luminous India
8.3 Microtek
8.4 Schneider Electric
8.5 Su-Kam Power Systems
8.6 Arise India
8.7 Delta Electronics
8.8 Sungrow Power Supply Co., Ltd
8.9 Victron Energy
8.10 Beijing Epsolar Technology Co., Ltd
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures