The global solar charge controller market will see impressive growth in the years to come. This is also an indication of the fierce competition the market is likely to experience in the near future. According to a new study by Transparency Market Research (TMR), the best-known market participants from the industrialized countries are likely to focus on the emerging markets. With this strategy, the market participants will expand their regional presence and thus strengthen their position in the global area. According to TMR, OutBack Power Inc., Xantrex Technologies, Genasun LLC, Luminous Power Technologies Pvt. Ltd., Wenzhou Xihe Electric Co., Ltd., Phocos, Beijing Epsolar Technology Co., Ltd., Steca Elektronik GmbH and Sollatek are some of the leading companies in the global solar charge controller market.
TMR put the global solar charge controller market at USD 22,653.4 million in 2016. With a promising CAGR of 16.2% between 2017 and 2025, the market should hit $ 86,087.5 million by the end of 2025. As the demand for solar charge controllers grows in various end-use sectors, the utility segment is growing, which made up the leading market share in 2016. In the forecast period, growth in the solar house systems and industrial buildings segment should also increase. In 2016, the Asia-Pacific region held the dominant market share in the region. Rising industrialization, increasing demand for energy, and cheap government initiatives will support the growth of the solar charge controller market in the Asia-Pacific region. In addition, Latin America, the Middle East and Africa are likely to see impressive growth in the years to come.
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Favorable climate protection policy to create lucrative growth prospects
According to TMR, the coming years offer impressive growth prospects for the global market for solar charge controllers. The market will benefit significantly from the increased use of solar energy and the measures taken to curb dependence on non-renewable energy sources. A favorable climate protection policy and a clean fuel agenda will also mean positive growth for the global solar regulator market. In addition, increasing investment in renewable storage solutions and the implementation of stringent policies to reduce pollution will create lucrative prospects for the market to grow. In the years to come, market participants will also benefit from growing consumer awareness.
High cost of solar charge controller than conventional counterparts as the main obstacle
On the other hand, the costs of generating energy from solar energy are higher than with conventional sources. This could significantly limit the growth of the market. In addition, the maintenance costs for solar charge controllers are comparatively higher than for their conventional counterparts, which could impede market development to some extent. Nevertheless, the growth path will remain positive due to the increasing investments in renewable storage solutions. Active participation from different sides of society will also create an environment that is conducive to the growth of the global solar charge controller market in the years to come. In addition, the market will benefit from the increasing development of off-grid electrical systems and the acceleration of solar systems.
In the coming years, more and more developing countries are likely to make optimal use of their solar energy in order to reduce their dependence on fuel-based electricity generation. This is achieved by implementing strict legal frameworks. Actions by governments and international bodies to spread awareness of renewable energy sources will also have a positive impact on the global solar charge controller market.