Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Solar Charge Controller market.
Trusted Business Insights presents an updated and Latest Study on Solar Charge Controller Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.Â The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Solar Charge Controller market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Solar Charge Controller Market
The global solar charge controller market size was valued at USD 1.24 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 14.9% from 2021 to 2027. Favorable government policies regarding clean fuel agenda, along with the growing deployment of off-grid solar energy systems across several end-use industries, are expected to increase the market growth in the coming years.
Solar charge controller regulates the flow of current and voltage from the solar panels to the connected battery in order to prevent excessive charging and discharging of the battery. Rising demand for continuous energy supply in urban, mobile or harsh climatic conditions with sufficient sun hours is expected to increase the charge controller demand in order to regulate power flow in off-grid applications.
The market in China is expected to witness significant growth in the forecast period owing to the presence of major manufacturers across the region, along with rising solar equipment exports from the country to other parts of the world. In addition, significant investments in the industry have resulted in low-cost manufacturing of solar-related equipment and devices. This trend is anticipated to provide a potential growth landscape for the market over the forecast period 2021-2027.
Technological advancements including controllers equipped with smart communication technology, such as Bluetooth, auto night detection capabilities, and smart sensor technology, are positively influencing the functional capability of solar charge controllers. Such integration of innovative techniques with existing technology is expected to increase 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. However, the lack of grid infrastructure in several regions, along with the high cost of solar-based grid installation, is expected to hamper market growth over the forecast period.
Type Insights: Solar Charge Controller Market
The Pulse Width Modulation (PWM) segment accounted for the largest revenue share of 45.8% 2019 as it offers constant voltage battery charging and the ability to recover lost battery capacity. PWM pulsing self regulates to battery condition, its recharging requirement, temperature effects, and voltage drops in solar systems. Longer battery life, high battery reserve capacity, efficient use of solar array energy, and greater user satisfaction are among the key factors sustaining the competitiveness of the PWM segment.
The Maximum Power Point Tracking (MPPT) segment is projected to witness the fastest growth over the forecast period. MPPT charge controllers extract the maximum power available from the photovoltaic module under given conditions and allow users to deploy solar PVs with higher output voltage than the operating voltage of the battery system. This segment offers higher efficiency when compared to PWM solar charge controllers, thereby witnessing significant growth over the forecast period.
Market players are investing in MMPT technology to gain better power outputs through charge controller devices. For instance, Xantrex manufactures advanced MMPT charge controllers that increases per day energy harvest by 30% when compared to PWM technology. The device consists of dual battery bank output to maintain and charge starter and house batteries, including lithium iron phosphate battery.
Application Insights: Solar Charge Controller Market
The commercial segment occupied the largest revenue share of 54.7% in 2019 and is expected to witness the fastest growth over the forecast period. Growing power demand from data centers and communication base stations, coupled with surging penetration of solar PV modules across hospitals, hotels, and corporate offices, are expected to generate the demand for the solar charge controller. The controller regulates the battery health, ensuring optimum level functioning of the battery across commercial spaces.
The industrial segment is expected to grow at a significant rate over the forecast period. MPPT solar charge controllers that do not have load output terminals are specifically developed for large-scale solar projects. The controllers are integrated with huge off-grid inverters in utility-scale solar arrays. Growing demand for clean electricity, along with a rising number of industrial-scale projects, is expected to propel the segment growth over the forecast period.
The residential segment accounted for a smaller market share as compared to the commercial and industrial segments in 2019. Solar energy serves as a reliable secondary source of energy in the residential segment, providing power for all the household appliances. Solar charge controller fitted in residential solar systems monitors the current flow from PV panels to the battery during day and prevents discharging flow back from batteries to panel during the night.
Regional Insights: Solar Charge Controller Market
Asia Pacific accounted for the largest market share of 35.8% in 2019 and is expected to witness the fastest growth over the forecast period, with China contributing to the majority of revenue share. Rising electricity demand-supply gap in developing economies, along with the expansion of commercial offices, is expected to increase the regional market growth over the forecast period.
Significant investments in the China solar industry resulted in lower solar PV production costs and increased R&D for advancing the solar charge controller technology. Emerging economies such as China and India are striving hard to reduce their fossil fuel-based electricity generation and maximize the share of renewable energy in the energy mix. Higher adoption of solar energy power generation is expected to directly propel the regional market growth over the forecast period.
North America is projected to expand at a CAGR of 15.9% during the forecast period. Within the region, the U.S. is anticipated to witness substantial growth in the years to come due to its flourishing solar industry. Growing implementation of clean energy target policies in order to minimize the GHG emissions in the environment is expected to increase the demand for solar energy, thereby directly bolstering the regional market growth over the forecast period.
Key Companies & Market Share Insights: Solar Charge Controller Market
Strong R&D, skilled manpower, technology sourcing, and high degree of forward integration are among the significant factors governing the competitiveness of the solar charge controller industry. Moreover, industry participants are focusing on MPPT technology owing to its numerous benefits while simultaneously expanding their product portfolio.
Manufacturers are designing several MPPT controllers for mobile device charging, rural electrification, low-power industrial applications, and other high-power applications. Distribution channels such as different online portals, third-party supply contracts, and direct supply to the end-users are made more robust in order to increase the sales and revenue of the firm. Some of the prominent players in the global solar charge controller market include:
Key companies Profiled: Solar Charge Controller Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global solar charge controller market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Million, 2016 â€“ 2027)
Application Outlook (Revenue, USD Million, 2016 â€“ 2027)
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