Global Solar Charge Controller Market Key Insights
During the forecast period of 2023-2035, the global solar charge controller market is expected to reach an estimated value of ~USD 3.0 billion by 2035, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 1.0 billion in the year 2022. Major key factors propelling the growth of solar charge controller market worldwide are the increasing adoption rate of renewable sources to generate electricity coupled with favorable government policies to reduce the dependency on fuel-based energy.
Market Definition of Solar Charge Controller
The main work of a solar charge controller is to regulate the power that is stored in the battery bank from the solar array. A solar charge controller is beneficial in controlling the cycle of current flow and ensuring that the batteries are not overcharged during the day and that the charged power does not run back to the solar panels overnight to drain the batteries. Some of the solar charge controllers are integrated with the latest technology to incorporate additional features such as lighting, load control, and others.
Global Solar Charge Controller Market: Growth Drivers
The growth of the global solar charge controller market can majorly be attributed to the rising utilization rate of solar energy across the world to reduce the increased carbon emissions from burning fossil fuels. The latest figures stated that in 2020, more than 850 TWh of solar energy was used worldwide. Also, it was calculated that almost 5% of the world’s energy generated from solar power in 2021. Further, the various government initiatives for the deployment of renewable energy systems are expected to propel solar panel installations, which are anticipated to increase the demand for solar charge controllers in the forecast period. For instance, the government of India has provided 30 percent or more according to the states, for the installation of rooftop solar plants in India.
The global solar charge controller market is also estimated to grow majorly on account of the following:
· Increasing adoption of green energy sources
· Rising focus to reduce dependency on fossil fuel-based electricity
· Stringent governmental policies to reduce environmental pollution
· High demand for electrifying remote areas
· Surging construction in urban areas
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Global Solar Charge Controller Market: Restraining Factor
The requirement of high capital investment and low adoption rate in the developing nations of the world is expected to be the major hindrance to the growth of the global solar charge controller market during the forecast period.
Global Solar Charge Controller Market Segmentation
· By End-User (Residential, Commercial, and Others)
Out of these, the residential segment is attributed to garner the highest market share by 2035 on the back of the burgeoning population, along with the increased adoption of solar energy in residential properties. The Government of Australia released the data, stating that as of January 2022, there were more than 3 million rooftop solar PV systems installed all over Australia. Further, the rising disposable income, and the expansion of spending capacity have propelled the population to install solar panels for their homes, which are expected to bring growth opportunities for segment growth in the market.
· By Type (Pulse Width Modulation, and Maximum Power Point Tracking)
· By Energy Source (Bio Gas, Solar Energy, and Others)
· By Region
The North America solar charge controller market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions on the back of increased usage of solar panels to generate solar energy for commercial activities. The U.S. Energy Information Administration (EIA) stated that there were more than 2,500 utility-scale solar power plants in the U.S. in 2018. Furthermore, the constant government support to develop technologically advanced products to reduce carbon emissions, along with the high rate of urbanization and industrialization, are other contributing factors to the market growth in the region.
The market research report on global solar charge controller also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Solar Charge Controller Market
Some of the key players of the global solar charge controller market are Schneider Electric SE, Victron Energy B.V., Wenzhou Xihe Electric Co., Ltd., Centralion Industrial Inc., Morningstar Corporation, Beijing Epsolar Technology Co., Ltd., ShenZhen Alenson Electronic CO., Ltd., Shanghai Aiko Solar Energy Co., Ltd., JA Solar Technology Co., Ltd., Sharp Corporation and others.
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