Market Research Future (MRFR) has published a research report about the global Solar Charge Controllers Market Size to grow at a 15.02% CAGR (Compound Annual Growth Rate) during the forecast period that would end in 2023.
The most crucial factor guiding the global solar charge controllers market growth is a series of global safety regulations regarding the use of solar panels and batteries that prevent batteries from overcharging. Another factor that maintains the market growth is the longer life for battery in the storage system. Usually, the solar charge controllers are designed as circuit integrated within a battery pack, but sometimes, they are complete standalone systems.
Global Solar Charge Controller Market Segmentation
The global solar charge controllers market can be segmented into application, type, and lastly region. The application-based segmentation segments this market into commercial, industrial, and residential. Commercial areas are where retail stores and business offices are located. Industrial areas are where factories and manufacturing units are located. Residential areas are where houses and residential buildings are located.
By type, the market can be segmented into maximum power point tracking (MPPT), pulse width modulation (PWM), and Simple 1 or 2 stage controls. MPPT is defined as an algorithm that includes in charge controllers that are used for extracting maximum available power from photovoltaic (PV) module under certain conditions.
Regional Analysis
The regional segmentation of the global solar charge controllers market can segment the market into the regional markets namely North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
Among all regional market, the highest market share is held by the Asia Pacific region due to increasing solar power installations for off-grid and remote electrification purposes. In countries like China and India, many government policies, as well as incentive structures, are contributing to the fast adoption of solar power, resulting in market growth. Due to technological advancement, Japan is another important country-specific market, followed by the remaining countries of the Asia Pacific region. Some of the major market players are based in the Asia Pacific region.
North America is the second most important regional market due to continuous investment in building large-scale solar based utility plants. The maximum investment, as well as revenue, comes from the USA and Canada.
Europe is another important regional market in this region due to the presence of many key market players. The paramount country-specific markets in this region are Germany, France, Spain, and the UK, followed by the remaining countries of Europe. In the MEA region, the market is minimal due to emerging countries, lack of skilled labor, lack of education, lack of awareness, and lack of technological advancement.
Key Players
The key players in the global solar charge controllers market include Arise India (India), Beijing Epsolar Technology Co. Ltd. (China) Delta Electronics (India), Genasun (Italy), Luminous India (India), Microtek (China), Schneider Electric (France), Su-Kam Power Systems (India), Sungrow Power Supply Co. Ltd. (China), and Victron Energy (Netherlands).
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