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Solar Charge Controller Market to Exhibit 15.8% CAGR; High Demand for Uninterrupted Power to Drive Growth

March 19, 2020 | Energy & Power

The global solar charge controller market size is projected to reach USD 3.59 billion by 2026. It is likely to gain momentum from the ever-increasing demand for batteries. It is mainly occurring owing to the need for uninterrupted power supply. This information is published in a recent study by Fortune Business Insights™, titled, “Solar Charge Controller Market Size, Share & Industry Analysis, By Type (Pulse-Width Modulation (PWM) Charge Controller, Maximum Power Point Tracking (MPPT) Charge Controller), By Application (Residential, Commercial, Industrial, Utility), and Regional Forecast, 2019-2026.” As per the study, the market stood at USD 1.12 billion in 2018. However, it is set to exhibit a CAGR of 15.8% during the forecast period between 2019 – 2026.


UPNEDA to Help in Installing Solar Streetlights in Uttar Pradesh


In October 2019, the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) issued a tender to the commission, install, and supply solar powerpack white-LED based systems, high mast, streetlights. As per this tender, approximately 21,000 solar power pack systems are likely to be installed along with 2,100 solar streetlights and 800 solar high mast lighting systems.


All the above-mentioned components must possess 2.5 years of maintenance and warranty. They will be installed in numerous districts in Uttar Pradesh. All the interested bidders will have to pay ₹1.6 million for this tender as the earnest money deposit (EMD). The scope of work also consists of the compulsory establishment of service centers in the highly concerned districts.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/solar-charge-controller-market-102158


Urgent Need for Solar Energy from Residential Sector to Drive Growth


One of the major factors responsible for the solar charge controller market growth is the rising demand for solar energy from the residential and commercial sectors. In the residential sector, solar energy is extensively used in district heating, electricity, water heater, and other similar applications. Also, the controllers help in reducing maintenance expenditure and system failures by maintaining the level of voltage.


Government Agencies Provide Funds to Promote Solar Energy Usage


The market houses several companies that are striving persistently to keep up with the latest solar charge controller market trends to cater to the needs of their huge consumer bases. Many government agencies are also engaging in providing funds to other enterprises to promote the usage of solar energy.


Significant Industry Development:


April 2019: Okaya Power Group, a battery company based in New Delhi, unveiled the SPGS range, its latest solar power generation system. The aim of the company is to fulfill the unmet need from its surging consumer base for such products.


“The SPGS range launched by Okaya consists of combinations of PV panels, solar inverters and charge controllers and solar batteries, all available in different ratings to suit different installations and applications,” Okaya said in a statement.


Fortune Business Insights™ profiles some of the most prominent companies present in the solar charge controller market. They are as follows:



  • Genasun (Netherlands)

  • Victron Energy (Netherlands)

  • Morningstar Corporation (USA)

  • Steca - A KATEK Brand (Germany)

  • Xantrex Technologies (USA)

  • Luminous Power Technologies (P) Ltd (India)

  • Arise India Ltd. (India)

  • Easy Photovoltech Private Limited. (India)

  • Wenzhou Xihe Electric Co., Ltd. (China)

  • Beijing Epsolar Technology Co., Ltd. (China)

  • Phocos (USA)

  • Vispra Solar – (India)

  • OutBack Power Technologies (USA)

  • Sollatek UK Limited (United Kingdom)

  • Other key market players


Further Report Findings-



  • In terms of application, the utility segment held a solar charge controller market share of 52.5% in 2018.

  • Asia Pacific generated USD 0.39 billion solar charge controller market revenue in 2018 owing to the rising installation of solar panels in the residential sector.

  • Europe would exhibit significant growth backed by the EU28 green energy target.

  • North America is anticipated to grow steadily stoked by technological advancements in analytical tools.

  • Latin America and the Middle East and Africa to showcase healthy growth because of the rising generation of renewable energy sources.


The solar charge controller market can be segmented on the bases of:








































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Type



  • Pulse-Width Modulation (PWM) Charge Controller

  • Maximum Power Point Tracking (MPPT) Charge Controller



By Application



  • Residential

  • Commercial

  • Industrial

  • Utility



By Geography



  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Belgium and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, South Korea, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC, Israel and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, Chile and Rest of Latin America)


Solar Charge Controller Market
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  • 2015-2017
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