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The global solar charge controller market size stood at USD 1.12 billion in 2018 is projected to reach USD 3.59 billion by 2026, exhibiting a CAGR of 15.8% during the forecast period from 2019 – 2026.
The solar charge controller market is driven by the increasing adoption of renewables for energy production. The charge controller plays an important role in maintaining the safety of the battery system and, therefore, the power supply system. These are the devices that regulate voltage generated from solar panels, in accordance with the battery that is used for energy storage. They also ensure that the battery is not over-discharged, which can create further issues in operation.
Solar Energy to Play a Significant Role in Achieving Green Energy Targets
Various governments have introduced encouraging short and long term renewable energy deployment targets that will propel solar power installations. Currently, a major portion of this renewable energy is being generated using solar panels. This, coupled with several attempts to store more and more energy that is generated, will make charge controllers vital equipment to have during solar installation. Following this trend, the solar charge controller market size will increase at a healthy rate.
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Increasing Use of Solar Power in Residential Applications Will Drive the Market Growth
Solar power has found a significant preference in the residential sector in recent years. The major applications in this sector include solar water heater, electricity, district heating, and others. This has led to the deployment of charge controllers at the same rate to ensure the safety of batteries and to maintain desired voltage levels. Also, the government subsidies for putting up solar panels at individual levels have helped to increase the installations of solar charge controller inverters.
Growing Penetration of Renewables Will Drive Solar Charge Controller Installations
One of the major factors driving the solar charge controller market growth is the rising penetration of renewables for power generation. Solar energy is preferred the most amongst the available renewable energy sources; therefore, the market is set to grow with the increasing deployment of solar energy.
Further, increasing implications of green energy targets to reduce greenhouse gas emissions are being carried out by various governments around the world. The main motive for this is to maintain the year-on-year temperature rise in considerable limits. The European Union, on its path to achieving its 2020 target of 20% energy using renewables, has compelled countries to introduce various rollouts and planned installation of solar.
Ensuring Battery Safety and Unwanted Expenditures On Maintenance Will Cater To Market Growth
The demand for batteries has increased robustly over the past decade. This is mainly occurring to maintain power supply in case of failures. Following this, as charge controllers ensure operational safety by preventing the battery from being overcharged and discharged, their installations have grown parallelly with batteries. Charge controllers also maintain a specific level of voltage and, therefore, help in preventing system failures and reduce unwanted expenditures on maintenance.
Increased Competition from Other Alternatives Of Green Energy
The major factor that can hinder the market growth is the adoption of other green energy sources for power generation. A significant threat to the industry is the growing adoption of wind power. Various projects are being carried out for harnessing wind power and recent technological advancements are making floating wind power plants economical. This will certainly negatively impact the solar industry and, therefore, hamper market growth.
Maximum Power Point Tracking (MPPT) Charge Controller to Gain Momentum during the Forecast Period
Based on type, the market is classified into pulse-width modulation (PWM) charge controller and maximum power point tracking (MPPT) charge controller. Currently, the MPPT charge controller segment accounts for a lesser share in the market than the PWM charge controller due to the difference in the price of the two. But, the operational advantages such as better efficiency in low sunlight, long wire ruins, and low battery charge would cater to the rising share of maximum power point tracking (MPPT) charge controller during the given forecast period.
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Utility Segment to Account for Maximum Share
By Application, the market is segregated into residential, commercial, industrial, and utility. The growing population in various regions is resulting in increased urbanization and therefore raising the energy demand. Also, rural electrification is being targeted in many countries. This has led to increased solar installations at individual and mass levels. For renewable energy distribution, new grids are being set up, and batteries are mandatorily being installed for storing excess energy. Batteries form an essential part in solar energy as the harnessing of sunlight cannot be carried out for 24 hours, and during days, it is dependent on the seasons. Therefore, batteries have become essential in every sector, such as utility, residential, commercial, and industrial.
Asia Pacific Solar Charge Controller Market Size, 2018(USD Billion)
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The findings based on our research methodology indicate that Asia Pacific is likely to hold the largest solar charge controller market share during the forecast period. The region has maximum solar installations and is also looking forward to a huge number of planned installations in the coming years. Lately, solar panels are increasingly installed in the residential sector in the region to satisfy the energy demand of modern houses. This certainly brings in the solar charge controllers to ensure safety in operation. China is the leading country in the region, as well as worldwide. One of the major reasons for this is the ever-increasing solar panel installations. Also, the 13th five-year plan rolled out by the Chinese government consists of solar targets that are fueling the solar power installations at an exponential rate.
Following the Asia Pacific, Europe holds a significant share in the market owing to the EU28 green energy target. Germany, Italy, and the U.K. are the major countries in the region. North America, being technologically advanced in terms of analytical tools, commercial, and industrial technologies, will drive solar installations in the region. The Middle East & Africa and Latin America will also witness a healthy growth in the market with the increasing share of renewable power generation in the regions.
As the power generation shifts from coal and petroleum products to renewables with an aim to curb carbon emissions, the solar charge controller market revenue will grow at a healthy rate. Solar charge controller calculators are bound to become an essential device in solar power installations acting as the safety device for the heavy batteries used for energy storage. This will help to improve system stability and reduce system failures and, therefore, power outages.
The Solar Charge Controller Market report offers qualitative and quantitative insights on the solar photovoltaic charge controller and the detailed analysis of market size & growth rate for all possible segments in the market.
An Infographic Representation of Solar Charge Controller Market
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Along with this, the research report offers an in-depth analysis of the market. It further provides details on the adoption of solar charge controllers across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.
Value (USD Billion)
Fortune Business Insights says that the global market was worth USD 1.12 billion in 2018.
The global market is projected to be worth USD 3.59 billion in 2026.
The global market will grow at a CAGR of 15.8% in the forecast period (2019-2026).
Asia Pacific market was valued at USD 0.39 Billion in 2018.
In terms of application, the utility segment is expected to lead the market during the forecast period.
Increased energy demand coupled with the growing adoption of renewable sources of energy is the key market driver. However, increasing competition from other renewable sources of energy may hinder market growth.
Morningstar Corporation, Sungrow Power Supply Co., Ltd., and Vispra Solar (India) are the top companies in the market.
Installation of new distribution and transmission lines, as well as usage of renewable sources, will positively impact market growth.
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