Solar Charge Controller Market Size Worth 4.15 Billion by 2027: Grand View Research, Inc.
SAN FRANCISCO, July 6, 2020 /PRNewswire/ -- The global solar charge controller market size is expected to reach USD 4.15 billion by 2027, expanding at a CAGR of 15.1% from2020 to 2027, according to a new report by Grand View Research, Inc. Implementation of climate change policies, along with provision of government subsidies for power generation through renewable energy, is likely to strengthen market growth over the forecast period.
Key suggestions from the report:
By type, the Pulse Width Modulation (PWM) segment accounted for a significant market share in 2019 owing to PWM charge controller ability to self regulate to battery condition and provide constant voltage battery charging
Maximum Power Point Tracking (MPPT) is anticipated to expand at the fastest CAGR over the forecast period. The growth can be attributed to the higher efficiency of MMPT technology and its ability to extract maximum power available from PV module under specified conditions
The commercial application segment occupied the largest market share in 2019 and is expected to expand at the highest CAGR over the forecast period. Growing penetration of solar PV modules for power generation across commercial office spaces is expected to drive the solar charge controller demand across the segment
Asia Pacific accounted for the largest revenue share in 2019, with China being the highest revenue contributor. Presence of major manufacturers, along with significant investments in the solar industry resulting in reduced production costs, is expected to boost the market growth in China.
Growing requirement for reliable power supply in harsh environmental conditions or remote locations has resulted in increasing deployment of off-grid photovoltaic systems, which, in turn, has positively influenced the solar charge controller demand across such regions. In addition, renewable energy battery storage solutions are expected to bolster the market growth over the forecast period.
Solar charge controllers increase battery lifespan by regulating the voltage and current flow from PV panels to battery during the day and preventing excessive discharging flow from battery to solar panels during the night. Innovative technology advancements including controllers integrated with auto night detection capabilities, smart sensor technology, and smart communication technologies, such as Bluetooth, are expected to enhance the functional capability of the product across the industry.
Major industry participants find lucrative market growth opportunities in the Asia Pacific region with low cost product manufacturing across the developing economies. Market players practice high degree of forward integration to enhance their foothold and market share in the solar industry. Moreover, manufacturers are massively investing in innovative technologies such as Maximum Power Point Tracking (MMPT) owing to the higher output generated when compared to the Pulse Width Modulation (PWM) technology.
Grand View Research has segmented the global solar charge controller market on the basis of type, application, and region:
Solar Charge Controller Type Outlook (Revenue, USD Million, 2016 - 2027)
Pulse Width Modulation (PWM)
Maximum Power Point Tracking (MPPT)
Others
Solar Charge Controller Application Outlook (Revenue, USD Million, 2016 - 2027)
Industrial
Commercial
Residential
Solar Charge Controller Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
Russia
France
Asia Pacific
China
Japan
India
South Korea
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
UAE
List of Key Players of Solar Charge Controller Market
Wind Power Market? Growing need to replace conventional source of energy with renewable source of energy is projected to drive the market over the upcoming years. Solar and wind power generation, which were considered expensive two decades ago are now considered more cost-competitive than new-built coal or gas plant today.
Rooftop Solar PV Market? Rising deployment of renewable energy for electricity generation along with abundant availability of solar energy during the day is expected to drive the market growth.
Energy Retrofit Systems Market? Increasing demand for energy efficient systems, preferably consuming renewable power is predicted to drive the market over the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
The "Green Strategic Thinking of PC Brands From The Perspective of Product Lifecycle Stages" report has been added to ResearchAndMarkets.com's offering.
This report analyzes how major global PC brands are incorporating the circular economy concept...
The USDA Forest Service has awarded American Forests $12 million to help tribes and underserved communities access financial and technical support for resilient reforestation.
This strategically directed funding from the IRA will enable leaders in...
NaaS Technology, the first U.S. listed EV charging service company in China, announced remarkable financial growth and operational highlights in its newly-released unaudited financial results for the fourth quarter and full year ended December 31,...
Re:wild and Colossal Biosciences are celebrating a new, powerful partnership that aims to accelerate global efforts to save species on the brink of extinction, search for lost species, and restore key habitats for species recovery and rewilding....
PureCycle Technologies, Inc. , today, announced that its flagship purification facility in Ironton, Ohio will begin a scheduled operational pause on April 1, 2024. During the pause, several improvements will be made to the facility with the goal of...
Verde Clean Fuels, Inc. ("Verde" or the "Company") , a renewable energy company focused on the development of commercial production plants to convert syngas derived from diverse feedstocks into gasoline, today reported full year 2023 GAAP diluted net...