Global Solar Charge Controllers Market Analysis:
MRFR
analysts predict that the Global Solar Charge Controllers Market will grow
steadily during the forecast period and post a CAGR of around 15.02% by 2023.Commonly
known as charge regulator, a solar charge controller is used to prevent the
overcharging of the batteries in the solar power systems. It regulates the
current or voltage produced by the solar panels. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Solar Charge Controllers Market is included in the present report.
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 Controllers 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.
By type, the market can be segmented into maximum power
point tracking (MPPT), pulse width modulation (PWM), and Simple 1 or 2 stage
controls.
Prominent
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).
Regional Outlook
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.
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