MRFR
analysts predict that the global solar charge controllers market size 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.
A detailed analysis report of COVID-19 impact on Solar
Charge Controllers Market Analysis is provided
with the 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.
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. The voltage at
which the PV module can produce maximum power is called peak power voltage or
maximum power point. Pulse width modulation (PWM) is a powerful technique
useful for controlling analog circuits with a microprocessor's digital outputs.
Simple 1 or 2 stage controls maintain voltage in one or two steps.
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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