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Rise in electronic infrastructure for solar power technologies drive the growth of the global solar charge controller market.

PORTLAND, OREGON, UNITED STATES, September 14, 2022 /EINPresswire.com/ -- Solar Charge Controller Market by Type (Pulse Width Modulation (PWM), , Maximum Power Point Tracking (MPPT), Simple 1 or 2 stage Control), by Current Capacity (Less than 20A, 20A to 40A, More than 40A), by End User (Solar Home Systems, Industrial, Commercial, Utility): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global solar charge controller industry generated $1.8 billion in 2021, and is anticipated to generate $3.4 billion by 2031, witnessing a CAGR of 6.6% from 2022 to 2031.

The rapid increase of solar panel installations, rise in variety of rooftop operations in remote areas, and surge in electronic infrastructure for solar power technologies are boosting the growth of the global solar charge controller market. The rise in power consumption from data centers and communication base stations, as well as increased penetration of solar PV modules in hospitals, hotels, and corporate offices drive the growth of the market even more. However, high initial installation cost of solar battery and disadvantages associated with solar charge controllers restrict the market growth. Moreover, government initiatives & investments toward different solar infrastructure projects in energy, railways, and real estate present new opportunities in the coming years.

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Factors, including government initiatives and investment towards promotion of solar energy, growing development of off-grid electrical systems, and growing solar power installations are the key drivers of the solar charge controller market. The solar home systems segment is expected to grow progressively with the increase in power demand from residential consumers across the globe. Increasing implementation of green energy targets by the governments of various countries is set to accelerate the solar charge controller market growth. It is mainly occurring because of the urgent need to lower greenhouse gas emissions in the environment.

Global Solar Charge Controller Market is segmented by type, application, end user and region. Based on type, the maximum power point tracking (MPPT) segment held the highest market share in 2021, accounting for more than two-fifths of the global solar charge controller market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.3% from 2022 to 2031. This is attributed to rise in deployment of solar power generation infrastructure across the globe.

Based on application, the commercial segment accounted for the largest share in 2021, contributing to more than two-fifths of the global solar charge controller market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.2% from 2022 to 2031. This growth is attributed to rise in demand for solar charge controllers from commercial applications for power consumption in data centers, communication base stations, hospitals, restaurants, corporate offices, and others.

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Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global solar charge controller market. Moreover, the same region is expected to witness the fastest CAGR of 7.0% from 2022 to 2031. This is attributed to the presence of key players, huge consumer base, rapid growth of the off-grid power generation, rise in demand for power in remote operations, increase in awareness and R&D towards battery safety, and others in the region. Other regions included in the report are North America, Europe, and LAMEA.

The key players operating and profiled in the solar charge controller industry report include, Airkom Group, Schneider Electric, Sollatek, Wenzhou Xihe Electric Co., Ltd., Delta Electronics, Inc., KATEK Memmingen GmbH, Victron Energy, Sunforge LLC, Phocos, and Apollo Solar.
Other players operating in the value chain of the global solar charge controller market analysis are Easy Photovoltaic Pvt. Ltd., Outback Power Technologies, Xantrex Technologies, Genasun, Su-Kam Power Systems, Arise India, Beijing Epsolar Technology Co., Ltd, and others.

KEY FINDINGS OF THE STUDY
• By type, the maximum power point tracking (MPPT) segment accounted for about 43.3% of the share in the global solar charge controller market in 2021, and is expected to maintain its dominance during the forecast period.
• By current capacity, the 20A to 40A current capacity segment accounted for 47.5% solar charge controller market share in 2021, and is anticipated to grow at a rate of 7.1% in terms of revenue, increasing its share in the global solar charge controller market.
• By end user, the commercial segment is the fastest-growing end user segment in the global solar charge controller market and is expected to grow at a CAGR of 7.2% during 2022–2031.
• Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 7.0%, during the forecast period.
• In 2021, Asia-Pacific dominated the solar charge controller market with more than 41.4% of the share, in terms of revenue.

David Correa
Allied Analytics LLP
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