Solar Charge Controller Market is Set to Garner Staggering Revenues by 2027
A solar charge controller is a stand-alone device, basically a current or voltage regulator, which helps in managing the power received in the battery bank from a solar array. The charge controller ensures and protects deep cycle batteries from being overcharged by the solar modules during the day time and prevents reverse flow by the loads during the night time. Overcharging of batteries is capable of affecting the life span of batteries negatively and may even cause damage to the performance of the battery. Hence, a solar charge controller plays an important role in a solar power distribution system. Growing installation of solar plants due to their zero impact on the environment is creating significant opportunities for solar charge controller manufacturers. Owing to their various salient features, the global market for solar charge controllers is expected to witness significant growth during the forecast period.
Solar Charge Controller Market: Dynamics
Depletion of non-renewable resources of energy is leading to growing demand for renewable resources of energy, including solar energy. This is one of the key factors driving the demand for solar charge controllers. According to the International Energy Agency, in 2016, the solar energy industry was the fastest growing source of new energy across the globe. Urgent need for reduction in the dependency on fossil fuels is leading to several initiatives being implemented by governments across the globe, encouraging the use of renewable resources, which, in turn, is driving the demand for solar energy. This will propel the demand for solar charge controllers across the globe.
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Increasing demand for MPPT (maximum power point tracking) type charge controllers is an on-going trend gaining momentum in the solar charge controller market. MPPT type solar charge controllers are the preferred choice for higher power systems due to their lower overall system cost. PWM type solar charge controllers, on the other hand, are suitable for smaller systems with moderate to high temperature range.
Solar Charge Controller Market: Segment
The global solar charge controller market can be segmented on the basis of battery type, working type and current carrying capacity
By battery type, the global solar charge controller market can be segmented into:
By working type, the global solar charge controller market can be segmented into:
PWM (Pulse Width Modulation)
MPPT (Maximum Power Point Tracking)
Simple 1 or 2 stage controls
By current carrying capacity, the global solar charge controller market can be segmented into:
Less than 8A
8 A to 20A
20A to 30A
More than 30A
Solar Charge Controller Market: Regional Outlook
Ecofriendly features related to solar energy generation will force the global market of solar charge controllers to grow at a rapid pace during the forecast period. Several vital features, such as protecting the battery from over charging, high reliability, monitoring the reverse current, providing auto charge indication, etc. are expected to contribute to the growth of solar charge controller market across the globe. Increasing installation of solar plants in different countries of the Asia Pacific region is expected to propel the demand for solar charge controllers in the region. In 2016, China accounted for almost half of the solar panels installed across the globe. Solar power in India is also a fast developing industry. As of October 2017, the country had a cumulative capacity of 15.6 GW.
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Following the renewable energy trend across the globe, the Egyptian government has also initiated investments for solar and wind energy plants, which, in turn, is expected to boost the demand for solar charge controller in the region over the coming years. The U.S. is the second fastest growing country in the renewable energy sector and has reached 49.3 GW in total installed capacity.
Solar Charge Controller Market: Key Participants
Examples of some of the market participants identified across the value chain of the global solar charge controller market include:
Steca Elektronik GmbH
Samlex America, Inc
Shenzhen Shuori New Energy Technology Co.,Ltd.
BEIJING EPSOLAR TECHNOLOGY CO.,LTD
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