Solar Charge Controller Market projected to grow at a CAGR of 6.6% from 2022 to 2031
Growing interest towards renewable energy storage solutions and rapid growth of solar sector are the upcoming trends of solar charge controller market in the world.”
WILMINGTON, DE, UNITED STATES, November 21, 2024 /EINPresswire.com/ -- — Allied Market Research
According to a new report published by Allied Market Research, the solar charge controller market size was valued at $1.8 billion in 2021, and is estimated to reach $3.4 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.
A solar charge controller or charge regulator is basically used in the solar energy systems to protect battery from overcharging by regulating the current or voltage produced through solar panels. Solar charge controllers are available with additional abilities, including lighting fixtures and load control. These controllers serve important purpose in energy systems that avoid damage to batteries in solar systems.
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Asia-Pacific garnered a dominant share in 2021, and is anticipated to maintain this dominance in the solar charge controller market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.
Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 7.0%, during the forecast period.
In addition, rapid growth of the off-grid power generation, rise in demand for power in remote operations, rise in awareness and R&D towards battery safety, and others are the key factors expected to drive the growth of the solar charge controller market in the Asia-Pacific region in the coming years.
The key players operating and profiled in the global 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.
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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. It is further resulting in fast urbanization and spurring the demand for renewable power such as solar power.
Growing awareness concerning the benefits of solar power is expected to drive the solar charge controller market growth. MPPT is anticipated to witness high growth rate and is the most desired solar charge controller.
Depending on type, the maximum power point tracking (MPPT) segment registered the highest solar charge controller market share of about 43.3% in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to rise in deployment of solar power generation infrastructure across the globe.
In addition, MPPT solar charge controller extract maximum power from solar panels and high efficiency & performance of MPPT as compared to PWM solar charge controllers, thus are expected to drive the growth of the market during the forecast period.
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On the basis of end user, the commercial segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 7.2% during the forecast period. This 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.
In addition, the usage of solar energy applications in the commercial sectors is the quickest solution to fight energy deficit and thereby, fueling the demand for solar charge controllers during the forecast period.
By battery capacity, the 20A to 40A segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 7.1% during the solar charge controller market forecast period. This is attributed to rise in demand for solar charge controllers with current capacity 20A to 40A from off grid cabinets, homes, caravans, telecommunications, and remote solar power generation sites.
In addition, rapid investment towards solar power generation is anticipated to fuel the growth of the solar charge controller market trends in the coming years.
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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.
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