Solar Charge Controller Market is anticipated to grow at a CAGR of 16.4% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Solar Charge Controller Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Solar Charge Controller Market is anticipated to grow at a CAGR of 16.4% from 2019 to 2030.
The market growth of solar charge controllers can be attributed to factors, such as increasing population, growing real estate sector, industrial expansion leading to increased consumption of conventional energy sources and scarcity of valuable resources. Also, conventional electricity generation methods involving fossil fuels result in carbon emissions, leading to global warming. Thus, increasing awareness among people regarding the use of renewable energy sources will primarily boost market growth.
Moreover, major corporations in the U.S., including Apple, Amazon, Target, and Walmart, are investing considerably in solar and renewable energy. According to the Solar Energy Industries Association, through 2018, the top corporate solar users in America have installed more than 7,000 MW capacity solar panels across more than 35,000 different facilities in the country. Government initiatives for the development of solar installations, such as Solar Powering America which is an interagency initiative between the U.S. Department of Energy (DOE), U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), and the Environmental Protection Agency (EPA) to support greater solar deployment.
However, the low or differing intensity of sunlight in different regions may have an impact on the use of solar power for energy generation. This may affect market growth to a certain extent.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Solar Charge Controller Market by Product Type (Pulse Width Modulation (PWM) Solar Charge Controller, and Maximum Power Point Tracking (MPPT) Solar Charge Controller) and Application (Residential, Commercial, and Industrial) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/solar-charge-controller-market/258
Asia Pacific is estimated to account for the highest CAGR in the solar charge controller market during the forecast period, which is driven mainly by increasing solar installations in the region with growing economies such as China, India etc. and increase in the awareness among people for the use of renewable energy over conventional energy sources. Moreover increase in the government involvement in development of solar power in the region is leading to growth of the market. For instance, since 2013, China has invested US$90 billion in the Belt and Road Initiative (BRI) which involves China, India, Iran and Saudi Arabia. These countries are among the top ten CO? emitters in the world and were responsible for 39.4% of the global emissions in 2017, over 55% of global GHG (Global House Gas) emissions come from the entire BRI region, and this number is expected to rise to above 65% by 2030. Thus, solar generation in the BRI region could provide a total of 448.9 petawatt hours of electricity annually, which is about 41 times the demand for electricity from these countries. Also, the government of India has the target of installing 100 GW solar energy capacity till the end of December of 2022. As a result, the regional solar charge controller market in Asia Pacific is likely to expand considerably during the forecast period.
Some of the prominent players in the global solar charge controller market include Morningstar Corp., Phocos, KATEK Memmingen GmbH, BeiJing Remote Power Renewable Energy Technology Company, Outback Power Inc., BEIJING EPSOLAR TECHNOLOGY CO., LTD, Shenzhen Shuori New Energy Product Co., Ltd., Renogy, Studer Innotec, Sunforge LLC, and others.
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