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
Report ID : 258 | Published Date : Feb 2020 | Pages : 180 | Region : Global | Report Code : ER-2
Solar Charge Controller Market Introduction & Overview
Solar energy is the cleanest and the most available renewable energy source. Technological advancements have helped to utilize this energy for a variety of purposes such as power generation, lighting, and heating water for domestic, commercial, and industrial applications. A solar panel is a collection of solar cells, which convert solar energy into electrical energy. Solar charge controllers are basically current regulators that manage the power going into the battery bank from solar arrays and prevent the overcharging of electric cells. They also ensure that the deep cycle batteries are not overcharged during the day and that the power doesn’t run back to the solar panels overnight to drain batteries. Hence, these controllers have four basic functionalities - charge the battery, indicate when the battery is fully charged, monitor the battery voltage and cut off the supply when it is minimum, to remove the load connection, and ensuring the load is cut off from the battery supply in case of overloads.
The global solar charge controller market is driven by factors, such as rising awareness among people regarding the use of alternative energy sources and growing number of off-grid solar power plants globally. According to the International Renewable Energy Agency (IRENA), the number of off-grid renewable energy users is growing across the globe. About 115 million people worldwide currently rely on the basic energy services provided by solar lights while another 25 million obtain a higher level of renewable energy services through solar home systems or connections to mini solar grids. The supply of electricity from mini-grids and small solar devices, such as solar home systems and solar lights, is growing rapidly. Also, there is an increase in solar energy installations for the generation of electricity. According to the Solar Energy Industries Association, the cost of installing solar power plants has dropped by 70% over the past decade, leading to expansion of the market. These are some of the primary factors, leading to market growth. However, power intensity may vary with seasonal changes and solar power installations occupy a lot of land. These factors may restrain market growth to a certain extent.
The global solar charge controller market can be segmented into product type, application, and region.
Solar Charge Controller Market By Product Type
Based on product type, the market can be segmented into Pulse Width Modulation (PWM) Solar Charge Controller, and Maximum Power Point Tracking (MPPT). Pulse Width Modulation (PWM) will hold the largest market share during the forecast period majorly owing to high durability, cost-effectiveness, longer lifespan, and the high ability to control high currents and voltages.
Solar Charge Controller Market By Application
Based on application the market can be classified into residential, commercial, and industrial. The residential segment will hold the largest market share during the forecast period owing to factors such as the booming real estate sector, high costs involved in conventional electricity, rising awareness among people for alternate energy sources, and others.
Solar Charge Controller Market By Region
Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America dominated the market owing to government initiatives such as Solar Investment Tax Credit (ITC) provided for the growth and stability of the solar installations and rising awareness among people regarding the use of alternative energy sources. Also, according to the Solar Energy Industries Association, in 2018, the solar industry generated a $17 billion investment in the American economy, creating job opportunities in more than 10,000 companies in every U.S. State.
Solar Charge Controller Market Prominent Players
Some of the key players operating 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.