The rapid increase of solar panel installations, surge in variety of rooftop operations in remote areas, and rise in electronic infrastructure for solar power technologies drive the growth of the global solar charge controller market.
PORTLAND, Ore. , July 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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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Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for solar power components including panels, batteries, controllers, and others.
In addition, halt in building and construction of solar energy power plants, owing to unavailability of workers and increase in demand–supply gap hampered the solar charge controller market growth during the pandemic period.
However, the solar charge controller market recovered soon in 2021, as the COVID-19 vaccination began in various economies across the globe, which improved the global economy.
The maximum power point tracking (MPPT) segment to maintain its leadership status throughout the forecast period
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.
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The commercial segment to maintain its lead position during the forecast period
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.
Asia-Pacific to maintain its dominance by 2031
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.
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Luminous Power Technologies Pt. Ltd.
Shenzhen Shuori New Energy Technology Co. Ltd.
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