Future Market Insights (FMI) has published a new report on the global solar charge controller market, titled “Solar Charge Controller Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2028”. The market, valued at USD 1.4 billion in 2017, is projected to grow at a strong compound annual growth rate (CAGR), reaching USD 3.4 billion by the end of the forecast period.
The report highlights that East Asia and Europe were leading regions in the solar charge controller market in 2018, accounting for over 49% of the global market share. The demand for solar charge controllers is closely linked to the increasing adoption of off-grid solar panel systems in countries like China, India, the USA, Brazil, and several ASEAN and African nations.
The growth of solar charge controller sales is being driven by developing economies, including China, India, Malaysia, and Brazil, where government initiatives and subsidies for solar panel systems are promoting the deployment of solar energy solutions. This trend is expected to accelerate the demand for both solar panel systems and charge controllers.
In addition, innovations in solar charge controllers, such as auto night detection, LCD displays, overcharging protection, and enhanced communication solutions, are contributing to the market’s growth. The increasing deployment of off-grid solar systems in remote and residential applications is also expected to further boost the market during the forecast period.
30A to 50A Solar Charge Controllers to Hold One Third Share in Market Growth
Based on current charging capacity, solar charge controllers with 30A to 50A is anticipated to remain the primary sub-segment in terms of market share, covering nearly 33% by the end of 2028. Growth in demand for lead acid battery for storage applications in developing economies is anticipated to impact the sales of solar charge controllers. Further, the rise of new entrants in the global solar charge controller market will initiate new production bases in developing economies for solar charge controllers.
Based on technology, the MPPT based solar charge controllers will register high growth rate and are anticipated to be a prominent segment in the global solar charge controller market. PWM based solar charge controllers are expected to account for an estimated value of US$ 1,980.5 Mn by the end of 2028.
Solar Charge Controller Market will Remain Highly Fragmented
The global solar charge controller market is highly fragmented and the tier-1 players contribute to nearly 1/3rd of the market share. The competition among the global and regional players is becoming intensified due to rise of new players in developing economies. Leading manufacturers of solar charge controllers are widespread, with both regional and global players offering solar charge controllers in their targeted marketplaces.
Manufacturers are concentrating on acquiring new orders for the installation of solar charge controllers. Further, the adoption of MPPT based solar charge controllers will be a driving factor for the growth of the global solar charge controller market.
Morningstar Corp., Outback Power Inc., Studer Innotec, Victron Energy, Aims Power, Renogy, Sensata Technologies, Inc., Schneider Electric, Samlex America Inc., and DENRYO CO., LTD, are some of the key players leading the global solar charge controller market.
Solar Charge Controller Market – Key Segment
By Current Charging Capacity
- up to 8A
- 8A to 20A
- 20A to 30A
- 30A to 60A
- 60A to 80A
- 100A to 250A
- Above 250A
By Battery Type
- Lead acid Battery
- Lithium Ion Battery
By Technology
- Pulse Width Modulation (PWM)
- Maximum Power Point Tracking (MPPT)
By Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
Report Preview: https://www.futuremarketinsights.com/reports/solar-charge-controller-market
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