August 03, 2022 07:43 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global solar charge controller market size is expected to grow from USD 1.12 billion in 2018 to USD 3.59 billion by 2026, exhibiting a CAGR of 15.8% during the forecast period. The global solar charge controller market is set to gain impetus from their ability to regulate the voltage generated from solar panels. In addition to that, they can ensure that the battery is not over-charged, states Fortune Business Insights™, in its report titled Solar Charge Controller Market Size, Share and Global Trend by Type (Pulse-Width Modulation (PWM) Charge Controller, Maximum Power Point Tracking (MPPT) Charge Controller), By Application (Residential, Commercial, Industrial, Utility), and Geography Forecast till 2026.
In June 2021, Growth, a China-based inverter company launched a 1,100 V string inverter solution consists of about 10 independent maximum power point tracking (MPPT) inputs, with MPPT voltage varying from 180-1,000 V. The product is fabricated with power ratings between 100 to 125 kW with an efficiency of around 98.8% and is designed for installation across utility-scale and commercial solar power plants.
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Solar Charge Controller Market Drivers & Restraints-
Need to Reduce Greenhouse Gas Emission Will Boost Growth
Increasing implementation of green energy targets by the governments of various countries is set to accelerate the solar charge controller market growth. It is mainly occurring because of the urgent need to lower greenhouse gas emissions in the environment. It would also control the rising temperature that is occurring year after year. However, the utilization of other green energy sources, other than solar energy, may hamper the market growth.
Fortune Business Insights™ lists out all the renowned organizations operating in the solar charge controller market. They are as follows:
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Key Players Focus on Launching Innovative Products to Gain Competitive Edge
The companies present in the market are persistently striving to strengthen their position by launching state-of-the-art products. Several government agencies are also engaging in solar power installation projects in rural areas for electrification and reducing the emission of carbon in the atmosphere. Below are a couple of the latest key industry developments:
Residential Segment to Grow Steadily Backed by Rapid Urbanization
In terms of application, the market is fragmented into utility, commercial, industrial, and residential. Amongst these, the utility segment held a 52.5% solar charge controller market share in 2018. The residential segment would also grow steadily as the population is increasing day by day worldwide. It is further resulting in rapid urbanization and hence, spurring the demand for energy. Various countries are also conducting rural electrification. Upgraded grids are being set up for the distribution of renewable energy. Additionally, batteries are being installed to store excess energy.
Asia Pacific to Lead: Rising Demand for Energy Will Favor Growth
Geographically, the market is segregated into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Out of these regions, Asia Pacific is anticipated to dominate in terms of share during the forthcoming years. This growth is attributable to the increasing number of planned solar power installation projects in this region. In the residential sector, solar panels are being installed at a fast pace for meeting the upsurging demand for energy. China is likely to contribute to the maximum growth backed by the government’s implementation of the 13th five-year plan. In 2018, Asia Pacific held USD 0.39 billion in terms of solar charge controller market revenue.
Europe is set to follow the footsteps of Asia Pacific and generate a considerable share because of the EU28 green energy target. The U.K., Italy, and Germany are some of the most important countries that would contribute to maximum growth. In North America, solar power installation is projected to rise owing to the availability of technologically advanced analytical tools. In Latin America and the Middle East & Africa, increasing the rate of renewable energy generation would drive growth.
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