Solar Charge Controller Market Set To Attain $ 3.Four Billion By 2028 – Future Market Insights – World Banking and Finance Overview
Future Market Insights (FMI) has published a new research study on the global issue Solar Charge Controller Market entitled ‘Solar Charge Controller Market: Global Industry Analysis 2013-2017 and Forecast, 2018-2028’. According to FMI, the solar charge controller market was valued at $ 1.4 billion in late 2017 and is expected to grow at an impressive CAGR, reaching $ 3.4 billion by the end of the forecast period.
FMI notes that East Asia and Europe were attractive regions in the solar charge controller market in 2018, accounting for more than 49% of the global market share. The demand for solar charge controllers shows a linear trend with increasing demand for off-grid solar module systems from economies such as China, India, USA, Brazil and some countries in ASEAN and Africa.
Developing countries such as China, India, Malaysia and Brazil are likely to have a positive impact on the sale of solar charge controllers. Government initiatives related to solar panel system subsidiaries led by China, India and some Latin American countries are expected to further intensify the use of solar panel systems and solar charge controllers.
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Increasing orders in connection with off-grid solar panel systems and solar charge controllers for use in remote and residential applications should have a positive effect on the growth of the global market for solar charge controllers in the forecast period.
Developments in solar charge controllers such as automatic night detection, the LCD display, overcharge protection and the growth of communication solutions integrated into solar charge controllers are driving the growth of the global solar charge controller market. The growth of the market for solar charge controllers is positively influenced by the use of off-grid solar panel systems.
30A to 50A solar charge controllers hold a third of the market growth
Based on the current charging capacity, solar charge controllers with 30A to 50A are expected to remain the primary sub-segment in terms of market share, covering almost 33% by the end of 2028. Growth in demand for lead-acid batteries for storage applications in development Economies are expected to affect sales of solar charge controllers. In addition, the rise of new entrants in the global solar charge controller market will open new solar charge controller manufacturing locations in developing countries.
Based on the technology, the MPPT based solar charge controllers will see a high growth rate and are expected to be a prominent segment in the global solar charge controller market. PWM-based solar charge controllers are expected to be valued at $ 1,980.5 million by the end of 2028.
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The solar charge controller market will remain highly fragmented
The global solar charge controller market is highly fragmented and Tier 1 players account for almost a third of the market share. Competition between global and regional actors is intensifying due to the rise of new actors in developing countries. Leading solar charge controller manufacturers are widespread, and both regional and global players offer solar charge controllers in their target markets.
Manufacturers are focused on getting new orders to install solar charge controllers. In addition, the introduction of MPPT-based solar charge controllers will be a driving factor in 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 world’s leading market players for solar charge controller.
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Table of Contents
1.1. Global market outlook
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Technological road map
1.5. Analysis and recommendations
- Market overview
2.1. Market coverage / taxonomy
2.2. Market definition / scope / restrictions
- Important market trends
3.1. Important trends influencing the market
3.2. Product innovation / development trends
- Key factors for success
4.1. Product acceptance / usage analysis
4.2. USPs / features of the product compared to target applications
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