Solar Charge Controller Market To Attain $ 3.four Billion By 2028 – Future Market Insights – GlobeNewswire
VALLEY COTTAGE, NY, March 25, 2019 (GLOBE NEWSWIRE) – Future Market Insights (FMI) has released a new research study on the global solar charge controller market entitled "Market for Solar Charge Controllers: 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 panel 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 sales 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 for 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 module systems.
30A to 50A solar charge controllers hold a third of the market growth
Based on the current charge 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 developing economies is 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 production bases for solar charge controllers 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.
Preview Analysis Global market segmentation for solar charge controllers by battery type (lead-acid battery, lithium-ion battery); by technology (pulse width modulation (PWM), maximum power point tracking (MPPT)); according to the current charge capacity (up to 8A, 8A to 20A, 20A to 30A, 30A to 60A, 60A to 80A, 100A to 250A, over 250A): https://www.futuremarketinsights.com/reports/solar-charge-controller – market
The market for solar charge controllers will remain very 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 manufacturers of solar charge controllers are widespread, and both regional and global players offer solar charge controllers in their target markets.
Manufacturers are focusing 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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