Solar Charge Controller Market Will Observe A CAGR Of Just Over 8% From 2018 To 2028 – Digital Journal
Future Market Insights (FMI) has released a new research study on the global Solar Charge Controller Market titled “Solar Charge Controller Market: Global Industry Analysis 2013-2017 and Forecast, 2018-2028”. According to FMI, the solar charge controller market was valued at US$1.4 billion at the end of 2017 and is expected to grow at an impressive CAGR, reaching US$3.4 billion by the end of the forecast period.
- The global solar charge controller market size was nearly US$1.4 billion in 2017
- The solar charge controller market will register a CAGR of just over 8% from 2018 to 2028
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 controller shows a linear trend with increasing demand for off-grid solar panel systems from economies like China, India, USA, Brazil and some of the ASEAN and African countries.
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Emerging markets such as China, India, Malaysia and Brazil are expected to have a positive impact on solar charge controller sales. Government initiatives regarding 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.
Increasing orders related to off-grid solar panel systems and solar charge controllers for use in remote and residential applications are expected to have a positive impact on the growth of the global solar charge controller market over the forecast period.
Developments in solar charge controllers, such as automatic night detection, LCD display, overcharge protection, and growth in communication solutions built into solar charge controllers are driving the growth of the global solar charge controller market. The growth of the solar charge controller market is being positively impacted by the deployment of off-grid solar panel systems.
Solar charge controllers with 30 A to 50 A are said to account for a third of the market growth
Based on the current charging capacity, 30A to 50A solar charge controllers are expected to remain the key sub-segment in terms of market share, capturing nearly 33% by the end of 2028. Increasing demand for lead-acid batteries for storage applications in developing economies is expected to impact solar charge controller sales. In addition, the rise of new entrants in the global solar charge controller market will open up new solar charge controller manufacturing bases in developing countries.
Based on the technology, the MPPT-based solar charge controllers are set to witness 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 worth an estimated $1,980.5 million by the end of 2028.
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According to current loading capacity
- up to 8A
- 8A to 20A
- 20A to 30A
- 30A to 60A
- 60A to 80A
- 100A to 250A
- About 250A
By battery type
- lead-acid battery
- lithium ion battery
- Pulse Width Modulation (PWM)
- Maximum Power Point Tracking (MPPT)
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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The market for solar charge controllers will remain highly fragmented
The global solar charge controller market is highly fragmented and the Tier 1 players account for almost 1/3 of the market share. Competition between global and regional players is becoming more intense as new players emerge in developing countries. Leading solar charge controller manufacturers are widespread, with both regional and global players offering solar charge controllers in their target markets.
Manufacturers are concentrating on acquiring new orders for the installation of solar charge controllers. Moreover, 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 leading players in the global solar charge controller market
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