Global “Solar Charge Controller Market,” The solar charge controller market size is projected to reach $3.4 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031. The rapid increase of solar panel installations, rise in variety of rooftop operations in remote areas, and surge in electronic infrastructure for solar power technologies are boosting the growth of the global solar charge controller market. The rise in power consumption from data centers and communication base stations, as well as increased penetration of solar PV modules in hospitals, hotels, and corporate offices drive the growth of the market even more. However, high initial installation cost of solar battery and disadvantages associated with solar charge controllers restrict the market growth. Moreover, government initiatives & investments toward different solar infrastructure projects in energy, railways, and real estate present new opportunities in the coming years.
Factors, including government initiatives and investment towards promotion of solar energy, growing development of off-grid electrical systems, and growing solar power installations are the key drivers of the solar charge controller market. The solar home systems segment is expected to grow progressively with the increase in power demand from residential consumers across the globe. It is further resulting in fast urbanization and spurring the demand for renewable power such as solar power. Furthermore, growing awareness concerning the benefits of solar power is expected to drive the solar charge controller market. MPPT is anticipated to witness high growth rate and is the most desired solar charge controller.
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Depending on type, the maximum power point tracking (MPPT) segment registered the highest solar charge controller market share of about 43.3% in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to rise in deployment of solar power generation infrastructure across the globe.
In addition, MPPT solar charge controller extract maximum power from solar panels and high efficiency & performance of MPPT as compared to PWM solar charge controllers, thus are expected to drive the growth of the market during the forecast period.
Based on application, the commercial segment accounted for the largest share in 2021, contributing to more than two-fifths of the global solar charge controller market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.2% from 2022 to 2031. This growth is attributed to rise in demand for solar charge controllers from commercial applications for power consumption in data centers, communication base stations, hospitals, restaurants, corporate offices, and others.
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Region-wise, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered a dominant share in 2021, and is anticipated to maintain this dominance in the solar charge controller market during the forecast period. This is attributed to presence of key players and huge consumer base in the region. In addition, rapid growth of the off-grid power generation, rise in demand for power in remote operations, rise in awareness and R&D towards battery safety, and others are the key factors expected to drive the growth of the solar charge controller market in the Asia-Pacific region in the coming years.
The key players operating and profiled in the solar charge controller industry report include, Airkom Group, Schneider Electric, Sollatek, Wenzhou Xihe Electric Co., Ltd., Delta Electronics, Inc., KATEK Memmingen GmbH, Victron Energy, Sunforge LLC, Phocos, and Apollo Solar. Other players operating in the value chain of the global solar charge controller market analysis are Easy Photovoltaic Pvt. Ltd., Outback Power Technologies, Xantrex Technologies, Genasun, Su-Kam Power Systems, Arise India, Beijing Epsolar Technology Co., Ltd, and others.
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