Solar Charge Controller Market Technological Trends and Growth Opportunities 2021 – 2031

Rapid investment towards solar power generation is anticipated to fuel the growth of the solar charge controller market trends in the coming years.

PORTLAND, OREGON, UNITED STATES, September 1, 2022 /EINPresswire.com/ — Solar charge controller market is estimated 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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Based on type, the maximum power point tracking (MPPT) segment held the highest market share in 2021, accounting for more than two-fifths of the global solar charge controller market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.3% from 2022 to 2031. This is attributed to rise in deployment of solar power generation infrastructure across the globe.

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.

Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global solar charge controller market. Moreover, the same region is expected to witness the fastest CAGR of 7.0% from 2022 to 2031. This is attributed to the presence of key players, huge consumer base, rapid growth of the off-grid power generation, rise in demand for power in remote operations, increase in awareness and R&D towards battery safety, and others in the region. Other regions included in the report are North America, Europe, and LAMEA.

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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.

COVID-19 Impact on Market
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for solar power components including panels, batteries, controllers, and others. In addition, halt in building and construction of solar energy power plants, owing to unavailability of workers and increase in demand–supply gap hampered the solar charge controller market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the solar charge controller market recovered by the 2nd quarter of 2021, as COVID-19 vaccination began in various economies across the globe, which improved the global economy.

David Correa
Allied Analytics LLP
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