Increasing Demand for Renewables to Give an Upswing to the Solar Charge Controller Market
Increasing demand for renewables for power generation continues to influence the use of solar charge controller in solar installations. Owing to increasing environment concerns and carbon emissions, inclination towards clean energy sources has been witnessed. Moreover, in order to reduce burden on fossil fuels, countries worldwide are focusing towards adopting renewable sources of energy which can also limit GHG emissions and can maintain year on year rise in temperature across the globe. Governments, in this background are setting targets to encourage use of energy using renewables, consequently promoting installation of solar systems in domestic and commercial facilities. This aspect is expected to boost the growth of the solar charge controller market in the following years.
In addition, the rising demand for batteries in order to maintain power supply during cases of power failures is likely to influence market growth. That said, solar charge controller facilitates operational safety of batteries by preventing overcharging and discharging. Solar charge controller also helps in maintaining a specific voltage level, in turn preventing system failures thus reducing unwanted expenditures and maintenance costs.
MPPT Controllers to Witness Rampant Growth
Maximum Power Point Tracking (MPPT) solar charge controllers are expected to gain momentum owing to their perceived operational benefits. The demand for MPPT controllers is poised to increase at a significant pace as compared to PWM (Pulse Width Modulation) controllers. Ability of MPPT solar charge controllers to extract maximum available power from PV module allows deployment of solar PVs with an output voltage higher than the operating voltage of battery system. This facilitates increased operational efficiency even in low sunlight which has influenced its adoption worldwide. That said, increasing MPPT controller demand is likely to give an impetus to the solar charge controller market growth in the coming years.
Asia Pacific Likely to Reign Supreme in the Solar Charge Controller Market
On account of growing concerns apropos to Green House Gas (GHG) emissions and environment health, government authorities are focusing on promoting use of clean energy across various industrial and household applications. Governments across emerging economies are providing subsidies to solar module manufacturers in a bid to enhance the manufacturing capacity of solar PV modules. For instance, in India, the government has allocated additional budget of US$ 2.61 billion to its PLI (Production Linked Incentive) program in order to boost domestic manufacturing of PV modules. With this additional budget, the government aims at expanding the manufacturing capacity by 30-35 GW in the 2021-2025 timeframe. This is expected to fuel the use of solar charge controllers to ensure operational safety.
Likewise, China is also reshaping its solar industry scenario with its 13th five year plan. Solar development in China continues to witness strong policy support. In 2021, NEA (National Energy Administration) issued notice encouraging governments to install solar panels on private and public building roof tops wherein the electricity generated can be connected to the state power grid. With this, the PV capacity in country is expected to further increase in the coming years making China a renewable energy leader in Asia Pacific. In this backdrop, the number of solar installations in the region is expected to increase in turn paving potential opportunities for solar charge controller market.
Solar Charge Controller Market: Competitive Landscape
Key players in the solar charge controller market are involved in launching new products in a bid to sustain their position in the market. For instance, in 2020, Schneider Electric introduced its MPPT 100 600 solar charge controller to cater to the growing off-grid energy needs of home owners. Likewise, same year in August, ZunRoof entered the solar business by launching solar charge controllers, customizable off-grid combos and batteries. In 2021, Growatt launched 1100 V string inverter which involves 10 independent MPPT (Maximum Power Point Tracking) inputs. This product comes with an energy efficiency of about 98% and can be installed across commercial solar power plants. Same year, Sineng introduced a large current inverter which is compatible with solar modules. This product can provide a rated power of around 320 KW with an efficiency of over 99%.
Few of the major players in the solar charge controller market include Morningstar Corporation, Arise India Ltd., Vispra Solar, Beijing Epsolar Technology, Steca, Luminous Power Technologies, Schneider Electric, Victron Energy and Sungrow.
Global Solar Charge Controller Market is Segmented as Below:
Key Elements Included In The Study: Global Solar Charge Controller Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology