Solar Charge Controller Market 2019 Growth Opportunities, Statistics, Size, Share, Development, Revenue, Prominent Players, Demand and Trends by Forecast 2023
Solar Charge Controller Market To Grow At 15.02% CAGR During 2017 to 2023. The report on the global Solar Charge Controller Market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment and key player’s analysis.
Pune, India – April 30, 2019 /MarketersMedia/ —
Market Research Future (MRFR) has published a research report about the global solar charge controllers market that has gauged growth for this market at 15.02% CAGR (Compound Annual Growth Rate) during the forecast period that would end in 2023. Commonly known as charge regulator, a solar charge controller is used to prevent the overcharging of the batteries in the solar power systems. It regulates the current or voltage produced by the solar panels.
The most crucial factor guiding the global solar charge controllers market growth is a series of global safety regulations regarding the use of solar panels and batteries that prevent batteries from overcharging. Another factor that maintains the market growth is the longer life for battery in the storage system. Usually, the solar charge controllers are designed as circuit integrated within a battery pack, but sometimes, they are complete standalone systems.
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Segmental Overview
The global solar charge controllers market can be segmented into application, type, and lastly region.
The application-based segmentation segments this market into commercial, industrial, and residential. Commercial areas are where retail stores and business offices are located. Industrial areas are where factories and manufacturing units are located. Residential areas are where houses and residential buildings are located.
By type, the market can be segmented into maximum power point tracking (MPPT), pulse width modulation (PWM), and Simple 1 or 2 stage controls. MPPT is defined as an algorithm that includes in charge controllers that are used for extracting maximum available power from photovoltaic (PV) module under certain conditions. The voltage at which the PV module can produce maximum power is called peak power voltage or maximum power point. Pulse width modulation (PWM) is a powerful technique useful for controlling analog circuits with a microprocessor’s digital outputs. Simple 1 or 2 stage controls maintain voltage in one or two steps.
Regional Outlook
The regional segmentation of the global solar charge controllers market can segment the market into the regional markets namely North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
Among all regional market, the highest market share is held by the Asia Pacific region due to increasing solar power installations for off-grid and remote electrification purposes. In countries like China and India, many government policies, as well as incentive structures, are contributing to the fast adoption of solar power, resulting in market growth. Due to technological advancement, Japan is another important country-specific market, followed by the remaining countries of the Asia Pacific region. Some of the major market players are based in the Asia Pacific region.
North America is the second most important regional market due to continuous investment in building large-scale solar based utility plants. The maximum investment, as well as revenue, comes from the USA and Canada.
Europe is another important regional market in this region due to the presence of many key market players. The paramount country-specific markets in this region are Germany, France, Spain, and the UK, followed by the remaining countries of Europe. In the MEA region, the market is minimal due to emerging countries, lack of skilled labor, lack of education, lack of awareness, and lack of technological advancement.
Key Players
The key players in the global solar charge controllers market include Arise India (India), Beijing Epsolar Technology Co. Ltd. (China) Delta Electronics (India), Genasun (Italy), Luminous India (India), Microtek (China), Schneider Electric (France), Su-Kam Power Systems (India), Sungrow Power Supply Co. Ltd. (China), and Victron Energy (Netherlands).
Latest Industry News
The Defense Research & Development Organization (DRDO) of India has invited bids for flexible solar panels and accessories for alternative renewable power generation system to mount on a container for mobile field application. 27 MAR 2019
Okaya Power has launched a new extensive range of Solar Power Generation System (SPGS) to meet the fast-emerging demand from its esteemed customers. 28 MAR 2019
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