Global Solar Charge Controller Market: Snapshot
As governments around the world focus their efforts on curbing pollution, the demand for alternative means of deriving power will surge. Against this backdrop various markets recorded tremendous growth in the recent past, the global solar charge controller market being one among them. Transparency Market Research has opined that the market is currently in a transitional phase, chiefly driven by various government initiatives and the shifting preference toward renewable sources to derive energy. Coupled with this, technological innovations and commercialization of solar charge controllers will ensue robust growth in the market.
Contrary to aforementioned growth drivers, the market players often incur huge expenses on installation. Furthermore, the maintenance cost of solar charge controllers is really high, thus hindering the smooth sail of the market. Nonetheless, the rising investment in infrastructural development and continued advancements in technology will offer immense opportunities for the growth to the global solar charge controller market in the coming years.
Demand for MPPT Charge Controllers to Surge as Tests Indicate Better Performance in Cold and Temperate Climates
To present an in-depth overview, the report segments the global solar charge controller market in terms of type and end use, part from region. Based on type, the solar charge controller market is classified into pulse-width modulation (PWM) charge controller, maximum power point tracking (MPPT) charge controller, and simple 1 or 2 stage controls. Of these, TMR has observed rising penetration of PWM across diverse end-use industries. A PWM solar charge controller snips excess solar voltage, which in turn results in a loss of total power. As a result, the excess voltage generated by the solar array is reduced to the voltage value of the battery. Over the last couple of years, PWM solar charge controllers is therefore witnessing high demand. However, in the coming years, the MPPT segment is likely to gain momentum, as it has been established through tests that MPPT charge controllers outperform PWM charge controllers in cold and temperate climates.
By end use, utility scale, commercial and industrial buildings, and solar home systems constitute the key segments in the global solar charge controller market. Of these, holding the largest share in the market, utility scale emerged dominant in 2016. Besides this, impressive growth is on cards for industrial and home systems segments as the world realizes the benefit of solar power.
Asia Pacific to Continue Exhibiting Lucrative Prospects through Forecast Period
In terms of region, the global solar charge controller market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Among these regions, Asia Pacific holds the maximum share in the global solar charge controller market. The rising demand for solar charge controllers from economies such as India, China and Japan will create lucrative prospects for the market in the region. The Asia Pacific market is also estimated to be exhibit the highest growth during the course of the report’s forecast period due to the increase in the demand from industrial and residential segments. Demand witnessed in Europe and North America might get a little affected in the coming years as they are mature markets, while the Middle East & Africa and the Latin America are identified as emerging markets and are expected to show considerable growth opportunities during the forecast period.
Key players in the global solar charge controller market are expected to benefit from the emerging market. Prominent players in the global solar charge controller market are OutBack Power Inc, Xantrex Technologies, Genasun LLC, Luminous Power Technologies Pvt. Ltd, Wenzhou Xihe Electric Co., Ltd, Phocos, Beijing Epsolar Technology Co., Ltd, Steca Elektronik GmbH, and Sollatek among others.
Global Solar Charge Controller Market – Overview
The solar charge controllers market is anticipated to expand at a healthy pace owing to the increase in usage of solar energy to reduce the dependence on non-conservative energy sources. Climate change policies and clean fuel agenda are also anticipated to offer lucrative opportunities to the solar controllers market. Rise in investment in renewable storage solutions is estimated to create new opportunities in the market. Implementation of effective policies and regulatory frameworks and active participation and high awareness among customers are projected to drive the solar controllers market. High cost of solar energy compared to conventional sources is the major restraint of the solar charge controllers market.
Solar Charge Controller are commercially used in solar home systems, commercial and industrial buildings, and utility scale.
Global Solar Charge Controller Market – Key Segments
Solar home systems and industrial buildings segment is expected to witness significant growth rate during the forecast period due to the increasing awareness, cost efficiency and preferences towards the use of solar energy. Solar charge controller market is expected to witness robust growth on account of growing demand in residential and utility application sector. Government initiatives and funding has provided strong boost to solar charge controller market. Stringent environmental regulation and technological advancement are key factors expected to drive the number of installations over the forecast period.
The global solar charge controller market can be classified according to the type such as simple 1 or 2 stage controllers, Pulse Width Modulated (PWM) charge controller, and Maximum Power Point Tracking (MPPT) charge controllers. The simple 1 or 2 stage charge controllers cut power when the battery reaches a set voltage, and turn it on when a low voltage set point is reached. During charging, the PWM charge controller allows as much current as the solar panel/array can generate in order to reach the target voltage for the charge stage the controller is in. MPPT charge controllers optimize the voltage of the solar array to maximize total power output and convert that to the correct voltage to charge the battery. Owing to its efficient properties and functions, MPPT accounts for largest market in 2016 and is also projected to grow at a highest rate during the forecast period.
Global Solar Charge Controller Market – Regional Analysis
Asia Pacific held the largest share of the global Solar Charge Controller market in 2016 in terms of consumption. Growth of the region is primarily ascribed to the increase in the demand from industrial and residential segments in the region. North America and Europe also contributed to the growth of the global Solar Charge Controller market in terms of production of Solar Charge Controller in 2016 and is expected to further grow during the forecast period. Asia Pacific is expected to be the fastest growing due increasing population, positive economic outlook, expanding middle class population, government initiatives supporting investment in solar energy projects. The global market share of North America, Europe and Asia Pacific is expected to increase at a high CAGR during the forecast period, while the global market share of Latin America and Middle East and Africa is expected to increase at a slow pace during the forecast period.
Global Solar Charge Controller Market – Scope of the Study
This report analyzes and forecasts the market for Solar Charge Controller at the global and regional level. The market has been forecast based revenue (US$ Mn) from 2017 to 2025, considering 2016 as the base year. The study includes drivers and restraints of the global solar charge controller market. It also covers impact of these drivers and restraints on demand for solar charge controller market during the forecast period. The report also highlights opportunities in the solar charge controller market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global solar charge controller market. Porter’s Five Forces model for the Solar Charge Controller market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global solar charge controller market by segmenting it in terms of type such as MPPT, PWM and simple 1 or 2 stage controls. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of solar charge controller for 2016 and estimated market size for 2017 with forecast for the next eight years. The global market size of solar charge controller has been provided in terms of volume and revenue. Market revenue is in US$ Mn. Market numbers have been estimated based on type and end use of solar charge controller. Market size and forecast for numerous end use have been provided in terms of global, regional, and country level markets.
Global Solar Charge Controller Market – Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, CSA Global, FAO, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, one SOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Solar Charge Controller Market – Competitive Analysis
The report comprises profiles of major companies operating in the global solar charge controller market. Key players operating in the global solar charge controller market include, OutBack Power Inc, Xantrex Technologies, Genasun LLC, Luminous Power Technologies Pvt. Ltd, Wenzhou Xihe Electric Co., Ltd, Phocos, Beijing Epsolar Technology Co., Ltd, Steca Elektronik GmbH, and Sollatek. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global Solar Charge Controller market has been segmented as follows:
End use Analysis