Global Solar Charge Controller Market to Witness Strong Growth at 9.18%, Reaching USD 3.23 Billion by 2030, with North America Leading the Market Due to Substantial Expansion of Solar Industry, States Kings Research
The global solar charge controller market is likely to experience significant growth at 9.18% CAGR from 2023 to 2030, fueled by factors such as the widespread adoption of electronic solar power infrastructure, integration of solar PV modules across diverse industries, and technological advancements in power generation.
Dubai, UAE, Nov. 03, 2023 (GLOBE NEWSWIRE) — As per the latest report published by Kings Research, the global Solar Charge Controller Market revenue was recorded at USD 1.60 Bn in 2022 and is estimated to grow to USD 3.23 Bn by 2030, depicting a CAGR of 9.18% through the projection period of 2023-2030. The industry is experiencing rapid growth as a result of the significant increase in installations, especially in rural areas. Additionally, the widespread adoption of electronic solar power infrastructure, along with the integration of solar PV modules in various sectors such as hospitals, hotels, and commercial buildings, as well as improved energy consumption in data centers and communication base stations, are further contributing to the expansion of the market.
The solar charge controller plays a crucial role in a solar energy system by regulating the flow of electricity from the solar panels to the batteries. Its key purpose is to safeguard the batteries against overcharging and excessive discharging, thereby preserving their lifespan and efficiency. Acting as an intermediary, the charge controller ensures that the batteries receive the appropriate charging voltage and current, optimizing their performance. The role of charge controller is to observe the battery voltage and control the charging current, preventing any excess charging that may occur. This ensures that the batteries are charged efficiently and safely. Some solar charger controllers also have integrated load management capabilities, allowing them to regulate the power supplied to connected loads.
Get a Sample PDF of the Report: https://www.kingsresearch.com/request-sample/solar-charge-controller-market-336
Leading companies in the global solar charge controller industry are prioritizing product innovation as their key strategy to increase their market share. For instance, Australia Energy Research Laboratories (AERL) introduced the new CoolMax SRX-R solar charge controllers in April 2023. With built-in overload and thermal protection, internal ground fault detection, reverse polarity, amperage, protection, and remote control and monitoring, they provide a highly efficient thermal design and an excellent tracking algorithm with ultra-low loss.
Key participants in the global solar charge controller market include:
- Morningstar Corporation
- Schneider Electric
- Beijing Epsolar Technology Co., Ltd
- Sungrow Power Supply Co., Ltd.
- Luminous Power Technologies Pvt Ltd
- Delta Electronics, Inc.
- NAZ Solar Electric
- Victron Energy B.V.
Inquire Before Buying This Report: https://www.kingsresearch.com/enquiry/solar-charge-controller-market-336
Trending Now: Gautam Solar’s Module Manufacturing Innovation Receives Patent
The Controller General of Patents has granted Gautam Solar, an Indian solar module manufacturer, a patent for a tool used in the bussing process of solar panels. This design registration highlights the tool’s innovative and distinct features.
This marks a significant milestone for the Indian solar module manufacturing industry, which predominantly depends on imported chinese machines for production. Gautam Solar now stands as the sole Indian manufacturer with an indigenous production technology for solar module manufacturing. This aligns with India’s vision of becoming a powerhouse in solar module manufacturing and establishing a global presence in the solar industry.
The global Solar Charge Controller Market is segmented as:
- Pulse Width Modulation (PWM)
- Maximum Power Point Tracking (MPPT)
- Simple 1 or 2 stage Control
MPPT Solar Charge Controllers to Gain Traction Due to their Superior Performance
On the basis of type, the maximum power point tracking (MPPT) segment accounted for the largest share of the global solar charge controller market in 2022. MPPT solar charge controllers offer superior performance and efficiency compared to PWM solar charge controllers, allowing them to optimize the amount of energy generated by solar panels. This significant advantage contributes greatly to the expansion of the segment.
Ask for Customization: https://www.kingsresearch.com/customization/solar-charge-controller-market-336
By Current Capacity
- Less than 20A
- 20A to 40A
- More than 40A
Surging Need for Solar Charge Controllers with Current Capacity of 20A to 40A to Boost Market Revenue
In terms of current capacity, the 20A to 40A segment led the global solar charge controller market in 2022 and is anticipated to continue its dominance in the market over the forecast period. The requirement for solar charge controllers with current capacities ranging from 20A to 40A, particularly in off-grid cabinets, homes, caravans, telecoms, and remote solar power-producing locations, is driving the segment’s growth. Due to their ability to contribute extra power to the battery bank and deliver solar charging with up to 99 percent tracking efficiency, these solar charge controllers are becoming increasingly prevalent.
Purchase this Premium Research Report: https://www.kingsresearch.com/buy-now/336
Technological Advancements in the Power Generation Field to Drive Solar Charge Controller Market Development
Green energy sources have garnered significant interest and acceptance in the field of power generation. The progress in technology and its cost-effectiveness have made wind power an extensively utilized renewable energy source. The incorporation of these sustainable energy sources in electricity production brings forth various advantages, such as decreased emissions of greenhouse gases, diversification of energy supply, and enhanced energy stability. With ongoing advancements and decreasing expenses, the proportion of green energy in the overall electrical capacity will experience a substantial rise in the future.
The effectiveness of a solar charge controller is improved by developments in technology, which include the integration of intelligent communication features such as automatic night detection, Bluetooth, and smart sensor technology. The incorporation of both new and existing technologies is expected to enhance the market reach of these products throughout the industry.
North America to Dominate Market Due to Considerable Expansion of Regional Solar Industry
North America is dominating the global solar charge controller market due to considerable expansion of the domestic solar industry, with the United States expected to witness substantial growth in the future. Furthermore, the adoption of renewable energy target policies aimed at mitigating greenhouse gas emissions is projected to boost the demand for solar energy, thereby contributing to the growth of the regional market in the foreseeable future. The utilization of solar energy is speculated to rise with the implementation of environmentally friendly policies aimed at reducing greenhouse gas emissions, further supporting the growth of the regional market.
Browse the Complete Report Here: https://www.kingsresearch.com/solar-charge-controller-market-336
Key Points from TOC:
1 Introduction of the Global Solar Charge Controller Market
2 Executive Summary
3 Research Methodology
4 Global Solar Charge Controller Market Outlook
5 Impact of Russia-Ukraine War
6 Global Solar Charge Controller Market, By Type
7 Global Solar Charge Controller Market, By Current Capacity
8 Global Solar Charge Controller Market, By End-User
9 Global Solar Charge Controller Market, By Geography
10 North America
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Solar Charge Controller Market Competitive Landscape
Browse Complete TOC: https://www.kingsresearch.com/toc/solar-charge-controller-market-336
Kings Research stands as a renowned global market research firm. With a collaborative approach, we work closely with industry leaders, conducting thorough assessments of trends and developments. Our primary objective is to provide decision-makers with tailored research reports that align with their unique business objectives. Through our comprehensive research studies, we strive to empower leaders to make informed decisions.
Our team comprises individuals with diverse backgrounds and a wealth of knowledge in various industries. At Kings Research, we offer a comprehensive range of services aimed at assisting you in formulating efficient strategies to achieve your desired outcomes. Our objective is to significantly enhance your long-term progress through these tailored solutions.
Phone: (+1) 888 328 2189
Follow Us: LinkedIn | Facebook | Twitter
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.