Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the rising applications in residential solar systems and industrial flourishment are believed to bring a positive impact on the expansion of the solar charge controllers market 2020 at a global level. The solar charge controllers market is estimated to expand at a CAGR of 15.02% during the forecast period, by 2023.
Since the South-East Asian nations and several other regions across the world are establishing solar power due to the rising awareness concerning climate change, solar charge controllers are estimated to show a rise in the expansion of the market. The utility-scale and large solar power establishments are anticipated to be one of the most important factors of expansion for MPPT type solar charge controllers. On the residential and smaller commercial solar panel operations, the pulse width modulation technology is believed to expand the market.
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Key Players
The major competitors in the industry are Luminous India (India), Genasun (Italy), Microtek (China), Su-Kam Power Systems (India), Schneider Electric (France), Arise India (India). Delta Electronics (India), Victron Energy (Netherlands), Sungrow Power Supply Co., Ltd (China), Beijing Epsolar Technology Co., Ltd (China) are some other eminent players of the market.
Regional Segmentation
On the basis of geography, the global solar charger controllers market has been segregated into Europe, North America, Asia Pacific and the Rest of the world (RoW) This market is estimated to experience expanding growth in the review period. Among the regions analyzed, the APAC region is likely to procure the maximum global solar charger market share since the region is experiencing a rising solar power establishment for off-grid and remote electrification objectives. Particularly in nations like India and China government policies and incentive formats are participating in the quick adoption of solar power, which in turn affects the market for solar charge controllers. Additionally, the North American market in the coming potential marker for solar charge controllers as the market is constantly spending in constructing large-scale solar-based utility plants.
Market Segmentation
The solar charge controller industry can be classified on the basis of the technology they function. In general, there are three types of charge controller technologies operating for solar systems. The first one is the simple 1 or 2 stage controls that are dependent on shunt transistors and relays in keeping the voltage under control. The stage controllers mostly function in one or two steps by efficiently disengaging the solar panel when it attains a particular critical voltage. These systems are commonly trustworthy since they have only a few parts.
The second kind of solar charge controllers is the pulse-width modulation (PWM) controllers, which are characteristically minute. The PWM technology functions on the grounds of giving out smaller controlling pulses to the battery however they are deprived of swiftness in operations. For example, they do not have the capability to enhance the functions of several solar panels present in a single array. This technology is adopted at a higher rate in regions where the solar radiation is intense and continuous with non-stop radiation existence.
On the basis of application, the segments of the solar charge controllers market are residential, commercial, and industrial. The solar charge controller has an important application in industrial establishments, residential solar systems, where solar panels are utilized to power operations and in utility-scale solar projects. The expenditure of producing energy from solar is decreasing at a fast pace across the world since the solar-generated power is attaining the grid parity with conventional fuel mediums.
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