Solar Charge Controller Market Size, Share & Industry Analysis, By Type (Pulse-Width Modulation (PWM) Charge Controller, Maximum Power Point Tracking (MPPT) Charge Controller), By Application (Residential, Commercial, Industrial, Utility), and Regional Forecast, 2019-2032

The global solar charge controller market size was valued at USD 1.12 billion in 2018 and is projected to reach USD 8.18 billion by 2032, exhibiting a CAGR of 15.30% during the forecast period of 2019-2032. By application, the utility segment contributed 52.5% market share in 2018.

The solar charge controller market is driven by the increasing adoption of renewables for energy production. The charge controller plays an important role in maintaining the safety of the battery system and, therefore, the power supply system. These are the devices that regulate voltage generated from solar panels, in accordance with the battery that is used for energy storage. They also ensure that the battery is not over-discharged, which can create further issues in operation. 

MARKET TRENDS

Solar Energy to Play a Significant Role in Achieving Green Energy Targets

Various governments have introduced encouraging short and long term renewable energy deployment targets that will propel solar power installations. Currently, a major portion of this renewable energy is being generated using solar panels. This, coupled with several attempts to store more and more energy that is generated, will make charge controllers vital equipment to have during solar installation. Following this trend, the solar charge controller market size will increase at a healthy rate.

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Increasing Use of Solar Power in Residential Applications Will Drive the Market Growth

Solar power has found a significant preference in the residential sector in recent years. The major applications in this sector include solar water heater, electricity, district heating, and others. This has led to the deployment of charge controllers at the same rate to ensure the safety of batteries and to maintain desired voltage levels. Also, the government subsidies for putting up solar panels at individual levels have helped to increase the installations of solar charge controller inverters.

MARKET DRIVERS

Growing Penetration of Renewables Will Drive Solar Charge Controller Installations

One of the major factors driving the solar charge controller market growth is the rising penetration of renewables for power generation. Solar energy is preferred the most amongst the available renewable energy sources; therefore, the market is set to grow with the increasing deployment of solar energy.

Further, increasing implications of green energy targets to reduce greenhouse gas emissions are being carried out by various governments around the world. The main motive for this is to maintain the year-on-year temperature rise in considerable limits. The European Union, on its path to achieving its 2020 target of 20% energy using renewables, has compelled countries to introduce various rollouts and planned installation of solar.

Ensuring Battery Safety and Unwanted Expenditures On Maintenance Will Cater To Market Growth

The demand for batteries has increased robustly over the past decade. This is mainly occurring to maintain power supply in case of failures. Following this, as charge controllers ensure operational safety by preventing the battery from being overcharged and discharged, their installations have grown parallelly with batteries. Charge controllers also maintain a specific level of voltage and, therefore, help in preventing system failures and reduce unwanted expenditures on maintenance.

MARKET RESTRAINT

Increased Competition from Other Alternatives Of Green Energy

The major factor that can hinder the market growth is the adoption of other green energy sources for power generation. A significant threat to the industry is the growing adoption of wind power. Various projects are being carried out for harnessing wind power and recent technological advancements are making floating wind power plants economical. This will certainly negatively impact the solar industry and, therefore, hamper market growth.     

SEGMENTATION

By Type Analysis

Maximum PowerPoint Tracking (MPPT) Charge Controller to Gain Momentum during the Forecast Period

Based on type, the market is classified into pulse-width modulation (PWM) charge controller and maximum PowerPoint tracking (MPPT) charge controller. Currently, the MPPT charge controller segment accounts for a lesser share in the market than the PWM charge controller due to the difference in the price of the two. But, the operational advantages such as better efficiency in low sunlight, long wire ruins, and low battery charge would cater to the rising share of maximum PowerPoint tracking (MPPT) charge controller during the given forecast period.

By Application Analysis

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Utility Segment to Account for Maximum Share

By Application, the market is segregated into residential, commercial, industrial, and utility. The growing population in various regions is resulting in increased urbanization and therefore raising the energy demand. Also, rural electrification is being targeted in many countries. This has led to increased solar installations at individual and mass levels. For renewable energy distribution, new grids are being set up, and batteries are mandatorily being installed for storing excess energy. Batteries form an essential part in solar energy as the harnessing of sunlight cannot be carried out for 24 hours, and during days, it is dependent on the seasons. Therefore, batteries have become essential in every sector, such as utility, residential, commercial, and industrial.  

REGIONAL ANALYSIS

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The findings based on our research methodology indicate that Asia Pacific is likely to hold the largest solar charge controller market share during the forecast period. The region has maximum solar installations and is also looking forward to a huge number of planned installations in the coming years. Lately, solar panels are increasingly installed in the residential sector in the region to satisfy the energy demand of modern houses. This certainly brings in the solar charge controllers to ensure safety in operation. China is the leading country in the region, as well as worldwide. One of the major reasons for this is the ever-increasing solar panel installations. Also, the 13^th five-year plan rolled out by the Chinese government consists of solar targets that are fueling the solar power installations at an exponential rate.

Following the Asia Pacific, Europe holds a significant share in the market owing to the EU28 green energy target. Germany, Italy, and the U.K. are the major countries in the region. North America, being technologically advanced in terms of analytical tools, commercial, and industrial technologies, will drive solar installations in the region.  The Middle East & Africa and Latin America will also witness a healthy growth in the market with the increasing share of renewable power generation in the regions.

KEY INDUSTRY PLAYERS

List of the Key Companies Profiled:

• Morningstar Corporation (USA)


• Easy Photovoltech Private Limited. (India)


• Vispra Solar – (India)


• Luminous Power Technologies (P) Ltd (India)


• Beijing Epsolar Technology Co., Ltd. (China)


• Victron Energy (Netherlands)


• Sollatek UK Limited (United Kingdom)


• OutBack Power Technologies (USA)


• Xantrex Technologies (USA)


• Genasun (Netherlands)


• Wenzhou Xihe Electric Co.,Ltd (China)


• Phocos (USA)


• Steca - A KATEK Brand (Germany)


• Arise India Ltd. (India)

KEY INDUSTRY DEVELOPMENTS:

• In June 2021, Growatt, a China-based inverter company launched a 1,100 V string inverter solution consists of about 10 independent maximum power point tracking (MPPT) inputs, with MPPT voltage varying from 180-1,000 V. The product is fabricated with power ratings between 100 to 125 kW with an efficiency of around 98.8% and is designed for installation across utility-scale and commercial solar power plants.


• In June 2021, Sineng unveiled a new large-current inverter with a voltage rating of 1,500 V and compatible with solar modules. The product is designed to provide a rated power of 320 kW and a maximum power of 352 kW. The company further confirmed that the inverter device has an MPPT range of 500-1,500 V, a maximum input current of 45 A, and boasts a maximum power efficiency of up to 99.93%.


• In April 2021, Sungrow, a Chinese power electronics firm, launched a new hybrid three-phase inverter and a high-voltage lithium iron phosphate battery energy storage system primarily for residential applications. The product has two maximum power point tracking (MPPT) inputs with the voltages varying from 150-950 V along with five variants with AC power output between 5 kW to 10 kW.

FUTURE OUTLOOK

As the power generation shifts from coal and petroleum products to renewables with an aim to curb carbon emissions, the solar charge controller market revenue will grow at a healthy rate. Solar charge controller calculators are bound to become an essential device in solar power installations acting as the safety device for the heavy batteries used for energy storage. This will help to improve system stability and reduce system failures and, therefore, power outages. 

REPORT COVERAGE

The Solar Charge Controller Market report offers qualitative and quantitative insights on the solar photovoltaic charge controller and the detailed analysis of market size & growth rate for all possible segments in the market.

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Along with this, the research report offers an in-depth analysis of the market. It further provides details on the adoption of solar charge controllers across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.

Report Scope & Segmentation