Solar Charge Controller Market - Key Research Findings
- Global Solar Charge Controller market size in 2017 was nearly US$ 1.4 billion
- The Solar Charge Controller market will observe just-above 8% CAGR over 2018-2028
- East Asia and Europe will remain the largest regional markets for solar charge controllers
- Presence of solar panel and related storage battery manufacturers and suppliers will continue to generate substantial demand for solar charge controllers
- East Asia holds high growth potential in solar charge controller market
- Rapidly increasing installation rate of solar panels, increasing number of rooftop operations in remote areas, and growing electronic infrastructure for solar power generation will heavily contribute to the growth of solar charge controller market in Asia, particularly in fast-progressing economies, such as China and India
- MPPT will witness high growth rate and is the most preferred solar charge controller
- High efficiency and reliability will secure dominance of MPPT based solar charge controllers over PWM based solar charge controllers. However, cost factor will benefit the PWM based solar charge controllers over MPPT
Top Factors Shaping Solar Charge Controller Market
Demand for Solar Charge Controllers in Remote Operations
Increasing adoption of solar charge controllers in remote operations is prominently pushing their sales. In line with increasing demand for easy access to devices to gather information, the requirement for electrical storage battery is increasing, which is driving the solar charge controller market. This according to FMI is expected to remain the key factor driving the demand for Solar Charge Controllers at a global level.
Increasing Installation of Off-grid Solar Panel Systems to Boost Market Growth
Low availability of electricity in certain regions and frequent power breakups are driving the adoption of solar charge controllers. This trend has been gaining ground in countries in Africa, Asia and Latin America. Recently, the growth in installation of offgrid solar panel systems marks an important trend in the solar charge controller landscape. Increasing awareness along with subsidiaries for the installation of offgrid based solar panel systems will be a major booster for the global solar charge controller market.
Solar Charge Controller Market Structure Analysis
- The global solar charge controller market represents a consolidated competition landscape wherein Tier 1 companies hold more than 34% revenue share
- Tier-1 players or key players have strong sales and distributor networks to maintain their revenue growth. These companies are focussing strategically on developing economies, which is favouring their revenue growth. Though, the strategic focus on North American and Western European markets has not reduced, the report underscores that partnerships with technology providers will be an important developmental strategy for companies
- Leading players in solar charge controller market are also concentrating on the rising trend of adoption of MPPT based solar charge controllers. However, cost competitiveness will remain a strong differentiation strategy.
- Important entrants in the solar charge controller market from developing economies, such as India, Brazil, China and ASEAN countries, will determine the competitive scale in the global solar charge controller market.
- American, Chinese and Japanese manufacturers have been substantially contributing towards the revenue growth of the solar charge controller market
- The number of dealers and distributors of key solar charge controllers is increasing at a rapid pace, which is likely to have a significant impact on the competitive landscape of solar charge controller market
Market Research Methodology - Perfected through Years of Diligence
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By Current Charging Capacity
- up to 8A
- 8A to 20A
- 20A to 30A
- 30A to 60A
- 60A to 80A
- 100A to 250A
- Above 250A
By Battery Type
- Lead acid Battery
- Lithium Ion Battery
- Pulse Width Modulation (PWM)
- Maximum Power Point Tracking (MPPT)
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia