Market Research Future (MRFR) has published a research report about the global solar charge controllers market that has gauged growth for this market at 15.02% CAGR (Compound Annual Growth Rate) during the forecast period that would end in 2023.
The solar charge controller is the most important component of a solar energy system. It makes it possible for all the other parts to work together and help to reduce the voltage of solar panel. Basic charge controller simply monitors the battery voltage and opens the circuit, stopping the charging, when the battery voltage rises to a certain level. Whereas, modern charge controller lowers the amount of power applied to the batteries, when it is close to get overcharged.
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The most crucial factor guiding the global solar charge controllers market growth is a series of global safety regulations regarding the use of solar panels and batteries that prevent batteries from overcharging. Another factor that maintains the market growth is the longer life for battery in the storage system. Usually, the solar charge controllers are designed as circuit integrated within a battery pack, but sometimes, they are complete standalone systems.
The prominent players in the solar charge controllers are Genasun (Italy), Luminous India (India), Microtek (China), Schneider Electric (France), Su-Kam Power Systems (India), Arise India (India), Delta Electronics (India), Sungrow Power Supply Co., Ltd (China), Victron Energy (Netherlands) and Beijing Epsolar Technology Co., Ltd (China).
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The global solar charge controllers market can be segmented into application, type, and lastly region.
By type, the market can be segmented into maximum power point tracking (MPPT), pulse width modulation (PWM), and Simple 1 or 2 stage controls. MPPT is defined as an algorithm that includes in charge controllers that are used for extracting maximum available power from photovoltaic (PV) module under certain conditions. The voltage at which the PV module can produce maximum power is called peak power voltage or maximum power point. Pulse width modulation (PWM) is a powerful technique useful for controlling analog circuits with a microprocessor's digital outputs. Simple 1 or 2 stage controls maintain voltage in one or two steps.
The application-based segmentation segments this market into commercial, industrial, and residential. Commercial areas are where retail stores and business offices are located. Industrial areas are where factories and manufacturing units are located. Residential areas are where houses and residential buildings are located.
The regional segmentation of the global solar charge controllers market can segment the market into the regional markets namely North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
Among all regional market, the highest market share is held by the Asia Pacific region due to increasing solar power installations for off-grid and remote electrification purposes. In countries like China and India, many government policies, as well as incentive structures, are contributing to the fast adoption of solar power, resulting in market growth.
North America is the second most important regional market due to continuous investment in building large-scale solar based utility plants. The maximum investment, as well as revenue, comes from the USA and Canada.
In the MEA region, the market is minimal due to emerging countries, lack of skilled labor, lack of education, lack of awareness, and lack of technological advancement.
Europe is another important regional market in this region due to the presence of many key market players. The paramount country-specific markets in this region are Germany, France, Spain, and the UK, followed by the remaining countries of Europe.
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