Solar Charge Controller Market size was over USD 2.47 billion in 2023 and is poised to exceed USD 15.72 billion by 2036, witnessing over 15.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar charge controller is estimated at USD 2.77 billion. The growth of the market can be attributed to the increasing need to control the voltage and power supply from the solar panels. Solar charge controllers are primarily used in off-grid solar panels, to regulate the flow of energy into the batteries. The rising adoption of solar energy across the world, has led to the demand for a controller system to regulate the working of these panels. The growing awareness for the use of clean and renewable energy to curb the rising pollution level is a major growth driver for the solar charge controller market. Moreover, the increasing prominence of utility of solar energy on residential scale is expected to boost the market growth. According to the data by the International Energy Agency (IEA), solar power generation crossed 720 TWh in 2019, registering a growth of 22% from last year.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
15.3% |
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Base Year Market Size (2023) |
USD 2.47 billion |
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Forecast Year Market Size (2036) |
USD 15.72 billion |
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Regional Scope |
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The solar charge controller market is segmented by end-user into residential, commercial, and others, out of which, the residential segment is anticipated to hold the notable share in the market over the forecast period as most residential usage of solar power plants is off-grid, which requires charge controllers for proper functioning. Solar charge controllers transform and control the flow of the current generated from solar panels and pass it to the connected batteries. This prevents the batteries from over charging and discharging. This is estimated to boost the growth of the market.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By End-User |
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On the basis of geographical analysis, the solar charge controller market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is set to hold largest revenue share by 2036, on the back of increasing adoption of solar farms as a commercial activity, and technological advancement in the region.
The market in the Asia Pacific is estimated to record highest CAGR in the forecast period owing to the growing adoption of renewable energy sources, especially solar energy, in countries such as China, India, Japan, and Thailand. China currently is the largest producer of solar energy in APAC region. The growing adoption of solar power plants, is estimated of positive influence the solar charge controller market.
· January 14, 2021: Trina Solar Co. Ltd., launched Trina Tracker Vanguard 600+ Series which can increase the solar panel efficiency by 2%-8%.
Author Credits: Dhruv Bhatia
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