Solar Charge Controller Market size is anticipated to gain remarkable traction over 2021-2027, owing to the increasing focus on strategies to mitigate climate change. The rapid generation of solar energy from ground-mounted, rooftop, and building integrated photovoltaic (PV) systems worldwide will further fuel the product demand.
A strong focus on curbing the GHG emission level due to the excessive emission of CO? from power generation through fossil fuel combustion will add impetus to the renewable industry share and in turn, drive the demand for different types of solar charge controllers in years to come.
A solar charge controller is a voltage and current regulator to avoid the instances of overcharging and damage of the solar batteries. Increasing product popularity can be attributed to its capability to regulate the voltage and current that moves from solar panels to the battery.
Significant decline in solar power costs and the robust focus on scaling off-grid solar systems are the prominent trends stimulating the overall solar charge controller market outlook. Over the past 2 decades, solar power costs reduced by 90% and are further anticipated to go down by another 15%-25% in the coming years. The European Investment Bank and International Solar Alliance conducted a study in May 2021, with an aim to identify various opportunities for the deployment of off-grid solar energy systems and unlock energy access across Africa.
In terms of segmentation by type, the PWM (pulse width modulation) segment is poised to grow at a rapid rate through 2027 driven by its low power consumption, high power handling capacity, and efficiency of nearly 90%. The segmental expansion can also be attributed to the non-requirement of synchronization between the receivers and transmitters unlike in the PPM (pulse position modulation), along with its low manufacturing costs. However, the complexity of this type of solar charge controller circuit and voltage spikes may create roadblocks to the growth of the segment to a certain extent.
From a regional perspective, the Asia Pacific solar charge controller market is set to register a considerable revenue by 2027, on account of the robust focus on expanding the installed renewable energy capacity and high investments in the clean energy sectors over the past few years in the region. The largest private equity firms in the world such as CPPIB (Canada Pension Plan Investment Board) and KKR are the major foreign investors in the renewable energy sector in India, including CPPIB’s acquisition of an equity stake of 80% in SB Energy India in December 2020.
Key players operating in the solar charge controller market include Magnum Energy, Morningstar Corporation, Blue Sky Energy, MidNite Solar, OutBack Power (EnerSys), and Schneider Electric, among others.
Strategic product launches and M&A are among the efforts being employed by these market players to sustain a strong position across the global market.
For instance, Schneider Electric Solar launched its MPPT 100 600 Solar Charge Controller in October 2020, designed with an objective to cater to the energy and aid off-grid living needs of the homeowners.
Meanwhile, in August 2020, India-based ZunRoof revealed its entry into the solar product industry via the launch of solar charge controllers, batteries, customizable off-grid solar combos, and other solar products.
The rapid spread of the coronavirus has prompted the implementation of strict measures by governments across the globe in efforts to reduce the infected cases and limit the transmission rate. The COVID-19 measures have, however, adversely impacted the world economies due to the temporary closure of businesses and scarce supplies. These aforementioned factors may create challenges to the growth of the solar charge controller industry in years ahead.
However, the lockdown restrictions have resulted in an 8% reduction in energy-related emissions as well as a 6% decline in energy demand, thus pushing the share of renewable energy in power generation. For example, the consumption of clean energy increased by 40% and 45% in the U.S. and India respectively during the first 10 weeks of lockdown. This considerable increase in the renewable energy share despite the pandemic is indicative of the potential growth opportunities for solar the charge controller market over the coming years.