Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global solar charge controller market is likely to gain momentum by exhibiting an impressive CAGR of 15.8% during the forecast period. Fortune Business Insights publishing this information in its report, titled “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, 2019-2026.”, states that increasing adoption of solar energy across the globe will surge the market to reach USD 3.59 billion by 2026, that was USD 1.2 billion in 2018.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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List of the Companies Operating in the Market:
- 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)
A solar charge controller plays an important role in a battery-based solar mechanism. The main role of the controller is to manage the charging of the battery, avoid overcharging, and further control the rate of the current along with the voltage at which it is charging. Furthermore, a battery is rated as per its voltage capacity, while exceeding that capacity may lead to permanent damage of the battery and lose its functionality. However, a solar charge controller prevents such situation and maintain the well-being of the battery while improving its functioning capacity. Moreover, solar charge controllers are mostly available in volts ranging from 12, 24, and 48 V.
What does the Report Offer?
The market report offers qualitative and quantitative assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, it contains an exhaustive study of the landscape comprising of key players, strategies used by them, and recent product launches for the market growth between 2019 and 2026.
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Drivers and Restraints:
Product Innovations to Drive the Market
In March 2020, Xantrex that has successfully launched solar panels in 2019 announced its introduction of two new solar charge controllers, which are specially designed to work with Lithium Iron Phosphate. According to the company, the new 30A MPPT charge controllers are capable of allowing the solar to charge and maintain the batteries efficiently. Increasing adoption of technology is anticipated to drive the growth of the market during the forecast period. Furthermore, in April 2020, Carrier Transicold, a leading transport refrigeration manufacturer, introduced new innovative solar charging system that deliver faster power to its TRU batteries. Moreover, the new solar charging system is capable to deliver 2A power delivery by using ultra-pure silicon cells combined with high-efficient charge controller.
Regional Analysis:
Increasing Demand for Solar Installation in Asia-Pacific to Augur Growth
Among the regions, Asia-Pacific is anticipated to remain at the forefront during the forecast period. Factors such as large-scale solar installations and future planning to install more solar grids in Asia-Pacific will contribute to the growth of the market in this region. Furthermore, increasing demand from residential sector for solar installation in Asia-Pacific will bode well for the growth of the market during the forecast period. Tremendous potential in countries such as China will boost the demand in Asia-Pacific exponentially during the projected horizon. On the other hand, Europe is likely to be the second-most leading region during the projected horizon. This is ascribable to factors such as Europe’s EU28 green energy target. Furthermore, technological advancement and promotion of green solutions in countries such as Germany, the U.K., and Italy in Europe will contribute to the growth of the market during the forecast period. Overall, the Middle East and Africa region will gain huge momentum for the market owing to growing impetus for renewable power generation.
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Competitive Landscape:
Hyundai Introducing New Solar Charging System to Bolster Demand
Hyundai Motors, a leading car manufacturer, in August 2019, announced its launch of a new solar roof charging system. The new technology will propel the vehicles to secure high electrical power in addition to improved fuel efficiency and long driving range. Moreover, the system consists of a solar panel and a charge controller that is capable of charging 30% to 60% of the battery per day, while increasing annual travel distance by remarkable 1300 kilometers. Expansion of product offering and supportive government initiatives is driving the growth of the market during the projected horizon. The companies operating in the market are string to gain maximum solar charge controller market revenue and contributing to the growth of the market between 2019 and 2026.
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Part II: Smart Grid Market
The increasing emphasis on smart grid technology to reduce capital and operational cost is likely to spur lucrative business opportunities for the smart grid market in the forthcoming years, mentioned in a report, titled “Smart Grid Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Solution (Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, Others), By End-User (Residential, Commercial, Industrial, Utility) Others and Regional Forecast, 2019-2026” the increasing inclination towers clean energy sources to curb emissions is expected to boost the smart grid market revenue in the foreseeable future.
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Please visit: https://www.fortunebusinessinsights.com/smart-grid-market-102157
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Competitive Landscape:
Announcement of Distribution Management Solution by GE Power to Aid Expansion
GE Power, an American energy technology company, owned by General Electric announced it its grid solutions business developed a new Advanced Distribution Management Solution (ADMS) in collaboration with Tata Power Delhi Distribution (Tata Power - DDL) with advanced features, such as analysis, monitoring, security, and planning. The launch of the innovation management solution by GE Power is expected to accelerate the smart grid market trends during the forecast period owing to its efficiency and distribution capabilities for the supply and transmission of electricity. Moreover, in August 2019, Energy Efficiency Services Limited (EESL), a joint venture of PSU, signed an agreement to successfully install 10 lakh smart meters across India, under the Government of India’s Smart Meter National Programme (SMNP). In addition, the upgradation of aging grid infrastructure is predicted to bolster healthy growth of the market. However, the high initial costs for deployment of smart grid technology is one of the crucial factors predicted to restrain the smart grid market growth.
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Regional Analysis:
Increasing Technological Advancement to Propel Market in North America
Geographically, the smart grid market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America is expected to hold the lion’s share in the market owing to rising technological advancements. The implementation of AMI, smart grid distribution management, distributed management system, and distributed automation is likely to enable speedy growth in the region. The increasing government initiatives to deploy smart grid at a large scale in the industrial, commercial, and residential sectors is predicted to stimulate growth in North America. The Asia Pacific is likely to witness high demand in the forthcoming years due to owing to the wide adoption of smart grid technology and a robust progression in renewable energy sources. The integration of renewable energy for the development of smart grid projects is likely to foster growth in Asia Pacific. The Middle East & Africa is expected to exhibit a steady growth rate owing to rising investments in smart grid technology and modernization of existing grids.
The Report Lists the Prominent Companies in the Smart Grid Market:
- ABB
- Cisco
- GE
- Honeywell
- Schneider Electric
- Siemens
- IBM
- Oracle
- Wipro Limited
- Landis+Gyr
- Tech Mahindra
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