Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Charge Controllers Market Size, Share, Growth Analysis, By Type, By Application - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global charge controllers with Maximum Power Point Tracking (MPPT) market is expected to grow from USD 1.70 billion in 2022 to USD 3.27 billion by 2030, at a CAGR of 9.8% during the forecast period from 2023 to 2030.
Charge controllers with MPPT are essential components in solar power systems, managing the flow of charge to and from battery banks.
They protect batteries from overcharging or discharging, ensuring their longevity. As the world increasingly adopts renewable energy sources, the demand for solar power systems is rising, driving the need for charge controllers with MPPT technology.
Market Segmentation
The global charge controllers with MPPT market is segmented based on:
- Application: Industrial, commercial, residential.
- End Use: Solar home systems, solar street lighting, solar water pumping systems, telecom towers, and others.
- Region: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
- Commercial Segment: Accounted for 54.7% of revenue share in 2021 and is expected to experience rapid growth. This growth is driven by increasing energy requirements from data centers and communication base stations. The proliferation of solar PV modules in establishments like hospitals, hotels, and corporate offices further fuels this momentum.
- Industrial Segment: Forecasted to undergo significant expansion due to large-scale solar projects, especially in utility-scale solar arrays alongside sizable off-grid inverters. The industrial sector is driven by the demand for clean electricity and the increasing number of industrial-scale projects.
Analysis by Type
- Solar Home Systems: Expected to achieve a CAGR of approximately 10.5% from 2021. The growing demand for affordable and sustainable energy sources for rural households drives the growth of this category. MPPT charge controllers are the preferred choice in this application due to their superior performance.
- Solar Street Lighting: Expected to exhibit a CAGR of approximately 9.5% in 2021. The adoption of solar-powered street lighting systems is driven by cost-effectiveness and environmental advantages. MPPT charge controllers are preferred for their performance and efficiency.
Global Charge Controllers with MPPT Market Regional Insights
- Asia Pacific: Held a commanding 35.8% market share in 2021 and is poised for the fastest growth. China's substantial contribution to the revenue pool is a significant factor. China's investments in its solar sector have yielded cost efficiencies in solar PV manufacturing and advanced solar charge controller technology.
- North America: Expected to expand at a notable CAGR of 15.9%. The United States, with its growing solar industry and ambitious clean energy goals, will be a focal point of growth within the region.
Market Dynamics
Drivers
- Escalating Interest in Off-Grid and Hybrid Solar Systems: Rising government support for renewable energy, such as the United States' solar investment tax credit (ITC), is stimulating the demand for solar power systems and charge controllers with MPPT technology.
- Growing Popularity of Off-Grid and Hybrid Solar Systems: Off-grid and hybrid solar systems are gaining traction as reliable and cost-efficient alternatives to conventional grid-tethered setups, particularly in regions with unreliable grid connectivity.
Restraints
- Potential Challenge of Elevated Controller Costs: MPPT charge controllers are comparatively more expensive due to their advanced technology and higher efficiency, which could limit accessibility for budget-conscious customers.
Competitive Landscape
- Manufacturers are focusing on MPPT technology and expanding their product lines to cater to various applications.
- Distribution channels, including internet portals and supply agreements with third parties, are being strengthened to boost sales and revenue.
Key Market Trends
- The rising popularity of MPPT technology is attributed to its ability to continually monitor and adjust solar panels to attain the maximum power point, enhancing solar power system efficiency.
This information provides an overview of the global charge controllers with MPPT market, its growth prospects, and key trends.
Companies Mentioned
- Morningstar Corporation
- Victron Energy B.V.
- Phocos AG
- Beijing Epsolar Technology Co. Ltd.
- Renogy
- Luminous Power Technologies Pvt. Ltd.
- Genasun LLC
- Midnite Solar Inc.
- Shuori New Energy Technology
- Steca Elektronik GmbH
- Su-Kam Power Systems Ltd.
- Blue Sky Energy Inc.
- Xantrex Technology Inc.
- Samlex America Inc.
- Schneider Electric
- OutBack Power Technologies
- EPEVER Solar Technology
- Magnum Energy Inc.
- Powertech Systems
- Studer Innotec
- TriStar Power Systems
- SolarEdge Technologies Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 157 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $2.06 Billion |
| Forecasted Market Value (USD) by 2030 | $6.35 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/d1wm2i
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