Developing economies, such as India, Brazil, China and Malaysia are likely to positively impact the sales of solar charge controllers, the report says
On the back of rising demand from economies such as India, Brazil, China and the US, the solar charge controller market is estimated to reach US$ 3.4 billion by end of 2028, according to a latest report by Future Market Insights.
“The solar charge controller market was valued at US$ 1.4 billion at the end of 2017,” the report says.
In 2018, Europe and East Asia accounted for more than 49 per cent share in the global solar charge controller market. The solar charge controllers market growth is witnessing a linear trend due to the increasing demand for off-grid solar panel systems from countries such as Brazil, China, India, the US and some of the African and ASEAN nations.
Demand in developing economies
Citing the reason for such growth, the report states, “Developing economies, such as India, Brazil, China and Malaysia are likely to positively impact the sales of solar charge controllers. The incentives for solar panel systems provided by the governments, led by India, China and some of the Latin American countries, are likely to further push the deployment of solar charge controllers and solar panel systems.”
The development in solar charge controllers like auto night detection, overcharging protection, LCD display and growth in communication solutions combined with solar charge controllers, are pushing the market growth. The solar charge controllers market growth is being positively influenced by the deployment of off-grid solar panel systems.
According to the report, solar charge controllers having 30A to 50A charging capacity are anticipated to be the major sub-segment in terms of market share. This sub-segment is likely to cover about 33 per cent market share by the end of 2028.
On the basis of technology, the maximum power point tracking (MPPT)-based solar charge controllers will witness high growth rate and are expected to be a major segment in global solar charge controller market, the report says.
Pulse width modulation (PWM)-based solar charge controllers are likely to make up for an estimated value of US$ 1,980 million by the end of 2028, it adds.