Albany, NY -- (SBWIRE) -- 03/16/2018 -- The solar charge controllers market is anticipated to expand at a healthy pace owing to the increase in usage of solar energy to reduce the dependence on non-conservative energy sources. Climate change policies and clean fuel agenda are also anticipated to offer lucrative opportunities to the solar controllers market. Rise in investment in renewable storage solutions is estimated to create new opportunities in the market. Implementation of effective policies and regulatory frameworks and active participation and high awareness among customers are projected to drive the solar controllers market. High cost of solar energy compared to conventional sources is the major restraint of the solar charge controllers market.
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Solar home systems and industrial buildings segment is expected to witness significant growth rate during the forecast period due to the increasing awareness, cost efficiency and preferences towards the use of solar energy. Solar charge controller market is expected to witness robust growth on account of growing demand in residential and utility application sector. Government initiatives and funding has provided strong boost to solar charge controller market. Stringent environmental regulation and technological advancement are key factors expected to drive the number of installations over the forecast period.
The global solar charge controller market can be classified according to the type such as simple 1 or 2 stage controllers, Pulse Width Modulated (PWM) charge controller, and Maximum Power Point Tracking (MPPT) charge controllers. The simple 1 or 2 stage charge controllers cut power when the battery reaches a set voltage, and turn it on when a low voltage set point is reached. During charging, the PWM charge controller allows as much current as the solar panel/array can generate in order to reach the target voltage for the charge stage the controller is in. MPPT charge controllers optimize the voltage of the solar array to maximize total power output and convert that to the correct voltage to charge the battery. Owing to its efficient properties and functions, MPPT accounts for largest market in 2016 and is also projected to grow at a highest rate during the forecast period.
Global Solar Charge Controller Market – Regional Analysis
Asia Pacific held the largest share of the global Solar Charge Controller market in 2016 in terms of consumption. Growth of the region is primarily ascribed to the increase in the demand from industrial and residential segments in the region. North America and Europe also contributed to the growth of the global Solar Charge Controller market in terms of production of Solar Charge Controller in 2016 and is expected to further grow during the forecast period. Asia Pacific is expected to be the fastest growing due increasing population, positive economic outlook, expanding middle class population, government initiatives supporting investment in solar energy projects. The global market share of North America, Europe and Asia Pacific is expected to increase at a high CAGR during the forecast period, while the global market share of Latin America and Middle East and Africa is expected to increase at a slow pace during the forecast period.
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Global Solar Charge Controller Market – Competitive Analysis
The report comprises profiles of major companies operating in the global solar charge controller market. Key players operating in the global solar charge controller market include, OutBack Power Inc, Xantrex Technologies, Genasun LLC, Luminous Power Technologies Pvt. Ltd, Wenzhou Xihe Electric Co., Ltd, Phocos, Beijing Epsolar Technology Co., Ltd, Steca Elektronik GmbH, and Sollatek. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
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