USD 1.55 billion
Report ID: SQMIG55F2040 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 77
Charge Controllers with MPPT Market size was valued at USD 1.55 billion in 2021 and is poised 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 (2023-2030).
The global charge controller with MPPT (maximum power point tracking) market is a rapidly growing market that includes a variety of devices used to regulate the amount of charge flowing to or from a battery bank in a solar power system. Charge controllers are essential components in solar power systems as they protect the batteries from overcharging or discharging, which can result in damage and reduced battery life. The purpose of the global charge controller with MPPT market is to provide reliable, efficient, and cost-effective charge controller solutions for solar power systems. As the world increasingly turns to renewable energy sources, the demand for solar power systems is increasing, and so is the demand for charge controllers with MPPT technology. The market aims to meet this demand by offering a variety of products and solutions that cater to different applications, sizes, and budgets. In March 2021, Morningstar Corporation, a US-based manufacturer of solar charge controllers, inverters, and accessories, announced the launch of its new ProStar MPPT charge controller with advanced thermal management and multiple load control options.
US Charge Controllers with MPPT Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.55 billion
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Global Charge Controllers with MPPT Market is segmented on the basis of application, end use and region. By application, the market is segmented into industrial, commercial, residential. By end use, the market is segmented into solar home systems, solar street lighting, solar water pumping systems, telecom towers, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Charge Controllers with MPPT Market Analysis by Product
The commercial segment, which had a 54.7% revenue share in 2021, is anticipated to increase at the fastest rate over the projected period. The market for charge controllers with MPPT is anticipated to increase as a result of rising energy needs from data centers and communication base stations, as well as the expanding adoption of solar PV modules in hospitals, hotels, and corporate offices. The controller controls the battery's health, ensuring optimal battery performance throughout commercial environments.
Over the course of the forecast, the industrial industry is predicted to expand significantly. Large-scale solar projects have driven the development of MPPT solar charge controllers without load output terminals. Utility-scale solar arrays incorporate the controllers with sizable off-grid inverters. Over the projected period, the segment's expansion is anticipated to be driven by an increase in the demand for clean electricity and an increase in the number of industrial-scale projects.
Charge Controllers with MPPT Market Analysis by Type
The CAGR % for this segment is expected to be around 10.5% during 2021. charge controllers used in solar power systems for households in rural areas. The increasing demand for affordable and sustainable sources of energy for households in rural areas is expected to drive the growth of this segment. The dominant segment in this application is MPPT charge controllers, which offer better performance in low light conditions and are more efficient compared to PWM charge controllers.
Solar Street Lighting includes charge controllers used in solar-powered street lights in urban and rural areas. The CAGR % for this segment is expected to be around 9.5% during 2021.The increasing adoption of solar-powered street lights for cost-saving and environmental benefits is expected to drive the growth of this segment. The dominant segment in this application is MPPT charge controllers, which offer better performance and efficiency.
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With a 35.8% market share in 2021, the Asia Pacific region is predicted to develop at the quickest rate during the forecast period, with China accounting for the majority of revenue share. Over the projected period, the expanding number of business offices and the widening energy demand-supply gap in developing nations are both anticipated to drive regional market expansion. Lowered solar PV manufacturing costs and enhanced R&D for developing solar charge controller technology were the results of significant investments in the Chinese solar industry.
Over the course of the forecast, North America is expected to grow at a CAGR of 15.9%. In the coming years, the U.S. is expected to experience significant growth within the region as a result of its booming solar industry. Rising clean energy goal policy implementation is anticipated to increase demand for solar energy, directly supporting regional market growth during the forecast period. Clean energy target policies are intended to reduce greenhouse gas emissions.
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Charge Controllers with MPPT Market Drivers
Growing Demand for Off-Grid and Hybrid Solar Systems will Generate Lucrative Growth Opportunities
Charge Controllers with MPPT Market Restraints
High Cost of Controllers might Pose as a Threat
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Due to its many advantages, industry players are concentrating on MPPT technology while also broadening their product line. Manufacturers are developing a variety of MPPT controllers for high-power applications, rural electrification, low-power industrial applications, and mobile device charging. To boost sales and revenue for the company, distribution channels such as various internet portals, supply agreements with third parties, and direct supply to end customers are strengthened.
Charge Controllers with MPPT Market Top Player’s Company Profiles
Charge Controllers with MPPT Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global charge controller with MPPT (Maximum Power Point Tracking) market is experiencing significant growth due to the increasing demand for renewable energy sources, government support and subsidies, and growing demand for off-grid and hybrid solar systems. Charge controllers with MPPT are essential components of solar power systems as they optimize the performance of solar panels by tracking the maximum power point, leading to higher efficiency. There are some restraints in the market, such as the high cost of charge controllers with MPPT, which may hinder market growth. Additionally, the lack of awareness about the benefits of charge controllers with MPPT in some regions may also restrict market growth. The global charge controller with MPPT market is expected to continue growing in the coming years due to the increasing demand for renewable energy sources and the adoption of advanced technologies, such as IoT and MPPT, in the solar power industry.
|Market size value in 2021
|USD 1.55 billion
|Market size value in 2030
|USD 3.27 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Charge Controllers with MPPT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Charge Controllers with MPPT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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