What is the key driver of Global Medical Drone Market?

Government policies supporting the adoption of renewable energy sources, such as solar power, have created a favorable environment for the growth of the charge controllers with MPPT market. For example, the solar investment tax credit (ITC) in the United States offers a tax credit to homeowners and businesses that install solar energy systems, driving the demand for charge controllers with MPPT technology.

What is the key market trend for Global Charge Controllers with MPPT Market?

The key market trend for the Global Charge Controllers with MPPT Market is the increasing popularity of MPPT technology, which optimizes the performance of solar panels by constantly tracking the maximum power point, thereby significantly increasing the efficiency of solar power systems.

Which region accounted for the largest share in Global Charge Controllers with MPPT Market?

In 2021, the Asia Pacific region accounted for the largest share in the Global Charge Controllers with MPPT Market, with a market share of 35.8%. China accounted for the majority of revenue share in the region, driven by expanding business offices and a widening energy demand-supply gap in developing nations.

Global Charge Controllers with MPPT Market Size, Share, Growth Analysis, By Application(Industrial, Commercial), By End Use(Solar Home Systems, Solar Street Lighting) - Industry Forecast 2024-2031

Q: What is the global market size of Charge Controllers with MPPT Market?

The 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).

Q: Who are the key vendors in the Global Charge Controllers with MPPT Market?

Key vendors in the Global Charge Controllers with MPPT Market include Morningstar Corporation (USA), Victron Energy B.V. (Netherlands), Phocos AG (Germany), Beijing Epsolar Technology Co. Ltd. (China), Renogy (USA), Luminous Power Technologies Pvt. Ltd. (India), Genasun LLC (USA), Midnite Solar Inc. (USA), Shuori New Energy Technology (China), Steca Elektronik GmbH (Germany), Su-Kam Power Systems Ltd. (India), Blue Sky Energy Inc. (USA), Xantrex Technology Inc. (Canada), Samlex America Inc. (USA), Schneider Electric (France), OutBack Power Technologies (USA), EPEVER Solar Technology (China), Magnum Energy Inc. (USA), Powertech Systems (France), Studer Innotec (Switzerland), TriStar Power Systems (USA), and SolarEdge Technologies Inc. (Israel).

Report ID: SQMIG55F2040 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 77

Global Charge Controllers with MPPT Market Insights

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 Charge Controllers with MPPT Market Report Snapshots

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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. 'Morningstar Corporation (USA)', 'Victron Energy B.V. (Netherlands)', 'Phocos AG (Germany)', 'Beijing Epsolar Technology Co. Ltd. (China)', 'Renogy (USA)', 'Luminous Power Technologies Pvt. Ltd. (India)', 'Genasun LLC (USA)', 'Midnite Solar Inc. (USA)', 'Shuori New Energy Technology (China)', 'Steca Elektronik GmbH (Germany)', 'Su-Kam Power Systems Ltd. (India)', 'Blue Sky Energy Inc. (USA)', 'Xantrex Technology Inc. (Canada)', 'Samlex America Inc. (USA)', 'Schneider Electric (France)', 'OutBack Power Technologies (USA)', 'EPEVER Solar Technology (China)', 'Magnum Energy Inc. (USA)', 'Powertech Systems (France)', 'Studer Innotec (Switzerland)', 'TriStar Power Systems (USA)', 'SolarEdge Technologies Inc. (Israel)'

Governments around the world have implemented policies to support the adoption of renewable energy sources, including solar power, and these policies have created a favorable environment for the growth of the charge controller with the MPPT market. Government support for the solar industry is the solar investment tax credit (ITC) in the United States. The ITC offers a tax credit to homeowners and businesses that install solar energy systems, including those that use charge controllers with MPPT technology. This has helped to drive the demand for solar power systems and, in turn, for charge controllers with MPPT technology.

MPPT technology is becoming more popular in the market due to its ability to optimize the performance of solar panels by constantly tracking the maximum power point. As a result, the efficiency of solar power systems can be significantly increased, which is driving the demand for charge controllers with MPPT.

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.

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Global Charge Controllers with MPPT Market Size, Share, Growth Analysis, By Application(Industrial, Commercial), By End Use(Solar Home Systems, Solar Street Lighting) - Industry Forecast 2024-2031

Global Charge Controllers with MPPT Market Insights

Global Charge Controllers with MPPT Market Report Snapshots

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