Solar Charge Controller Market Information by Type, by Application (Commercial, Industrial and Residential) and by Region | Global Solar Charge Controllers Market will grow steadily during the forecast period and post a CAGR of around 15.02% by 2023
Pune, India -- (SBWIRE) -- 08/18/2018 -- Solar Charge Controller Global Market Highlights:-
The solar charge controller is the most important component of a solar energy system. It makes it possible for all the other parts to work together and help to reduce the voltage of solar panel. Basic charge controller simply monitors the battery voltage and opens the circuit, stopping the charging, when the battery voltage rises to a certain level. Whereas, modern charge controller lowers the amount of power applied to the batteries, when it is close to get overcharged. The latest trend gaining momentum in the solar charge controllers market is increasing demand for MPPT charge controllers. The most recent and best type of solar charge controller is called Maximum Power Point Tracking (MPPT). MPPT controllers are basically able to convert excess voltage into amperage.
According to a recent study report published by the Market Research Future, The global market of Solar Charge Controllers is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a striking growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
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Solar Charge Controller Market Top Key Players:-
The report provides detailed information and strategies of the top key players in the industry. We recognize those players as Genasun (Italy), Luminous India (India), Microtek (China), Schneider Electric (France), Su-Kam Power Systems (India), and Arise India (India). Delta Electronics (India), Sungrow Power Supply Co., Ltd (China), Victron Energy (Netherlands), and Beijing Epsolar Technology Co., Ltd (China) are among others.
Solar Charge Controller Market Driving Factor:-
During the forecast period, growth witnessed in the solar home systems and industrial building segment is likely to rise. Regionally, Asia Pacific held the dominant share in the market in 2016. Rising industrialization, increasing demand for energy, and favourable initiatives by government will support growth of the solar charge controller market. Increasing use of solar energy/ dependence on non-renewable energy sources acting as major driving factor. Also favourable climate change policies and clean fuel agenda will give a positive growth in the global solar controller market.
Solar Charge Controllers Market - Segments
Global Solar Charge Controllers Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Type: MPPT (Maximum Power Point Tracking) and PWM (Pulse Width Modulation)
Segmentation by End-User: Residential and non-residential
Segmentation by Regions: Comprises regions - North America, Europe, APAC and Rest of the World.
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Market Research Future Analysis:
Market Research Future analysis show that the global market of solar charge controllers market is estimated to grow at CAGR of 15.02 % by the end of the forecast period.
Solar energy policy is developed by governments to sustain its growth including solar energy production, distribution and consumption. Solar energy policies include legislation, international treaties, and incentives to investment such as the formation incentives in the U.S. In many countries, such as India and EU countries, the policies such as feed-in-tariff (FIT), portfolio standard (RPS), tax credits, pricing laws, production incentives, quota requirements, and trading systems, have been developed and implemented to promote the use of solar energy. Many industrialized nations have integrated a considerable number of solar power installations with the electrical grids. On the other hand, developing economies are using solar energy to reduce their dependence on fossil fuel-based power generation.
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