LONDON–() –Technavio
Analysts forecast the global market for solar charge controllers to grow at a CAGR of more than 16% over the forecast period according to their latest report.

The research study covers the current scenario and the growth prospects of the global market for solar charge controllers for 2017-2021. The market is segmented by geography (APAC, EMEA, and America) and end-users (residential and non-residential).

Countries around the world are looking for solutions to cope with increasing environmental pollution and depletion of energy reserves. In the long term, generating energy from fossil fuels is not a sustainable option to meet the increasing energy demand. Renewable energies offer a more sustainable option to meet global energy needs with minimal environmental impact. Solar charge controllers offer an effective technology for sustainable electricity generation from renewable energies. The global market for solar charge controllers will grow steadily with the gradual increase in the use of renewable energies in the forecast period.

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Analysts highlight the following three factors contributing to the growth of the global solar charge controller market:

  • Increase in solar systems

  • Reducing the LCOE of solar power generation

  • Supportive government policy

Increase in solar systems

The solar industry has gained momentum over the years and has grown dramatically. This is due to the initiatives that governments around the world have taken to promote the use of renewable resources. Many industrialized nations have integrated a considerable number of solar power systems into their power grids in order to increase the share of solar energy in the energy mix.

Thanikachalam Chandrasekaran, a guided tour Energy storage The Research Analyst at Technavio says: “The growing awareness of the benefits of solar energy is leading to an increase in the number of solar projects worldwide. The demand for solar charge control systems will increase as solar energy consumption increases. ”

Reduction of the electricity costs (LCOE) for solar power generation

The LCOE is the primary metric used to calculate the cost of electricity converted by an electrical device. It is defined as the net electricity value of the unit cost of electricity that a device can generate over its entire lifetime. This is represented by the kilowatt-hour cost of the units of electrical energy that a power source can produce over its lifetime.

“The decline in the cost of solar power generation will attract the attention of utilities and consumers looking to generate electricity from cleaner sources. This will significantly increase the number of solar projects worldwide and create a huge demand for solar charge controllers, ”Thanikachalam adds.

Supportive government policy

The Solar Investment Tax Credit (ITC) is a major federal political mechanism developed to support the use of solar energy in the United States. The ITC is a 30% tax credit on solar projects for residential and non-residential real estate. The annual solar system in the US has grown more than 16-fold since it was launched in 2006.

Governments in different countries offer incentives for solar energy projects. This has encouraged many investors to invest in solar PV projects, which is driving the growth of the global solar charge controller market.

Top provider:

  • Genasun

  • Shining India

  • MICROTEK

  • Schneider Electric

  • Su-Kam Power Systems

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