The global Solar Charge Controller Market is set to gain impetus from their ability to regulate the voltage generated from solar panels. In addition to that, they can ensure that the battery is not over-charged. Fortune Business Insights™ published this information in a recent report, titled, “Solar Charge Controller Market Size, Share and Global Trend By Type (Pulse-Width Modulation (PWM) Charge Controller, Maximum Power Point Tracking (MPPT) Charge Controller), By Application (Residential, Commercial, Industrial, Utility), and Geography Forecast till 2026.” As per the report, the solar charge controller market size stood at USD 1.12 billion in 2018 is projected to reach USD 3.59 billion by 2026, exhibiting a CAGR of 15.8% during the forecast period from 2019 – 2026.
Drivers & Restraints-
Need to Reduce Greenhouse Gas Emission Will Boost Growth
Increasing implementation of green energy targets by the governments of various countries is set to accelerate the solar charge controller market growth. It is mainly occurring because of the urgent need to lower greenhouse gas emissions in the environment. It would also control the rising temperature that is occurring year after year. However, the utilization of other green energy sources, other than solar energy, may hamper the market growth.
Residential Segment to Grow Steadily Backed by Rapid Urbanization
In terms of application, the market is fragmented into utility, commercial, industrial, and residential. Amongst these, the utility segment held a 52.5% solar charge controller market share in 2018. The residential segment would also grow steadily as the population is increasing day by day worldwide. It is further resulting in rapid urbanization and hence, spurring the demand for energy. Various countries are also conducting rural electrification. Upgraded grids are being set up for the distribution of renewable energy. Additionally, batteries are being installed to store excess energy.
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