USD 1.55 billion
Charge Controllers with MPPT Market Size, Share, Growth Analysis, By Application(Industrial, Commercial, Residential), By End Use(Solar Home Systems, Solar Street Lighting, Solar Water Pumping Systems, Telecom Towers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2040 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
77
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
9.8% CAGR
Global Charge Controllers with MPPT Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Charge Controllers with MPPT Market Segmental Analysis
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.
Global Charge Controllers with MPPT Market Size By Application 2022(%)
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Charge Controllers with MPPT Market Regional Insights
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.
Global Charge Controllers with MPPT Market Size By Geography, 2022-2030
- Largest
- Fastest
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Charge Controllers with MPPT Market Dynamics
Charge Controllers with MPPT Market Drivers
Growing Demand for Off-Grid and Hybrid Solar Systems will Generate Lucrative Growth Opportunities
- 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.
- Off-grid and hybrid solar systems are becoming increasingly popular as they offer a reliable and cost-effective alternative to traditional grid-connected systems, especially in remote areas where grid connectivity is not available or reliable. Off-grid solar systems rely on battery storage to provide electricity during periods of low solar irradiance, such as at night or during cloudy weather. Charge controllers with MPPT technology play a critical role in optimizing the charging and discharging of batteries in off-grid systems, ensuring that the batteries are charged efficiently and safely.
Charge Controllers with MPPT Market Restraints
High Cost of Controllers might Pose as a Threat
- The MPPT market is the high cost of these controllers compared to conventional charge controllers. Charge controllers with MPPT technology are more expensive due to the added complexity of the technology and the higher efficiency they offer. This can make them less accessible to customers who are looking for a cost-effective solution.
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Charge Controllers with MPPT Market Competitive Landscape
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
- 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)
Charge Controllers with MPPT Market Recent Developments
- In January 2022, Renogy, a leading solar panel and charge controller manufacturer, launched its new Rover Elite MPPT charge controller series with Bluetooth connectivity and a larger screen display.
- In September 2021, EPEVER, a Chinese company specializing in the development and manufacture of solar charge controllers, launched its new MPPT Solar Charge Controller Tracer Dream Series with integrated WiFi and an LCD screen.
Charge Controllers with MPPT Key Market Trends
- 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.
Charge Controllers with MPPT Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.55 billion |
| Market size value in 2031 | USD 3.27 billion |
| Growth Rate | 9.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Charge Controllers with MPPT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Charge Controllers with MPPT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Charge Controllers with MPPT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Charge Controllers with MPPT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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