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

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).

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.