The global charge controller system market is expected to hold a market value worth US$ 3,241.5 Million and US$ 5,568.8 Million in 2022 and 2032, respectively. During the forecast period from 2022-2032, the market is expected to display a CAGR of 5.6%, and registered a CAGR worth 5.3% from 2016-21. Growth of the market can be attributed to the increasing demand for power systems across the globe.
Implementation of favourable government policies concerning the fuel agenda, as well as increased deployment of off-grid solar energy across various end-use industries, are expected to broaden market growth during the forecast period.
The growing number of new market launches is expected to benefit the market during the forecast period. V-Guard Industries introduced the Solsmart line of On-Grid solar power inverters in June 2022. As a result of such factors, the market is expected to grow significantly in the near future.
Increasing residential solar power application, as well as rising renewables penetration for power generation, are expected to drive the market during the forecast period. The Indian Department of Natural Resources and Environmental Control (DNERC) announced the launch of a new residential solar pilot programme aimed at low-to-moderate income homeowners in June 2022.
Another important factor driving market growth is favourable government subsidies for the installation of solar panels. For example, the Ministry of New and Renewable Energy in India pays approximately 40% of the benchmarked installation cost as a subsidy for installing rooftop solar at home.
Other factors supporting the market growth include growing implications of green energy targets to lessen greenhouse gas emissions, increasing demand for energy supply in urban, and rapid urbanization, among others, are expected to benefit the market growth in the forecast period.
As per the analysis, the global charge controller system market is expected to be dominated by North America during the forecast period. As of 2022, the market in North America is expected to secure 14% of the global charge controller system market. The U.S is expected to make the maximum contribution to developing the market during the forecast period.
The growth of the market can be attributed to the implementation of favorable policies by the government. For instance, The Energy Policy Act addresses energy production in the United States, including renewable energy, oil, and gas, tribal energy, and others.
Key Players:
- Morningstar
- Blue Sky Energy
- Steca Elektronik
- OutBack Power
- Phocos
- Beijing Epsolar
- Centosolar
- Genasun
- Shuori New energy
- Leonics
- Solex
- Intepower
- Sunway Power
