In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
· January 14, 2021: Trina Solar Co. Ltd., launched Trina Tracker Vanguard 600+ Series which can increase the solar panel efficiency by 2%-8%.
The global solar charge controller market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing need to control the voltage and power supply from the solar panels. Solar charge controllers are primarily used in off-grid solar panels, to regulate the flow of energy into the batteries. The rising adoption of solar energy across the world, has led to the demand for a controller system to regulate the working of these panels. The growing awareness for the use of clean and renewable energy to curb the rising pollution level is a major growth driver for the market. Moreover, the increasing prominence of utility of solar energy on residential scale is expected to boost the market growth. According to the data by the International Energy Agency (IEA), solar power generation crossed 720 TWh in 2019, registering a growth of 22% from last year.
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The market is segmented by end-user into residential, commercial, and others, out of which, the residential segment is anticipated to hold the notable share in the market over the forecast period as most residential usage of solar power plants is off-grid, which requires charge controllers for proper functioning. Solar charge controllers transform and control the flow of the current generated from solar panels and pass it to the connected batteries. This prevents the batteries from over charging and discharging. This is estimated to boost the growth of the market.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global solar charge controller market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to grab major share over the forecast period on the back of increasing adoption of solar farms as a commercial activity, and technological advancement in the region. According to the data by the U.S. Energy Information Administration (EIA), there were more than 2,500 utility scale solar power plants in the U.S. in 2018. This is estimated to raise the demand for solar charge controller in the region.
The market in the Asia Pacific is estimated to record highest CAGR in the forecast period owing to the growing adoption of renewable energy sources, especially solar energy, in countries such as China, India, Japan, and Thailand. China currently is the largest producer of solar energy in APAC region. The growing adoption of solar power plants, is estimated of positive influence the solar charge controller market.
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The global solar charge controller market is further classified on the basis of region as follows:
Our in-depth analysis of the global solar charge controller market includes the following segments:
Ans: Increasing adoption of solar energy, and installment of solar panels in houses to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
Ans: The market in North America is estimated to garner the largest market share owing to the large number of successful solar farms already functioning in the region, which creates further growth opportunities.
Ans: The major players in the market are Schneider Electric SE, Victron Energy B.V., Wenzhou Xihe Electric Co., Ltd., Centralion Industrial Inc., and Morningstar Corporation.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: The residential segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.