World Solar Charge Controller Market – Drivers and Forecasts by Technavio – Enterprise Wire

By Linda Garcia On Dec 10, 2020

LONDON–(BUSINESS WIRE) – Technavio
Analysts forecast the global
The solar charge controller market is expected to grow with a CAGR of more
than 16% in the forecast period according to their latest report.

The research study covers the current scenario and growth prospects of
the globe
Solar Charge Controller Market for 2017-2021. The market
is geographically segmented (APAC, EMEA and America)
and end users (residential and non-residential buildings).

Countries around the world are looking for solutions to keep up with growth
Pollution and depletion of energy reserves. Based on fossil fuels
Power generation is not a sustainable option in the long run
the increasing demand for energy. Renewable energies offer a more sustainable one
Option to meet global energy needs with minimal environmental impact
Stress. Solar charge controllers offer an effective technology for
sustainable power generation from renewable energies. The global sun
The market for charge controllers will grow steadily over time
Increase in the use of renewable energies in the forecast period.

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Technavio energy
Analysts highlight the following three factors
Contribution to the growth of the global solar charge controller market:

Increase in solar systems
Reducing the LCOE of solar power generation
Supportive government policy

Increase in solar systems

The solar industry has gained momentum and grown dramatically
the years. This is due to the initiatives of
Governments around the world to promote the use of renewable resources. Lots
Industrial nations have integrated a considerable number of solar systems
Power supply systems with the power grids to increase the percentage
the solar energy in the energy mix.

Thanikachalam Chandrasekaran, a lead energy
The storage research analyst at Technavio says: “The growth
Awareness of the benefits of solar energy leads to an increase in
the number of solar projects worldwide. The demand for solar charging
Control systems will increase as solar energy increases
Consumption."

Reduction of electricity costs (LCOE) for solar energy
generation

The LCOE is the primary metric used to calculate the cost of
Electricity that is converted by an electrical device. It is defined as the network
current value of the unit cost of electricity that a device can generate
throughout its life. It is represented by the kilowatt hour
Cost of the electrical energy units that a power source can produce
during its lifetime.

“The decrease in the cost of solar power generation will be the
Attention from suppliers and consumers who want to generate electricity
from cleaner sources. This will greatly increase the number of
Solar projects worldwide that are generating enormous demand for solar charging
Controller, ”adds Thanikachalam.

Supportive government policy

The Solar Investment Tax Credit (ITC) is an important federal policy
Mechanism formulated to support the use of solar energy in the
US. The ITC is a 30% tax credit on residential and residential solar projects
Non-residential real estate. The annual solar system in the US has
has grown more than 16-fold since its introduction in 2006.

Governments in different countries are offering incentives for solar
Energy projects. This has encouraged many investors to invest in solar
PV projects are thus driving the growth of global solar charging
Controller market.

Top provider:

Genasun
Shining India
MICROTEK
Schneider Electric
Su-Kam Power Systems

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