Published on : Jun 21, 2017
Albany, New York, June 21, 2017: The report has attributed the growth of this market to the growing solar energy installations. The report also takes into account the rules and regulations laid by various government and environmental bodies, which have a positive impact on the growth of this market. For instance, the initiatives taken by governments to motivate the use of renewable sources such as solar power so as to reduce the dependency on fossil fuels have fueled the demand for solar charge controllers. Both developed and developing nations are increasing the ir solar energy concentration in their energy mix to prevent the exhaustion of non-renewal supplies of fuel. Additionally, the growing awareness about the advantages of using solar energy will also help push the demand for solar charge controllers.
As per the report, the global solar charge controllers market will witness a remarkable growth and expand at a 16% CAGR from 2017 to 2021. The growing deployment of microgrids is an ongoing trend which is fueling the growth of the solar charge controllers market. Another factor contributing to the growth of this market is the increasing population worldwide and rapid urbanization, which in turn has resulted in power outages, causing great loss to many industries and factories. Thus, there is a high demand for off grid energy storage systems, which in turn is inspiring new demand for solar charge controllers as they offer benefits during power outages and peak load sharing.
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The report studies the global solar charge controllers market from regional as well as global perspective. Asia Pacific, Europe, North America, and the Middle East and Africa are the regions evaluated in the report. Asia Pacific is expected to continue to lead in the market on account of the growing demand for energy by the increasing population. The growing standards of living and the increasing awareness about environment will also ensure the growth of this market in the region. Furthermore, countries in the region have taken various initiatives to reduce the dependency on fossil fuels and this in turn will drive the growth prospects of the solar charge controllers.
The solar charge controllers market is fragmented and highly competitive. The vendors in the market are making rapid advancements by means of technology. Frequent changes in government and environmental policies will keep vendors busy as they realign their product strategy. Some of the top players venturing in the global solar charge controllers market are: Steca Elektronik, Genasun, Phocos, Studer Innotec, Shuori New Energy, MICROTEK, Luminous India, Arise India, Schneider Electric, Morningstar, BEIJING EPSOLAR TECHNOLOGY, Delta Electronics, Samlex America, and Su-Kam Power Systems.
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