Solar Charge Controller Market to Reach US$ 3.4 Billion by 2028: Report
Future Market Insights (FMI) has published a new research study on the global solar charge controller market titled ‘Solar Charge Controller Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2028’.
January 25, 2023. By News Bureau
According to FMI, the solar charge controller market was valued at US$ 1.4 billion at the end of 2017 and is anticipated to grow at an impressive CAGR to reach US$ 3.4 billion by end of the forecast period.
East Asia and Europe were attractive regions in the solar charge controller market, accounting for more than 49% of the global market share.
The demand for solar charge controllers is witnessing a linear trend with rising demand for offgrid solar panel systems from economies, such as China, India, USA, Brazil and some of the ASEAN and African countries.
Developing economies, such as China, India, Malaysia and Brazil, are anticipated to positively influence the sales of solar charge controllers. Government initiatives related to subsidiaries for solar panel systems led by China, India and some of the Latin American countries are expected to further intensify the deployment of solar panel systems and solar charge controllers.
Increasing orders related to off-grid solar panel systems and solar charge controllers for deployment in remote and residential applications are expected to positively impact the growth of the global solar charge controller market during the forecast period.
Developments in solar charge controllers, such as auto night detection, LCD display, overcharging protection and growth in communication solutions integrated with solar charge controllers, are driving the growth of the global solar charge controller market. The growth of solar charge controllers market is being positively impacted by the deployment of offgrid solar panel systems.
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