LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global solar charge controllers market to grow at a CAGR of more than 16% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global solar charge controllers market for 2017-2021. The market is segmented based on geography (APAC, EMEA, and the Americas) and end-user (residential and non-residential).
Countries worldwide are looking for solutions to address the growing environmental pollution and depleting energy reserves. Fossil fuel-based energy generation is not a sustainable option in the long run to address the rising demand for energy. Renewable energy offers a more sustainable option to meet the global energy demand with minimal environmental stress. Solar charge controllers offer an effective technology for sustainable renewable energy-based power generation. The global solar charge controllers market will grow at a steady rate with the gradual increase in renewable energy use during the forecast period.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio energy research analysts highlight the following three factors that are contributing to the growth of the global solar charge controllers market:
- Rise in solar energy installations
- Reduction in LCOE of solar power generation
- Supportive government policies
Rise in solar energy installations
The solar energy industry has gained momentum and grown drastically over the years. This is attributed to the initiatives undertaken by governments worldwide to encourage the use of renewable resources. Many industrialized nations have integrated a considerable number of solar power installations with the electrical grids to increase the percentage of solar energy in the energy mix.
Thanikachalam Chandrasekaran, a lead energy storage research analyst at Technavio, says, “The growing awareness about the benefits of solar energy is leading to the rise in the number of solar projects worldwide. The demand for solar charge controller systems will increase with the rise in solar energy consumption.”
Reduction in levelized cost of electricity (LCOE) of solar power generation
The LCOE is the primary metric used for calculating the cost of electricity converted by an electrical device. It is defined as the net current value of the unit cost of electricity that a device can generate during its entire service life. It is represented by the kilowatt-hour cost of the units of electrical energy that a power source can generate during its service life.
“The decline in the cost of solar power generation will gain the attention of those utilities and consumers who want to generate power from cleaner sources. This will significantly increase the number of solar projects worldwide, creating a huge demand for solar charge controllers,” adds Thanikachalam.
Supportive government policies
The solar Investment Tax Credit (ITC) is an important federal policy mechanism, formulated to support the deployment of solar energy in the US. The ITC is a 30% tax credit on solar projects for residential and non-residential properties. The annual solar installation in the US has grown by over 16 times since its implementation in 2006.
Governments in various countries are providing incentives for solar energy projects. This has encouraged many investors to invest in solar PV projects, thus driving the growth of the global solar charge controllers market.
Top vendors:
- Genasun
- Luminous India
- MICROTEK
- Schneider Electric
- Su-Kam Power Systems
Browse Related Reports:
- Global Superconducting Magnetic Energy Storage 2017-2021
- Global Lawn Mower Batteries Market 2017-2021
- Global Solar Hybrid Inverter Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like power, oil and gas, and smart grid. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
