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.
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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.
- Luminous India
- Schneider Electric
- Su-Kam Power Systems
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