Global Solar Charge Controllers Market – Drivers and Forecasts by Technavio

LONDON–(BUSINESS WIRE)–#Energy—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.

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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.

Top vendors:

• Genasun
• Luminous India
• MICROTEK
• Schneider Electric
• Su-Kam Power Systems

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than 500 technologies across 80 countries. Technavio has about 300
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obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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