New York, Oct. 25, 2023 (GLOBE NEWSWIRE) — The global SCR power controller market size is slated to expand at ~5% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 423 million by the end of 2036, up from a revenue of ~USD 145 million in the year 2023.The market growth is impelled by the increasing adoption of renewable energy sources. The acceptance and use of renewable energy are rising globally owing to its abundance and its ability to alleviate global warming.  Moreover, grid integration of renewable energy necessitates the use of SCR power controllers to manage the power flow and maintain the stability of the grid. According to estimates, more than 90% of the expansion in the world’s electricity capacity is anticipated to come from renewable sources by 2026.
(GlobeNewsWire)