Renewable Energy Connector Market
- Demand for renewable energy source is rising globally, as it is an alternate green energy source. It also helps reduce carbon emissions. Consistent research in photovoltaic (PV) cells has led to a steady decline in the price of solar panels, which has boosted installation and investment in solar energy.
- Rise in research & development activities related to renewable energy has fueled the demand for renewable energy connectors. Renewable energy connectors are utilized in generation of renewable energy. The connector is also utilized to join electrical conductors and create an electrical circuit. The connector consists of a male component, called plug, which connects to the socket.
- The renewable energy connector can be used onshore and offshore renewable energy installations. Connectors are easy to install, can carry high current, and withstand extreme environmental conditions.
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Key Drivers of Global Renewable Energy Connector Market
- The global renewable energy connector market has been expanding owing to a rise in population and an increase in the demand for energy across the globe. Renewable energy connectors help reduce electric faults and eliminate chances of short circuits.
- Rise in government initiatives regarding renewable energy in rural areas is also anticipated to boost the demand for renewable energy connector in the near future
COVID-19 Impact Analysis
- The spread of coronavirus has disrupted the entire value chain of the renewable energy connector market. The pandemic has hampered the supply of raw materials and labor in the market. On-going renewable projects are at a standstill due to unavailability of labor, while new projects are being delayed. Most manufacturers are focused on the adoption of new strategies to reform their business models.
Key Development
- Fischer Connectors SA received its first patent on the Fischer Freedom Series in the U.S. in February 2020. The patent protects the global concept of the Fischer LP360TM connector and enables further versatile innovations both in connectivity and application design. This low-profile connector offers new opportunities of integration capability and cable management optimization for design engineers and integrators of electronic devices, equipment and ecosystems in various markets such as defense, security, medical, industrial, civil engineering, wearables, etc.
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Europe to Hold Major Share of Global Renewable Energy Connector Market
- Based on region, the global renewable energy connector market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global renewable energy connector market in 2019, owing to significant investment in the renewable energy sector in the region. Countries in the region are focused on generation of energy via solar panels in order to achieve the 2020 renewable energy target. Use of renewable energy connectors is expected to improve electricity transmission & distribution and eliminate power loss. Moreover, investments in offshore wind power are also rising in the region.
- North America is likely to account for a vital share of the global renewable energy connector market during the forecast period. The region is well-developed and is investing in various sources of renewable energy.
- Asia Pacific is anticipated to be a highly attractive region of the global renewable energy connector market during the forecast period, owing to a rise in globalization and urbanization. Investments in the renewable energy sector are increasing at a rapid pace in countries such as China, India, and Japan, in Asia Pacific. This is anticipated to drive the market in the region.
- The market in Middle East & Africa is expected to expand at a healthy pace during the forecast period. The region is focusing on development of its renewable energy sector.
- The market in Latin America is likely to be expand at a sluggish pace during the forecast period owing to low awareness about renewable energy connector in the region
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Key Players Operating in Market
Major players operating in the global renewable energy connector market include
- Molex
- TE Connectivity
- Phoenix Contact
- Cinch Connectivity Solutions
- Gisma Connectors
- Amphenol Industrial Products
- Hydro Group
- Fischer Connectors SA
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