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.
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.
- 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.
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
Key Players Operating in Market
Major players operating in the global renewable energy connector market include
- TE Connectivity
- Phoenix Contact
- Cinch Connectivity Solutions
- Gisma Connectors
- Amphenol Industrial Products
- Hydro Group
- Fischer Connectors SA
Global Renewable Energy Connector Market: Research Scope
Global Renewable Energy Connector Market, by Material
- Stainless Steel
Global Renewable Energy Connector Market, by Type
- Ceres Connectors
- RJ Connectors
- X-Lok Connectors
Global Renewable Energy Connector Market, by End-use
Global Renewable Energy Connector Market, by Application
Global Renewable Energy Connector Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.