Global Photovoltaic and Solar Connectors Market Size to Boom at Robust CAGR of 14.7% During 2023–2029

Published | 03 April 2023

Global photovoltaic (PV) and solar connectors market is flourishing because growing adoption of PV systems for residential applications, decreasing cost of energy storage devices, and supportive government schemes to solar installations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the global photovoltaic (PV) and solar connectors market size to expand at a CAGR of 14.72% during the forecast period between 2023 and 2029. Major growth drivers for global photovoltaic and solar connectors market include the growing demand for energy from renewable sources and the rising use of solar power in residential, commercial, and industrial applications. Likewise, emerging economies' increasing demand for solar power systems, favorable government policies and incentives, and the growing awareness of the benefits of renewable energy sources are driving the market's growth. Moreover, companies are investing in research and development to improve the performance and reliability of photovoltaic and solar connectors, resulting in innovative products that can withstand harsh weather conditions and provide efficient power transmission. The market is also expected to benefit from the increasing adoption of electric vehicles (EVs), the need for charging infrastructure, and the growth of the global economy and individuals' disposable income. These factors are expected to further increase the demand for solar power systems, leading to a corresponding rise in demand for photovoltaic and solar connectors worldwide. However, lack of skilled workforce for PV and solar installation and safety risks associated with high dc voltages are anticipated to restrain the growth of the overall market during the period in analysis.

Global Photovoltaic and Solar Connectors Market – Overview

The global photovoltaic and solar connectors market refers to the market for electrical connectors used in photovoltaic (PV) and solar systems. These connectors are essential components that connect solar panels and other electrical equipment to form a complete solar energy system. They are designed to provide efficient and reliable power transmission, withstand harsh weather conditions, and ensure the safe operation of the solar energy system. The market includes various types of connectors such as MC4, MC3, T-Branch, H4, and others, and serves various applications, including residential, commercial, and industrial. The increasing demand for renewable energy sources, favorable government policies, and incentives, and the growing adoption of EVs are driving the growth of the global photovoltaic and solar connectors market.

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Impact of COVID-19 on Global Photovoltaic and Solar Connectors Market

COVID-19 had a detrimental impact on the growth of global photovoltaic and solar connectors market. The pandemic caused disruptions in the supply chain, resulting in delays in the delivery of raw materials, components, and finished products. Manufacturing operations were affected due to the implementation of lockdowns and restrictions on movements of workers, leading to a reduction in production output. As a result, the prices of photovoltaic and solar connectors increased due to supply shortages. Additionally, the pandemic also led to a decline in the demand for photovoltaic and solar connectors, as many construction and installation projects were put on hold. Travel restrictions and social distancing measures prevented workers from accessing project sites, causing delays in project completion. The economic downturn caused by the pandemic also resulted in a decline in investments in renewable energy projects. However, the pandemic also led to an increased focus on sustainability and renewable energy sources, as countries looked to reduce their carbon footprint and promote green energy as part of their economic recovery plans. This has resulted in governments implementing stimulus packages and incentives to support renewable energy projects, including the installation of photovoltaic and solar connectors.

Global Photovoltaic and Solar Connectors Market – By End Use

By end use, the global photovoltaic and solar connectors market is bifurcated into HEV (hybrid electric vehicle) and PHEV (plug-in hybrid electric vehicle) segments. The HEV segment holds a higher market share during the forecast period. Hybrid vehicles use a combination of an electric motor and an internal combustion engine (ICE), offering several benefits over regular and diesel engines. Their primary advantage is that they consume less fuel and emit less carbon dioxide. They are more fuel-efficient than traditional vehicles because they do not rely on a single fuel source. Regenerative braking is a feature in hybrid vehicles that captures energy produced when brakes are applied and uses it to recharge the high-voltage battery. Hybrid vehicles require less maintenance as they experience less wear and tear. Increasing consumer awareness and demand for fuel-efficient vehicles are driving manufacturers to improve the propulsion system in vehicles. Market players are using advanced simulation technologies, instrumentation, and test systems to offer customized powertrain solutions to customers. The high sales of hybrid vehicle powertrains are expected to fuel the growth of the global photovoltaic and solar connectors market.

Competitive Landscape

Major players operating in global photovoltaic and solar connectors market include JinkoSolar Holding Co. Ltd., Canadian Solar Inc, First Solar Inc., GCL-Poly Energy Holdings Ltd., TE Connectivity, LAPP Group, Amphenol, CNC Tech, Dongguan SUNYO, Heyco, HIS Renewables GmbH Oberzent, Icotek, Lapp Group, Leadergroup Ltd., Lumberg, Molex, Phoenix Contact, and Renhe Solar. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Photovoltaic and Solar Connectors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Photovoltaic and Solar Connectors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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