In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The renewable energy connectors are the devices or systems which help to extract electricity from the renewable sources of energy. With the use of such connectors, the expenses of usage of electricity can be avoided till the time natural resources are available in the environment as they can be used in various forms and extra costs can be avoided. The renewable energy connectors are available according to their purpose of requirement such as residential, commercial and industrial. These connectors are designed to work even in worst environmental conditions and for longer use. These connectors help to produce electricity not only for present use but for future as well. For instance, even after the sunset, electricity can be generated from the solar panels with the help of the solar energy saved in those panels.
Due to the challenges such as global warming, depletion of natural resources, rapid increase in population, scarcity of energy sources, rising energy prices a need for a reliable form of energy to meet the global demand has risen. With increase in the ecological disturbances, there is an urgent need to switch to renewable resources. Renewable resources of energy are projected to create significant demand for renewable energy connectors.
The renewable sources of energy are present abundantly in the nature and can be utilized till the time they are present. Electricity can also be produced from these renewable sources of energy and can be utilized as and when required and can be stored for later use. The rising adoption of renewable sources of energy is expected to boost the growth of the renewable energy connectors market.
Further, the connectors required to use the energy are available in the market at a reasonable price with convenient option of buying. Prices of the connectors may vary based on their usage and the purpose of requirement. Easy availability at a reasonable price are expected to boost the growth of the renewable energy connector market during the forecast period.
The renewable energy connector market is anticipated to expand at a significant rate during the forecast period i.e. 2019-2027. The market is segmented by sources of energy, application, end user type and region. By end users, the commercial segment is anticipated to boost the growth of renewable energy connector market on the back of rapidly increasing prices of electricity. Prices of electricity are rising as the sources used to generate include the non- renewable resources which are depleting as for their over- utilization.
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Due to decrease in the non-renewable resources of energy, more preferences are being given to the usage of renewable energy resources. The demand of the renewable energy connectors is expected to increase as there has been a rise in adoption of renewable resources. These sources of energy are present in abundance in the nature and can be utilized till the time they are present. Electricity can also be produced from these renewable sources and can be utilized as and when required and be stored for later use.
The renewable energy comes for free or at a very minimum cost i.e. the renewable sources of energy are present in bulk in the environment and can be utilized as much as required. The connectors required to use the energy are available in the market at a reasonable price and can be bought easily. Prices of the connectors may vary based on their usage and as per the purpose of the requirement in residential, commercial or industrial sector.
The cost of renewable energy sources is cheap as their fuel is free with minimal maintenance, so the bulk of the expense comes from installation of the technology i.e. installation and maintenance of solar and wind farms. The average cost to install solar systems ranges from a little over USD 2,000 per kilowatt for large-scale systems to almost USD 3,700 for residential systems. A new natural gas plant might have costs around USD 1,000/kW. Wind comes in around USD 1,200 to USD 1,700/kW. Higher construction costs might make financial institutions more likely to perceive renewables as risky, lending money at higher rates and making it harder for utilities or developers to justify the investment. This might impede the growth of the market.
Our in-depth analysis of the renewable energy connectors market includes the following segments:
By Source of Energy
By End users
Based on regional analysis, the renewable energy connectors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to lead renewable energy connectors market on the back of more number of developing countries, their ambitious energy market reforms, new transmission lines and expansion of distributed generation. North America is expected to follow the Asia Pacific market on the back of multi-year federal tax incentives combined with renewable portfolio standards and state-level policies. Europe is expected to witness significant growth on the back of lower renewable growth rate with good performance of some individual countries.
The renewable energy connectors market is further classified on the basis of region as follows: