Global Photovoltaic and Solar Connectors Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Photovoltaic and Solar Connectors Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Photovoltaic and solar connectors connect solar panels to form arrays of multiple panels that can cover larger areas. They also connect solar panels and other components of the PV system, such as inverters, charge controllers, and batteries. These connectors convert the collected solar energy from DC to AC power, which is then fed to the grid or meets the direct needs of the building or application. They minimize power loss and maintain overall system efficiency by providing a safe and reliable connection between solar panels and other components in the system balance.

Market Overview:

The latest research study on the global Photovoltaic and Solar Connectors market finds that the global Photovoltaic and Solar Connectors market reached a value of USD 894.61 million in 2023. It’s expected that the market will achieve USD 1965.83 million by 2029, exhibiting a CAGR of 14.02% during the forecast period.

Advantages and importance of photovoltaic and solar connectors

Photovoltaic and solar connectors are key components for connecting components, controllers, combiner boxes, and inverters in photovoltaic power generation systems. They have the characteristics of high voltage and large current and have high technical content. In a photovoltaic power plant, cables and connectors are needed to bring the power from multiple components together and into the inverter. Important features of photovoltaic connectors include ease of installation, high current carrying capacity, and ruggedness under extreme environmental conditions. Photovoltaic connectors help easily expand solar arrays and support series or parallel configurations, allowing for flexible system designs. They simplify the installation, maintenance, and compatibility of different solar panel brands and components. Since solar panels operate under the extreme conditions they are exposed to, all solar connector accessories and components must meet conditions such as waterproofing, high temperature resistance, UV resistance, low resistance, and long warranty. If safety performance is not paid attention to, accidents such as connector fire, burnout, junction box failure, component leakage, and string component outage may occur later. In addition, connector degradation and failure can lead to concerns about higher insurance rates, higher energy costs, and reduced confidence in the reliability of solar power generation. Photovoltaic connectors are specially designed with a special locking mechanism, making them ideal for outdoor environments, and can only be separated using special disconnecting or unlocking tools. High-quality photovoltaic connectors make installation easier and less expensive. Thanks to plug-and-play connectors, solar panels can now be connected quickly and securely without complex wiring. There are various connector types on the market such as MC4, MC3, Amphenol, Tyco, and Radox connectors. MC4 connectors eventually became established as the standard for connecting PV modules and other solar equipment because they are safer and feature a premium design. Because different solar panels and solar cable connector types offer different features, installers can choose from a diverse range of products on the market today. Therefore, the market size of photovoltaic and solar connectors continues to grow as people increasingly realize the advantages and importance of photovoltaic and solar connectors.

Growing demand for renewable energy has led to increased use of solar energy

Electrification trends, the increasing popularity of solar photovoltaic systems, favorable government policies, and declining solar panel prices and installation costs are driving the growth of the global solar energy market. Solar photovoltaic systems convert sunlight directly into electricity using solar panels made of semiconductor materials, usually silicon. Solar PV is a modular technology that can be manufactured in large factories, creating economies of scale, but can also be deployed in very small quantities at a time. This gives it a wide range of applications, from small residential rooftop systems to utility-scale power generation installations. Global electricity demand is increasing due to population growth, urbanization, and the electrification of various industries including transportation. Solar photovoltaic systems provide a scalable, decentralized solution to meet growing energy demands, especially in areas with limited or unreliable grid infrastructure. The cost of solar photovoltaic systems is falling rapidly due to technological advances, economies of scale, and improved manufacturing processes. Continued research into photovoltaic cells has led to a steady decline in the price of solar panels, thereby promoting solar installation and investment. Despite higher investment costs due to higher commodity prices, utility-scale solar PV remains the lowest-cost new generation option in the vast majority of countries around the world. Distributed solar photovoltaic generation (such as building rooftop solar) will also experience faster growth due to rising retail electricity prices and increased policy support. The IEA predicts that by 2027, solar photovoltaic installed capacity is expected to surpass coal power generation and become the world's largest. Solar photovoltaic systems are an environmentally friendly renewable energy source because they do not produce any greenhouse gases or other pollutants. Against the backdrop of global warming and limited fossil energy, the development and utilization of renewable energy have received increasing attention from the international community, and vigorous development of renewable energy has become the consensus of countries around the world. As a result, solar panels are an increasingly popular way to generate clean, renewable energy. A photovoltaic connector is the part of a solar panel used to connect it to the grid or other appliances, allowing the use of solar energy. As the global installed capacity of solar photovoltaic power generation increases, the demand for photovoltaic module protection and connection systems is gradually increasing. The photovoltaic and solar connector industry is in constant growth.

Region Overview:

In 2022, the share of the Photovoltaic and Solar Connectors market in Europe stood at 38.67%.

Company Overview:

The major players operating in the Photovoltaic and Solar Connectors market include Staubli, Amphenol, TE Connectivity, LAPP Group, Phoenix Contact, etc. Among which, Staubli ranked top in terms of sales and revenue in 2023.

Stäubli is a global industrial and mechatronic solution provider with four dedicated Divisions: Electrical Connectors, Fluid Connectors, Robotics and Textile, serving customers who aim to increase their productivity in many industrial sectors. Stäubli currently operates in 28 countries, with agents in 50 countries on four continents. Its global workforce of 6,000 shares a commitment to partnering with customers in nearly every industry to provide comprehensive solutions with long-term support. Originally founded in 1892 as a small workshop in Horgen/Zurich, Switzerland, today Stäubli is an international Group headquartered in Pfäffikon, Switzerland.

Segmentation Overview:

By type, 12 AWG segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Industrial and Commercial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Photovoltaic and Solar Connectors market covered in Chapter 3:

Yukita
QC Solar
Phoenix Contact
Amphenol
TE Connectivity
Staubli
Zhonghuan Sunter
LAPP Group
Weidmüller
Changshu Friends
Zhejiang Renhe
Ningbo GZX

In Chapter 4 and Chapter 14.2, on the basis of types, the Photovoltaic and Solar Connectors market from 2019 to 2030 is primarily split into:

8 AWG
10 AWG
12 AWG
14 AWG

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Photovoltaic and Solar Connectors market from 2019 to 2030 covers:

Residential
Industrial and Commercial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)