9NOVEMBER 2024ELECTRICAL INFRASTRUCTURE OVERHAUL DRIVING INNOVATION IN ELECTRICAL TAPESGLOBAL SOLAR INDUSTRY INCHING CLOSER TO 11 TW RENEWABLE ENERGY GOALThe electrical tapes market has demonstrated robust growth in recent years, with the market size reaching $12.96 billion in 2023 and expected to grow to $13.65 billion in 2024. Several factors have driven this growth, including the increasing demand for electrical insulation, the rise in construction activities, investments in overhauling electrical grids and infrastructure, and the need for high-quality insulation materials. Additionally, the automotive production surge has further contributed to the expansion of the market.Looking ahead, the electrical tapes market is projected to continue its upward trajectory, reaching $16.85 billion by 2028, with a CAGR of 5.4 percent. Key drivers for this growth include the increasing adoption of electric vehicles (EVs), growing demand for renewable energy systems, the rise of smart home systems, rapid urbanization, and the expansion of infrastructure. Furthermore, the market is expected to witness innovations in flame-retardant and heat-resistant electrical tapes, advancements in material science, and improvements in electrical tape technology.The automotive industry is a major factor propelling the growth of the electrical tapes market. Electrical tapes are essential in the automotive sector for insulating, protecting, and bundling electrical wiring, ensuring safe and efficient electrical systems in vehicles. The global automotive industry is experiencing significant growth, driven by increasing demand for electric vehicles, technological advancements, and supportive government policies. In 2022, the European Automobile Manufacturers' Association (ACEA) reported the production of 85.4 million motor vehicles, a 5.7 percent increase from the previous year. This expansion in the automotive industry continues to drive the demand for electrical tapes, further boosting market growth. The global solar industry has reached a major milestone, surpassing 2 terawatts (TW) of installed capacity--enough to power around 92 million U.S. households. Sonia Dunlop, CEO of the Global Solar Council, emphasized the challenge of tracking these small projects, as many go unregistered in various countries. The industry is now focused on scaling up to 8 TW by 2030, a target that data suggests is achievable. Reaching this capacity would contribute more than half of the 11 TW of renewable energy capacity needed to meet a U.N. climate goal established at last year's climate conference in Dubai.This rapid growth is unprecedented, with more solar capacity added in the last two years than in the prior 68 years combined, according to exclusive data from the Global Solar Council shared with Reuters. To raise financing to help hit the goal, the council will launch an International Solar Finance group at the next round of U.N. talks beginning on Nov. 11 in Baku.The Council's figures provide the most comprehensive view to date, as they include small, often unregistered rooftop installations, which are frequently excluded from official government data. It wants to connect funds, multilateral banks, private finance and international institutions to drive down the cost of capital in emerging and developing economies to 5 percent from 15 percent.This ambitious goal underscores the need for continued innovation and policy support in the renewable energy sector, particularly in expanding accessible, small-scale solar installations.
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