The Distinction Between “Objects and Systems” and “Components”
As indicated in Figure 5, the developments in each of the market areas that comprise the new energy economy have direct bearing on copper containing business areas. For example, the transport market area incorporates both the vehicles themselves and the charging infrastructure.
In Figure 6 we develop on this point. Here, we make the key distinction between “Objects and Systems” on the one hand, and “Components” on the other. For example, in the electricity infrastructure sector we identify wind farm generation as one object or system. While this may be regarded as a market in its own right, it is clear that several different elements are used to make up this market, including generators, transformers, cabling and electronics. Each of these may be regarded as “Components”.
Exactly how we define emerging markets for copper depends on whether we focus on objects or components. If we look at components, the separate market areas concerned should normally be smaller and more numerous. As the same or similar components are used in closely related object markets, however, it is reasonable to group them. For example, on the component side it is sensible to look at “cables in distributed electricity generation” as a discrete market. On the object side, we look at wind power, solar power and other sources of distributed energy separately.
Figure 7: Emerging Markets for Copper: Stage 1 Filter (Objects and Systems)
Figure 8: Emerging Markets for Copper: Stage 1 Filter (Components)
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