The Global Solar Cable Market was at USD 0.88 billion in 2023 and is predicted to grow at a CAGR of 14.71% to reach a value of USD 1.75 billion by the end of 2029, during the forecast period 2024-2029.
MARKET OVERVIEW:
Solar Photovoltaic energy is an environmentally friendly technology and is predicted to play an important role in solving energy problems. The expansion of the solar photovoltaic industry is the main expansion driver of the solar cable market. The escalating use of solar cables in different applications and the rising number of solar projects in emerging economies complement the expansion of the industry. However, fluctuations in the costs of raw materials, such as copper, could hamper the expansion of the industry in the coming years.
A solar cable is an interconnection cable that is employed in the photovoltaic power generation industry to interconnect solar panels and other electrical components. Easy installation, UV resistance, lifetime reliability, exterior durability, flexibility, and stripping ability are some of the properties that make solar cables ideal for industrial applications. A solar cable is employed to interconnect solar panels and other electrical components in the photovoltaic power generation industry. Quick assembly, UV protection, lifetime reliability, outdoor durability, mobility, and stripping ability are some of the characteristics that make solar cables suitable for industrial applications. In accordance with environmental regulations, these cables are flame-retardant and fully recyclable.
MARKET TRENDS
Currently, copper-based cables meet the highest call, reflecting their multiple advantages over aluminium alloys such as flexibility, low resistivity, stability, robustness, and better corrosion resistance. The stranded cable segment had a higher market share in terms of call, as it is very efficient in the flow of electricity.
MARKET DRIVERS
The solar photovoltaic industry is environmentally friendly and is predicted to play a crucial role in solving energy problems. The development of the solar photovoltaic industry is the main factor driving the expansion of the global solar cable market. Also, the increase in the use of solar cables in various applications and the surge in the number of solar projects in emerging economies are complementing the expansion of the market. The expansion of the solar photovoltaic industry and the increase in the installed capacity of solar panels worldwide is the main factor that positively influences the market for solar cables. The growing awareness of the advantages associated with solar energy over traditional power generation technologies such as coal and gas has ensured a strong call for solar cable products. Support from various governments to foster the adoption of solar energy methods, technological advances in the quality of cables now highly efficient for energy transfer and resistant to weathering and UV radiation, and a growing awareness of the population. Urban in terms of their contribution to the environment through the use of solar energy is among the main drivers of the worldwide market for solar cables.
MARKET RESTRAINTS
However, fluctuating prices of raw materials, such as copper, restrict the expansion of this market.
MARKET OPPORTUNITIES
The global solar cables market has seen substantial expansion rates with a considerable CAGR over the past two decades. According to the report, the market for solar cable is predicted to grow more vigorously during the foreseen period and may also influence the worldwide economic structure with a higher revenue share. The market for solar cables also has the potential to affect its peers and the main market for solar cable systems, as the market expansion rate accelerates with escalating product call, disposable income expansion, innovative products, a wealth of raw materials, and the evolution of consumer technologies.
MARKET CHALLENGES
The high cost of these cables, the significant need to further improve efficiency, the lack of awareness in several rural areas of emerging economies, and longevity issues are some of the factors preventing the market from reaching its true potential.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
14.71% |
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Segments Covered |
By Product Type, Cable Type, Application, End Users, and region. |
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Various Analyses Covered |
Global, Regional, and country Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
General Cable Corporation, Atkore International Group Inc., Huber Suhner AG, Lumberg Connect GmbH, ReneSola Ltd, Ram Ratna Wires Ltd., Prysmian Group, Allied Wire& Cable, Taiyo Cable Tech Co. Ltd., Lapp Group, Eldra B.V, KBE Elektrotechnik GmbH, Ningbo Pntech New Energy Co., Ltd, Phoenix Contact GmbH Co. KG and Others. |
Market Segmentation:
Currently, copper-based cables meet the highest call, reflecting their multiple advantages over aluminium alloys such as flexibility, low resistivity, stability, robustness, and better corrosion resistance.
In 2019, the standard cables segment had a higher market share in terms of call, as they are very efficient in the flow of electricity.
North America - U.S, Canada
Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the Rest of MEA.
North America dominates the worldwide market for solar cables, and it is predicted to drive a sharp increase in call for products due to the region's attempts to reduce energy consumption domestically, raise awareness about the benefits of solar energy, and support changing weather conditions and economic expansion. of the renewable energy sector. For example, according to the US Department of Energy, the average cost of solar photovoltaic panels has dropped by more than 60% since 2010, stimulating the market call for US solar cable power sources. In several states of the USA, the market call for finished products is concentrated and is predicted to remain stable during the foreseen period. Asia-Pacific dominated the worldwide market in 2017. This regional market is supposed to remain in the first position throughout the foreseen period, North America is also predicted to see a considerable increase in the coming years.
Solar Cable Market Key Players:
Market Recent Developments:
Frequently Asked Questions
The Global Solar Cable Market is expected to grow with a CAGR of 14.71% between 2024-2029.
The Global Solar Cable Market size is expected to reach a revised size of USD 1.75 billion by 2029.
ReneSola Ltd, Ram Ratna Wires Ltd, and Prysmian Group are the three Solar Cable Market key players.
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