The Solar Cable Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solar Cable Global Market Report 2024, The solar cable market size has grown rapidly in recent years. It will grow from $0.87 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to government incentives, growing solar energy capacity, environmental awareness, cost reduction in solar energy, international agreements and regulations.
The solar cable market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increased solar capacity, advancements in energy storage, international commitments to clean energy, rising energy demand, infrastructure development. Major trends in the forecast period include market competition and innovation, technological advancements, cost reduction and price competitiveness, global expansion of solar projects, rising awareness of sustainable practices.
The rising smart grid investments in solar projects are expected to propel the solar cable market going forward. A smart grid is an advanced electrical grid system that uses modern information and communication technology to enhance the efficiency, reliability, and sustainability of electricity production and distribution. Solar cables are used to connect solar panels to inverters, which convert the direct current (DC) generated by the panels into alternating current (AC) suitable for distribution in the electrical grid. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, electricity grid investment experienced an approximately 8% increase in 2022. Additionally, in order to align with the trajectory outlined in the Net Zero Emissions (NZE) scenario, it is essential for annual investments in electricity grids to average around USD 600 billion until the year 2030. Therefore, rising smart grid investments are driving the solar cable market.
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The solar cable market covered in this report is segmented –
1) By Type: Solid, Stranded
2) By Material Type: Copper, Aluminum, Other Material Types
3) By Application: Solar Panels Wiring, Underground Service Entrances, Service Terminal Connections
4) By End-Users: Residential, Commercial, Industrial
Major companies operating in the solar cable market are introducing innovative products, such as PV cable solutions, to provide long-lasting cables and extend their global reach in the market. PV cable solution refers to the cables and wires used in photovoltaic (PV) systems to connect various components, such as solar panels, inverters, and combiner boxes. For instance, in March 2023, Prysmian Group, an Italy-based manufacturing company, launched the Prysmian PRYSOLAR. The Prysmian PRYSOLAR cable solution is among the leading innovations for solar energy production. It adheres strictly to the global standards EN 50618 and IEC 62930 and showcases endurance in water, handling voltages up to 1800 V DC. This durability in wet environments is validated as a pioneering and industry-first test protocol. Prysmian PRYSOLAR assures a lifespan of over 30 years, even in extreme weather conditions.
The solar cable market report table of contents includes:
1. Executive Summary
2.Solar Cable Market Characteristics
3.Solar Cable Market Trends And Strategies
4.Solar Cable market analysis
5.Solar Cable Market Size And Growth
6.Solar Cable Segmentation
7.Solar Cable Regional And Country Analysis
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27.Solar Cable Competitive Landscape And Company Profiles
28.Solar Cable Key Mergers And Acquisitions
29.Solar Cable Future Outlook and Potential Analysis
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