Solar Cable Market

Global Solar Cable Market Size (2024-2032):

The size of the global solar cable market was worth USD 0.88 Billion in 2023. The global market is anticipated to grow at a CAGR of 14.71% from 2024 to 2032 and be worth USD 3.03 billion by 2032 from USD 1.01 billion in 2024. 

Current Scenario of the Global Solar Cable Market

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. By 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

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Solar Cable Market Analysis By Product Type

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.

Global Solar Cable Market Analysis By Cable Type

In 2023, the standard cables segment had a higher market share in terms of call, as they are very efficient in the flow of electricity.

REGIONAL ANALYSIS

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 2023. 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.

KEY PLAYERS IN THE GLOBAL SOLAR CABLE MARKET

Companies playing a prominent role in the global solar cable market include 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.

RECENT HAPPENINGS IN THE GLOBAL SOLAR CABLE MARKET

• Finolex Cables, a leading power company in India announces its entry into the MCCB product category to strengthen its presence in the domestic and industrial switchgear market.
• Southwire developed enhanced UV protection photovoltaic cables for aboveground solar setups. Southwire's new sunlight-resistant PV Super SSR cable provides a solution to penetrating sunlight, and aging exposed solar cable sheaths on the ground.

DETAILED SEGMENTATION OF THE GLOBAL SOLAR CABLE MARKET INCLUDED IN THIS REPORT

This research report on the global solar cable market has been segmented and sub-segmented based on product type, cable type, application, end-users and region.

By Product Type

• Copper
• Aluminum Alloy

By Cable Type

• Solid Cables
• Standard Cables

By Application

• Solar Panels Wiring
• Underground Service Entrances
• Service Terminal Connections

By End-Users

• Residential
• Commercial
• Industrial

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa