Press release
Solar Cable Market Report 2024: Strategies And Recent Developments | Prysmian Group, Nexans S.A., JinkoSolar Holding Co., Ltd., KEI Industries Limited, Phoenix Contact GmbH & Co. KG
Solar Cable Market Characteristics
The Business Research Company offers in-depth market insights through Solar Cable Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
The main types of solar cables are solid and stranded. Solid solar wire consists of a single conductor, offering a compact design while delivering the same current capacity as stranded wire. The material of solar cables consists of copper, aluminum, and others for different applications such as solar panel wiring, underground service entrances, and service and terminal connections. The various end-users involved are residential, commercial, and industrial.
Major Driver - Smart Grid Investments Fueling Growth In The Solar Cable Market
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.
Competitive Landscape:
Major companies operating in the solar cable market report are Prysmian Group, Nexans S.A., JinkoSolar Holding Co., Ltd., KEI Industries Limited, Phoenix Contact GmbH & Co. KG, Leoni AG, General Cable Technologies Corporation, Atkore International Group Inc., Encore Wire Corporation, Belden Inc., Southwire Company LLC, Havells India Limited, APAR Industries Ltd., Lapp Group, HUBER+SUHNER AG, SolarWorld AG, ReneSola Ltd., HELU KABEL GmbH, Ram Ratna Group, Lumberg Connect GmbH, Tai Sin Electric Limited, Polycab India Limited, Alpha Wire Company, Allied Wire & Cable Inc., Top Cable S.A., Amphenol Industrial Products Group, TPC Wire & Cable Corp., Eldra B.V., KBE Elektrotechnik GmbH, Relemac Technologies Private Limited, Ningbo Pntech New Energy Co., Ltd.
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Top Trend - Innovative Products To Provide Superior Cables
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Cable Market Characteristics
3. Solar Cable Market Trends And Strategies
4. Solar Cable Market - Macro Economic Scenario
5. Solar Cable Market Size And Growth
…..
27. Solar Cable Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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