Press release
Primary Catalyst Driving Solar Cable Market Evolution in 2025: Smart Grid Investments Fueling Growth In The Solar Cable Market Driver
Solar Cable Market Segments
The solar cable market has experienced rapid growth in recent years. It will grow from $0.99 billion in 2024 to $1.14 billion in 2025, at a CAGR of 14.1%. This growth is due to government incentives, expanding solar energy capacity, rising environmental awareness, cost reductions in solar energy, and international regulations.
The solar cable market is set to grow rapidly, reaching $1.78 billion by 2029, at a CAGR of 11.9%. Growth factors include an increase in solar capacity, advancements in energy storage, global clean energy commitments, rising energy demand, and infrastructure development. Major trends include market competition, technological innovations, cost reductions, the global expansion of solar projects, and growing awareness of sustainable practices.
What Is Stimulating Growth in the Solar Cable Market?
The increasing investments in smart grids for solar projects are set to propel the solar cable market. A smart grid is an advanced electrical system that utilizes modern information and communication technologies to enhance electricity generation and distribution's efficiency, reliability, and sustainability. Solar cables connect solar panels to inverters, which transform the direct current (DC) generated by the panels into alternating current (AC) suitable for distribution through the electrical grid. For instance, in July 2023, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that investment in electricity grids saw an 8% rise in 2022. To align with the Net Zero Emissions (NZE) scenario, annual investments in electricity grids need to average approximately USD 600 billion until 2030. As a result, increasing smart grid investments are driving the growth of the solar cable market.
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Which Key Market Leaders Are Driving Solar Cable Industry Growth?
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.
What Are the Emerging Trends in the Solar Cable Industry?
Major firms in the solar cable market are launching innovative solutions such as PV cable systems to offer durable products and expand their global presence. PV cables are essential components in photovoltaic (PV) systems, connecting solar panels, inverters, and other elements. In March 2023, Prysmian Group, an Italy-based manufacturing giant, introduced Prysmian PRYSOLAR, a state-of-the-art PV cable solution. PRYSOLAR adheres to global standards EN 50618 and IEC 62930, ensuring superior endurance in wet environments and handling up to 1800 V DC. With an industry-first validated test protocol, it guarantees over 30 years of longevity even under extreme weather conditions.
What Are the Main Segments in the Solar Cable Market?
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
Subsegments:
1) By Solid: Single-Core Solid Solar Cables, Multi-Core Solid Solar Cables
2) By Stranded: Single-Core Stranded Solar Cables, Multi-Core Stranded Solar Cables
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Which Geographic Area Leads the Solar Cable Market?
Asia-Pacific was the largest region in the solar cable market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Solar Cable Global Market Report?
- Market Size Analysis: Analyze the Solar Cable Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar Cable Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar Cable Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar Cable Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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