Press release
Solar Cable Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Solar Cable Market
The increase in smart grid investments for solar projects is projected to fuel the solar cable market's upward movement. A smart grid, a progressive electrical grid system, employs contemporary information and communication technology, enhancing the effectiveness, dependability, and sustainability of electricity production and distribution. Solar cables play an essential role in connecting solar panels to inverters, which transform the generated direct current (DC) by the panels into more suitable alternating current (AC) for widespread distribution through the electrical grid. In July 2023, the International Energy Agency (IEA), an independent intergovernmental organization located in France, reported an about 8% surge in electricity grid investment in 2022. Plus, to be consistent with the path detailed in the Net Zero Emissions (NZE) scenario, it's critical that average annual investments in electricity grids reach roughly USD 600 billion until 2030. As such, escalating smart grid investments are fuelling the solar cable market's growth. Solar Cable Market Driver: Solar Power Installations Surge Fuels The Market
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What Is the projected market size and growth rate for the solar cable market?
The swift expansion of the solar cable market in the last few years is remarkable. The market, which was valued at $0.99 billion in 2024, is projected to augment to $1.14 billion in 2025, representing a compound annual growth rate (CAGR) of 14.1%. The surge during the historical phase is credited to the influence of governmental incentives, an increase in solar energy capacity, heightened environmental consciousness, decline in the cost of solar energy, and the impact of international agreements and rules.
The market size of solar cables is anticipated to experience a swift expansion in the coming years. The market is forecasted to reach $1.78 billion by 2029, with a compound annual growth rate (CAGR) of 11.9%. The predicted growth during the forecast period can be ascribed to the rise in solar capacity, advancements in energy storage technology, global commitments towards green energy, escalating energy demand, and infrastructural development. Notable trends projected for this period encompass market competition and innovation, technological progression, cost mitigating and price competitiveness, worldwide expansion of solar projects, and increasing cognizance about sustainable practices.
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What new trends are reshaping the solar cable market and its opportunities?
Leading firms in the solar cable market, such as PV cable solutions providers, are launching state-of-the-art products to boost their international presence and offer long-lasting cables. PV cable solutions refer to wires and cables used in photovoltaic systems to interconnect different parts like solar panels, inverters, and combiner boxes. Take, for example, the Prysmian Group, a manufacturing company based in Italy, it launched the Prysmian PRYSOLAR in March 2023. This cable solution is one of the foremost innovations in the sphere of solar energy production. The product strictly complies with international standards EN 50618 and IEC 62930, demonstrating resistance to water and voltages up to 1800 V DC. This resistance has been proven as an industry-leading and first of its kind test protocol. It guarantees a life span of over three decades, even under severe weather conditions.
What major market segments define the scope and growth of 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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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.
Which key market leaders are driving the 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.
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What Is Covered In The Solar Cable Global Market Report?
•Market Size Forecast: Examine the solar cable market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar cable market for a structured understanding.
•Key Players Overview: Analyze major players in the solar cable market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar cable market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar cable market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar cable market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar cable market.
•Competitive Landscape: Review strategic developments in the solar cable market, including expansions, agreements, and new product launches.
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