Press release
Solar Cable Market Size Forecasted To Achieve $1.78 Billion By 2029 With Steady Growth
Solar Cable Market
What Is the Solar Cable Market Size and Projected Growth Rate?
The swift expansion of the solar cable market size has been witnessed in recent times, escalating from $0.99 billion in 2024 to a projected $1.14 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 14.1%. The augmentation during this historical window is largely due to factors including government incentives, the rising capacity of solar energy, escalated environmental consciousness, a decrease in the expense of solar energy, and global accords and policies.
In the coming years, the solar cable market size is anticipated to experience steep growth, with projections suggesting that it will expand to $1.78 billion by 2029 at a compound annual growth rate (CAGR) of 11.9%. The expected growth during the said period can be linked to a surge in solar capacity, advances in energy storage technology, global pledges towards clean energy, increasing energy requirements, and infrastructure development. Noteworthy trends during the forecast period include intensified market competition along with innovation, technological progress, cost minimization and price competitiveness, worldwide enlargement of solar projects, and growing cognizance of sustainable methods.
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What Are the Major 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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What Are The Driving Solar Cable Market Evolution?
The solar cable market is anticipated to surge, driven by an increase in smart grid investments in solar projects. Smart grids, sophisticated electrical networks which use state-of-the-art information and communication technologies, are designed to boost efficiency and sustainability in electricity generation and distribution. Solar cables play a critical role in these networks by connecting solar panels to inverters, transforming the direct current produced by panels into alternating current for distribution across the electrical grid. In July 2023, data from the International Energy Agency, an independent intergovernmental organization based in France, showed a nearly 8% rise in electricity grid investment in 2022. Furthermore, the organization highlighted the need for an average annual investment of USD 600 billion in electricity grids by 2030 to align with the trajectory of the Net Zero Emissions scenario. Consequently, such an uptick in smart grid investments is fueling the solar cable market. In addition, the swift expansion of solar power installations is expected to stimulate the solar cable market. This involves the installation and deployment of photovoltaic systems that convert sunlight into electricity, and they rely heavily on solar cables for safe and efficient transmission of the generated energy from solar panels to the inverter and other elements of the solar power system. For instance, in October 2024, GreenMatch, a renewable energy service firm based in Denmark, predicted a continued growth of solar energy, with forecasts indicating that global solar installations could reach 4.7 terawatts by 2050. Thus, the swift expansion of solar power installations is also contributing to the growth of the solar cable market.
Which Firms Dominate The Solar Cable Market Segments?
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 Trends Are Driving Growth in The Solar Cable Market?
Leading corporations active in the solar cable market are focusing on the creation of innovative products such as PV cable solutions. This approach not only offers durable cables but also boosts their international presence in the market. PV cable solutions are essentially the wiring and cables employed in photovoltaic (PV) systems that connect different elements, for example, solar panels, converters, and combiner boxes. For instance, Prysmian Group, an Italian manufacturing corporation, unveiled Prysmian PRYSOLAR, its novel cable solution, in March 2023. This solution stands amongst the top advancements within the solar energy generation sector. It rigidly complies with global standards EN 50618 and IEC 62930, demonstrating considerable resistance to water and the ability to manage voltage up to 1800 V DC. This resistance to moisture is acknowledged as a ground-breaking and industry-first testing protocol. Moreover, Prysmian PRYSOLAR ensures that the lifespan extends beyond 30 years, even in severe weather conditions.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Cable Market?
2. What is the CAGR expected in the Solar Cable Market?
3. What Are the Key Innovations Transforming the Solar Cable Industry?
4. Which Region Is Leading the Solar Cable Market?
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