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Key Trends Influencing the Growth of the Solar Cable Market in 2025: Innovative Products To Provide Superior Cables
Solar Cable Market
What Is the Expected CAGR for the Solar Cable Market Through 2025?
In the last few years, the solar cable market size has expanded exponentially. The market, which is expected to be valued at $0.99 billion in 2024, is projected to increase to $1.14 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.1%. The historical period growth can be linked to various factors such as government subsidies, an increase in solar energy capacity, public environmental consciousness, a decrease in solar energy costs, and international treaties and regulations.
What's the Projected Size of the Global Solar Cable Market by 2029?
The market for solar cables is predicted to undergo swift expansion in the coming years, reaching a value of $1.78 billion by 2029, with a compound annual growth rate (CAGR) of 11.9%. The growth projected for this domain during this span is due to factors such as escalating solar capacity, progression in energy storage technology, international pledges towards clean energy, mounting demand for energy, and infrastructural development. The forecast period is also expected to experience principal trends such as heightened market rivalry and innovation, advancement in technology, reduction in costs and competitive pricing, worldwide expansion of solar projects, and an increasing awareness about sustainable practices.
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Top Growth Drivers in the Solar Cable Industry: What's Accelerating the Market?
The anticipated surge in smart grid investments for solar ventures is predicted to spur the growth of the solar cable market. Smart grids, which represent advanced electrical systems that utilize contemporary information and communication technologies to boost the efficiency, reliability, and longevity of electric power generation and distribution. Solar cables are utilized to link solar panels to inverters, which alter the direct current (DC) created by the panels into alternating current (AC) that's compatible for distribution across the electricity grid. For example, in July 2023, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, revealed that there was an 8% increment in electricity grid investments in 2022. Furthermore, to remain on track with the pathway outlined in the Net Zero Emissions (NZE) scenario, it's critical for yearly investments in electric grids to sustain an average of USD 600 billion till 2030. Hence, escalating smart grid investments is fuelling the solar cable market. The Solar Cable Market is expected to be catalyzed by the swift expansion of solar power installations. The term solar power installations denote the assembly and setting up of photovoltaic (PV) systems that convert solar radiation into usable electricity. These installations utilize solar cables to transport the electricity produced by solar panels to the inverter and other elements of the solar power system in a safe and efficient manner. As an example, according to GreenMatch, a renewable energy service company based in Denmark, in October 2024, the growth of solar energy is projected to continue, anticipating that worldwide solar installations may reach 4.7 terawatts by 2050. Hence, the accelerated expansion of solar power installations acts as a significant driver for the solar cable market.
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What Trends Will Shape the Solar Cable Market Through 2029 and Beyond?
Key players in the solar cable industry, such as the Prysmian Group, are unveiling cutting-edge products like PV cable systems in a bid to bolster their global position and provide more durable cables. These PV cables play a crucial role in photovoltaic systems, linking elements such as solar panels, inverters, and combiner boxes. Prysmian Group, an Italian manufacturer, unveiled the Prysmian PRYSOLAR in March 2023. This product is a standout in the realm of solar energy innovation. The Prysmian PRYSOLAR adheres to international standards EN 50618 and IEC 62930 and demonstrates remarkable resilience, even in wet environments, able to handle voltages up to 1800 V DC. This product's ability to withstand wet conditions is recognized as a groundbreaking and industry-first testing protocol. Furthermore, Prysmian PRYSOLAR guarantees a lifetime of over 30 years, even in the most severe weather circumstances.
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 Top Companies are Driving Growth in the Solar Cable Market?
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.
Which Regions Will Dominate the Solar Cable Market Through 2029?
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.
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