Press release
Emerging Trends to Drive Solar Cable Market Growth at 11.4% CAGR Through 2029
Solar Cable Market
Solar Cable Market Size Growth Forecast: What to Expect by 2025?
In recent times, the solar cable market has expanded swiftly. The market, which was worth $0.99 billion in 2024, is projected to rise to $1.12 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 12.4%. The exceptional growth observed during the historic period could be a result of government incentives, increasing solar energy capacity, heightened environmental consciousness, decreased solar energy costs, and global agreements and regulations.
How Will the Solar Cable Market Size Evolve and Grow by 2029?
The size of the solar cable market is set to experience swift development in the coming years, expanding to a value of $1.72 billion in 2029, with a compound annual growth rate (CAGR) of 11.4%. This growth during the projection period is credited to factors such as enhanced solar capacity, evolution in energy storage, international pledges towards clean energy, increasing energy requirements, and infrastructure progression. The major trends during this forecast period encompass market rivalry and innovation, technological progress, cost diminution and price competitiveness, worldwide expansion of solar ventures, and escalating cognizance of sustainable practices.
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What Drivers Are Propelling the Growth of Solar Cable Market Forward?
Anticipated growth in the solar cable market is linked to increased smart grid investments in solar projects. The smart grid, an advanced electric network, employs contemporary information and communication technology to improve the effectiveness, dependability, and sustainability of power generation and distribution. Solar cables, which link solar panels to inverters that transform the panels' direct current (DC) into alternating current (AC) for grid distribution, are an integral part of this system. In July 2023, the France-based International Energy Agency (IEA) reported that investment in electricity grids had seen a near 8% rise in 2022. Additionally, to stay on track with the Net Zero Emissions (NZE) scenario, average annual investments in electricity networks need to reach around USD 600 billion until 2030. Hence, the increased investments in smart grids are spurring growth in the solar cable market.
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What Are the Key Trends Driving Solar Cable Market Growth?
Leading businesses in the solar cable market are expanding their global presence by offering innovative products like PV cable solutions, which are meant to deliver long-lasting cables. These PV cable solutions, which include cables and wires used in photovoltaic systems to connect various elements such as solar panels, inverters, and combiner boxes, provide a robust and durable connection. For example, in March 2023, Prysmian Group, an Italian manufacturing firm, unveiled its latest product, the Prysmian PRYSOLAR cable solution. This product stands at the forefront of solar energy production technology and rigorously complies with international standards EN 50618 and IEC 62930, demonstrating its strength in wet conditions and ability to handle voltages up to 1800 V DC. This resistance to water is recognised as a trailblazing test protocol within the industry. Even under severe weather conditions, the Prysmian PRYSOLAR ensures a lifespan exceeding 30 years.
What Are the Key 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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Who Are the Key Players Shaping the Solar Cable Market's 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.
What Geographic Markets Are Powering Growth 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.
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