Solar Cable Market is expected to register exponential growth

According to the latest research report published by Market Data Forecast, The global solar cable market was at USD 880 million in 2023 and is predicted to grow at a CAGR of 14.71% to reach a value of USD 1750 million by the end of 2029, during the forecast period 2024-2029.

Solar Photovoltaic energy is an environmentally friendly technology and is predicted to play an important role in solving energy problems. The expansion of the solar photovoltaic industry is the main expansion driver of the solar cable market. The escalating use of solar cables in different applications and the rising number of solar projects in emerging economies complement the expansion of the industry.

Global Solar Cable Market Report Scope:

• Market Size (2029): US$ 1750 million
• Market Size (2023): USD 880 million
• CAGR (2024 to 2029): 14.71%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Product Type, Cable Type, Application, End Users, and Region.
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: General Cable Corporation, Atkore International Group Inc., Huber Suhner AG, Lumberg Connect GmbH, ReneSola Ltd, Ram Ratna Wires Ltd., Prysmian Group, Allied Wire& Cable, Taiyo Cable Tech Co. Ltd., Lapp Group, Eldra B.V, KBE Elektrotechnik GmbH, Ningbo Pntech New Energy Co., Ltd, Phoenix Contact GmbH Co. KG and Others.

Market Drivers:

The growing adoption of renewable energy is driving the solar cable market. In addition to the growing significance of environmental concerns, government incentives, and renewable energy sources. Technological developments in solar cable design have improved efficiency and durability, and growing solar photovoltaic system installations have expanded the industry. Furthermore, the epidemic stimulated a rise in interest in ecological solutions and renewable energy sources. Governments and organisations realised that part of their strategies for economic recovery should include expediting the shift to sustainable energy.
The solar cable market is expanding quickly due to the growing demand for renewable energy sources and government assistance and laws. In addition, sustainable and clean energy sources are becoming more popular as the world prepares to fight climate change. So, a large amount of money is invested in solar projects and important collaborations are also formed. Furthermore, the need for long term, high performing solar cables has increased along with the use of green energy sources. Hence, these are designed to meet modern challenges and high tech applications are specifically developed to withstand tough industrial environments and offer electromagnetic compatibility.

Market Restraints:

The solar cable market expansion is hampered by the price volatility of raw materials like copper. Furthermore, although some regions only rely on imports from the countries, others have an abundance of this raw material. Consequently, variations in material availability result in either a surplus or shortage in particular areas. It further impedes the expansion of the market and is the primary cause of price swings.
The first problem in producing solar energy is minimising the environmental impact of manufacturing all the essential elements, since solar energy production requires a lot of space and equipment. High upfront expenditures can also be incurred due to the high cost of certain parts. And this is especially true given how many grid connections and energy storage PV requires.
Solar farms require a lot of land, just like agricultural farms do, because they employ a lot of PV cables and connectors. This equates to 2.5 square kilometres every 100 megawatts (MW). Furthermore, the majority of utility scale PV power plants in the US have a capacity of 5 MW or less. But farms are getting bigger and bigger due to improved design and efficiency. Thus, the efficiency and design of PV cables and connectors are improving, while the amount of cable needed per MW is also lowering. However, solar farms continue to require a lot of them. More than 100000 connectors and 700 kilometres of wire may be found on a typical 100 MW farm.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/solar-cable-market

Key Insights from The Report:

• By product type, the copper segment led the market and accounted for the largest share of the global market in 2023.
• Based on cable type, the standard cables segment captured the highest share of the global market in 2023.
• Based on application, the solar panels wiring segment dominated the market in 2023.
• Based on end-users, the residential segment occupied the majority of the global market share in 2023.
• North America dominated the solar cable market in 2023. Europe accounted for the second-highest share of the global market in 2023 and on the other hand, the Asia-Pacific region is estimated to grow at the fastest CAGR during the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Product Type:
• Copper
• Aluminum Alloy

By Cable Type:
• Solid Cables
• Standard Cables

By Application:
• Solar Panels Wiring
• Underground Service Entrances
• Service Terminal Connections

By End-Users:
• Residential
• Commercial
• Industrial

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Solar Cable Market, By Product Type
6.1.1 Copper
6.1.2 Aluminum Alloy
6.1.3 Market Size Estimations & Forecasts (2024 - 2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Solar Cable Market, By Application
6.2.1 Solar Panels Wiring
6.2.2 Underground Service Entrances
6.2.3 Service Terminal Connections
6.2.4 Market Size Estimations & Forecasts (2024 - 2029)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Solar Cable Market, By Cable Type
6.3.1 Solid Cables
6.3.2 Standard Cables
6.3.3 Market Size Estimations & Forecasts (2024 - 2029)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Solar Cable Market, By End-User
6.4.1 Residential
6.4.2 Commercial
6.4.3 Industrial
6.4.4 Market Size Estimations & Forecasts (2024 - 2029)
6.4.5 Y-o-Y Growth Rate Analysis
6.4.6 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Solar Cable Market, by Region
7.2 North America - Market Analysis (2024 - 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Product Type
7.2.3 By Application
7.2.4 By Cable Type
7.2.5 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Product Type
7.3.3 By Application
7.3.4 By Cable Type
7.3.5 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Application
7.4.4 By Cable Type
7.4.5 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Application
7.5.4 By Cable Type
7.5.5 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Product Type
7.6.3 By Application
7.6.4 By Cable Type
7.6.5 By End-User

8. Key Player Analysis
8.1 General Cable Corporation
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Atkore International Group Inc
8.3 Huber Suhner AG
8.4 Lumberg Connect GmbH
8.5 ReneSola Ltd
8.6 Prysmian Group
8.7 Allied Wire & Cable
8.8 Taiyo Cable Tech Co. Ltd
8.9 Lapp Group
8.10 Havells

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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