Market Research Report
Global Solar Cable Market - 2019-2026
|Published by||DataM Intelligence||Product code||803323|
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|Global Solar Cable Market - 2019-2026|
|Published: December 1, 2019||Content info:||
Global Solar Cables Market Overview
A solar cable is the interconnection cable used in photovoltaic power generation. Solar cables interconnect solar panels and other electrical components of a photovoltaic system. Solar cables are UV resistant and weather resistant. They can be used within a large temperature range and are generally laid outside.
The global solar cables market was worth $ XX billion in 2018 and is forecasted to reach $ XX billion by 2026, at a CAGR of XX% during the forecast period.
Global Solar Cables Market - Market Dynamics
The growth of the solar photovoltaic industry and rise in installed capacity of solar panels on a global basis is the primary factor influencing the solar cables market in a positive manner.
The rising awareness about the benefits associated with solar power in comparison to traditional energy generation technologies, such as coal and gas, have ensured a high product demand for solar cables.
For instance, according to Solar Energy Industries Association, the USA installed 1.7 gigawatts (GW) of solar PV capacity in Q3 2018 to reach 60 gigawatts (GW) of total installed capacity, with a total of more than 1.9 million solar installations, ensuring higher sales volume of solar cables.
In June 2018, Trina Solar Limited, a leading total solutions provider for solar energy, have won bid for a 250 MW PV power plant project in Tongchuan, Shaanxi, China. This 250MW solar power plant project is designed as an advanced agricultural solar power plant, the high-tech system integrates multiple functions in terms of agriculture, photovoltaics, tourism and poverty reduction.
In June 2018, Delta, a global leader in power and thermal management solutions, have introduced its new 1,500 Vdc string solar PV inverter M125HV series. The M125HV is designed to optimize the productivity of solar PV power plants as it features industry-leading peak efficiency up to99%, 125kVA of maximum output power, active cooling, and an electromagnetic interference (EMI)-proof design.
In August 2016, ExtenSolar Renewable Energy Co. Ltd, a professional solar mounting system provider, have signed an agreement with EPC Company in China, to design &supply a 500KW Solar PV project.
Global Solar Cables Market - Segment Analysis
Based on end user the global market for solar cables is broadly segmented as by residential, commercial, and industrial.
Commercial is the dominant segment and it accounts for approximately XX% of the market, due to the rapid rise of installation of solar panels in commercial segment, in off-site locations and rooftop corporate procurement agreements have ensured the growth of the commercial segment in terms of sales volume.
For instance, in October 2018, Walmart have signed an agreement with SunPower to have the commercial energy provider install a mix of rooftop and ground-mount solar systems at 19 stores and two distribution centers in Illinois.
On September 2018, Sharp Energy Solutions Corporation, Thanh Thanh Cong Group, and the Gia Lai Electricity Joint Stock Company, operating under Thanh Thanh Cong Group, underwent a joint construction project. It is the first mega solar power plant in Vietnam began commercial operation.
Global Solar Cables Market - Geographical Analysis
The global solar cables market is segmented into North America, Europe, Asia Pacific, South America and ROW.
North America is dominating the global solar cables market, it is expected to garner high surge in product demand owing to the attempts of the region to reduce energy consumption on a nationwide level, rising awareness about the benefits of solar power, and to sustain shift in climatic conditions and economic growth of renewable energy sector.
For instance, according to the U.S. Department of Energy, the average cost of solar PV panels has dropped more than 60% since 2010, driving the market demand for solar cables in the U.S.
The solar electricity generation in the U.S. is now at par with conventional energy sources in several states such as California, Hawaii, Texas, and Minnesota. The market demand for end-products is therefore concentrated in the region and is expected to remain stable during the forecast period.
Global Solar Cables Market - Competitive Analysis
The installation of solar panel and strategic agreement between companies for solar cables is one of the key factor driving the global solar cables market.
In August 2017, Sunrun Inc. and Comcast have signed an agreement designed to accelerate the adoption of solar energy through the installation of Sunrun's leading rooftop solar products and provide consumers with savings on their electric bills.
In March 2017, Amazon have introduced a new initiative to generate clean energy by installing solar panels on its fulfillment facilities around the world. The company have deploy large-scale solar systems on rooftops of more than 15 fulfillment and sortation centers in the U.S. in 2017 and is planning to deploy solar systems on 50 fulfillment and sortation centers globally by 2020.
July 17, 2017 - Nexans, a global expert in cables and cabling solutions, have introduced a new 600 kilo-watt peak solar power system at its Liban Cables Naher Ibrahim industrial facility North of Beirut, Lebanon. The project was co-funded by Liban Cables and the Global Environment Facility (GEF), which will reduce greenhouse gas emissions by 750 tons per year by replacing one of its diesel generators with solar energy.
In June 2015, Nexans have received a contract by Eiffage Energie on behalf of Clemessy to supply specialized photovoltaic cables and power cables for the Cestas solar farm in France.