Solar Cable Global Market Report 2024

Solar cable refers to a specialized type of electrical cable that comprises multiple insulated wires bundled together within an outer jacket. These cables are specifically designed to endure intense UV exposure, elevated temperatures, and various environmental conditions. Typically, solar cables are utilized externally or embedded within solar panels.

The main types of solar cables include solid and stranded varieties. Solid solar wire consists of a single conductor, providing a compact design while delivering the same current capacity as stranded wire. The materials used for solar cables encompass copper, aluminum, and others, catering to diverse applications such as solar panel wiring, underground service entrances, and service and terminal connections. Various end-users, including residential, commercial, and industrial sectors, utilize solar cables for their solar energy systems.

The solar cable market research report is one of a series of new reports from The Business Research Company that provides solar cable market statistics, including solar cable industry global market size, regional shares, competitors with solar cable market share, detailed solar cable market segments, market trends, and opportunities, and any further data you may need to thrive in the solar cable industry. This solar cable market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The solar cable market size has grown rapidly in recent years. It will grow from $0.87 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth observed in the historic period can be attributed to factors such as government incentives, the expansion of solar energy capacity, increasing environmental awareness, cost reduction in solar energy technologies, and international agreements and regulations promoting the adoption of solar power.

The solar cable market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to factors such as increased solar capacity, advancements in energy storage technologies, international commitments to clean energy, rising energy demand, and infrastructure development. Major trends expected in the forecast period include market competition and innovation, ongoing technological advancements in the solar energy sector, efforts to reduce costs and enhance price competitiveness, the global expansion of solar projects, and a growing awareness of sustainable practices among consumers and businesses.

The solar cable market is anticipated to experience a boost due to increased investments in smart grid projects focused on solar energy. Smart grids, characterized by advanced information and communication technology, aim to enhance the efficiency, reliability, and sustainability of electricity production and distribution. Solar cables play a crucial role in connecting solar panels to inverters, converting direct current (DC) into suitable alternating current (AC) for grid distribution. As of July 2023, the International Energy Agency reported an 8% surge in electricity grid investments in 2022. Aligning with the Net Zero Emissions (NZE) scenario, it is imperative for annual electricity grid investments to average around USD 600 billion until 2030. Consequently, the increasing investments in smart grids are a driving force behind the growth of the solar cable market.

The solar cable market is poised for expansion due to the rapid growth of solar power installations. These installations involve the deployment of photovoltaic (PV) systems, converting sunlight into electricity. Solar cables are essential for transmitting the generated electricity from solar panels to inverters and other components within the solar power system. Notably, in October 2022, the U.S. Energy Information Administration reported a 34% increase in installed residential solar power, rising from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021. This surge in solar power installations is a key factor contributing to the growth of the solar cable market.

The growth of the solar cable market is expected to face constraints due to the unpredictable fluctuations in raw material costs. These fluctuations create uncertainty in production expenses, potentially impacting the affordability and accessibility of crucial components for solar power installations, thereby influencing the overall expansion of the solar cable market. As an example, in November 2023, Trading Economics, a US-based IT services company, reported that the price of copper, a key raw material for solar cables, was $7,937.18 per metric ton, marking a 3.74% increase from the previous year. Furthermore, copper prices have exhibited volatility in recent years, reaching an all-time high of $5.02 per pound in 2022. Consequently, the variability in raw material costs is a limiting factor for the growth of the solar cable market.

Leading companies in the solar cable market are responding to this challenge by introducing innovative products, such as PV cable solutions, to enhance the durability of cables and expand their global market presence. PV cable solutions are used in photovoltaic (PV) systems to connect various components such as solar panels, inverters, and combiner boxes. For instance, in March 2023, Prysmian Group, an Italy-based manufacturing company, launched the Prysmian PRYSOLAR, a cable solution recognized for its durability and compliance with global standards EN 50618 and IEC 62930. The Prysmian PRYSOLAR can withstand wet environments, handle voltages up to 1800 V DC, and undergoes industry-first test protocols to ensure longevity, even in extreme weather conditions, with a guaranteed lifespan of over 30 years.

In September 2022, Ravicab Cables Pvt. Ltd., an India-based cable and wire manufacturing company, acquired Leoni Cable Solutions India Pvt. Ltd. for an undisclosed amount. This acquisition was aimed at expanding Ravicab Cables' market reach and product portfolio in the cable and wire sector. Leoni Cable Solutions India Pvt. Ltd. is known for providing cable solutions for industrial projects, automotive, solar, and railway products in India.

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.

Asia-Pacific was the largest region in the solar cable market in 2023. 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.

The countries covered in the Solar Cable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The solar cable market consists of sales of DC solar cables, solar DC main cables, and solar AC connection cables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Solar Cable Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on solar cable market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for solar cable ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solar cable market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Prysmian Group; Nexans S.A.; JinkoSolar Holding Co., Ltd.; KEI Industries Limited; Phoenix Contact GmbH & Co. KG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.