Solar Cable Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Solar Cable Market is segmented By Material Type (Copper, Aluminium, and others), By End User (Residential,  Commercial, Industrial), By Application (Solar Panels Wiring, Underground Service Entrances, Service Terminal Connections), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2024-2031

Market Overview

Solar Cable market is estimated to grow at a CAGR of 2.4% during the forecast period 2024 - 2031.

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 broad temperature range and are generally laid outside.

Market Summary

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Market Dynamics

• The solar photovoltaic industry's growth and the rise in solar panels' installed capacity is the primary factor influencing the solar cables market.

• The rising awareness about solar power benefits compared to traditional energy generation technologies, such as coal and gas, has 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 solar energy solutions provider, 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 agriculture, photovoltaics, tourism, and poverty reduction.

• In June 2018, Delta, a global leader in power and thermal management solutions, introduced its new 1,500 Vdc string solar PV inverter M125HV series. The M125HV is designed to optimize solar PV power plants' productivity as it features industry-leading peak efficiency of up to 99%, 125kVA of maximum output power, active cooling, and electromagnetic interference (EMI)-proof design.

• In August 2016, ExtenSolar Renewable Energy Co. A professional solar mounting system provider has signed an agreement with EPC Company in China to design &supply a 500KW Solar PV project.

Market Segmentation Analysis

• Based on end-users, solar cables' global market is broadly segmented as residential, commercial, and industrial.

• The commercial is the dominant segment. It accounts for approximately XX% of the market. Due to the rapid rise of solar panel installation in the commercial division, off-site locations and rooftop corporate procurement agreements have ensured the business segment's growth in sales volume.

• For instance, in October 2018, Walmart 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.

• In 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 to begin commercial operation.

Market Geographical Share

• 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 a high surge in product demand owing to the attempts of the region to reduce energy consumption on a national level, raising awareness about the benefits of solar power, and sustain shift in climatic conditions and economic growth of renewable energy sector.

• For instance, according to the U.S. Department of Energy, solar PV panels' average cost has dropped more than 60% since 2010, driving the market demand for solar cables in the U.S.

• 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. Therefore, the market demand for end products is concentrated in the region and is expected to remain stable during the forecast period.

Companies and Competitive Landscape

Implementing a solar panel and strategic agreement between companies for solar cables are critical factors driving the global solar cables market.

• In August 2017, Sunrun Inc. and Comcast signed an agreement to accelerate solar energy adoption by installing Sunrun’s leading rooftop solar products and providing consumers with savings on their electric bills.

• In March 2017, Amazon introduced a new initiative to generate clean energy by installing solar panels in its fulfillment facilities worldwide.

• The company has to 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 implement solar systems on 50 fulfillment and sortation centers globally by 2020.

• July 17, 2017 – Nexans, a global expert in cables and cabling solutions, has introduced a new 600 kilo-watt peak solar power system at its Liban Cables Naher Ibrahim industrial facility in North 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 received a contract from Eiffage Energie on Clemessy to supply specialized photovoltaic cables and power cables for the Cestas solar farm in France.

• Key players are Allied Wire & Cable, Inc., Amphenol Industrial Products Group, Eldra B.V., General Cable Corporation, KBE Elektrotechnik GmbH, Lapp Group, Lumberg Group, Ningbo Pantech New Energy Co., Ltd., Phoenix Contact GmbH & Co. KG, Taiyo Cable Tech Co., Ltd.