Solar Cables Market to Reach $2.9 billion, Globally, by 2032 at 12.4% CAGR: Allied Market Research

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18 Aug, 2023, 10:20 ET

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PORTLAND, Ore., Aug. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Cables Market by Material Type (Copper, Aluminum, Others), by Type (Solid, Stranded), by End-Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The solar cables market was valued at $0.9 billion in 2022 and is estimated to reach $2.9 billion by 2032, exhibiting a CAGR of 12.4% from 2023 to 2032.

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The solar cables market is experiencing robust growth, driven by the increasing shift toward renewable energy sources. As businesses increasingly embrace solar power solutions to meet their energy needs, the demand for high-quality and efficient solar cables has risen significantly. These cables play a critical role in ensuring seamless energy transfer from solar panels to distribution systems, making them a vital component in the solar infrastructure. With sustainability at the forefront of business strategies, the solar cables market presents lucrative opportunities for manufacturers and suppliers to cater to the growing demand, while also contributing to the broader environmental and economic goals of the renewable energy sector.

Prime determinants of growth

The rapid growth of solar power installations, environmental concerns and climate change, and an increase in electricity demand are some prime determinants that drive the growth of the global solar cables market. However, high initial cost and competition from other renewable sources, and intermittent and seasonal variation restrict the market growth. Moreover, rural electrification and off-grid solutions, and energy storage solutions in emerging markets present new opportunities in the coming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$0.9 billion

Market Size in 2032

$2.9 billion

CAGR

12.4 %

No. of Pages in Report

280

Segments covered

Material Type, Type, End-Use, and Region.

Drivers

Rapid growth of solar power installations

Environmental concerns and climate change

Increase in electricity demand

Opportunities

Rural electrification and off-grid solutions

Energy storage solutions in emerging markets

Restraints

High initial cost and competition from other renewable sources Intermittent and seasonal variation

Impact Scenario

The Russia-Ukraine war reverberated across sectors, notably impacting the solar cables market.

Economic downturns also had diverse effects on the solar cables market.

The copper segment to maintain its leadership status throughout the forecast period

Based on material type, the copper segment held the highest market share in 2022, accounting for more than half of the global solar cables market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increasing adoption of rooftop solar installations is one of the key trends in the copper solar cables market. As more residential and commercial properties embrace solar energy to reduce electricity costs and promote sustainability, the demand for copper solar cables for rooftop applications has surged. However, the others segment such as cadmium copper and tin-plated copper are projected to manifest the fastest CAGR of 12.9% from 2023 to 2032. Tin-plated copper photo voltaic cables are gaining a reputation due to their enhanced corrosion resistance, making them well-suited for outside and harsh environments, thereby extending the lifespan of solar installations.

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The stranded segment to hold the lion's share throughout the forecast period

Based on type, the stranded segment held the highest market share in 2022, accounting for nearly three-fourths of the global solar cables market revenue, and is estimated to maintain its leadership status throughout the forecast period. As solar power installations continue to expand globally, there is an increasing demand for reliable and efficient solar cables that withstand the environmental challenges associated with outdoor use. However, the solid segment is projected to cite the fastest CAGR of 13.1% from 2023 to 2032. The rise in the demand for distributed solar power generation and rooftop installations drives the demand for these cables.

The commercial segment to maintain its leadership status throughout the forecast period

Based on the end-use, the commercial segment held the highest market share in 2022, accounting for more than two-fifths of the global solar cables market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rising global focus on sustainability and renewable electricity is driving the adoption of solar energy systems in commercial & industrial establishments, spurring the demand for solar cables. However, the residential segment is projected to cite the fastest CAGR of 12.7% from 2023 to 2032, owing to the rising global focus on renewable energy and sustainable practices. This in turn led to the increasing demand for residential solar installations.

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Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global solar cables market revenue, and is likely to dominate the market during the forecast period. Furthermore, the same region is also expected to witness the fastest CAGR of 12.8% from 2023 to 2032. The increasing commitment of governments to renewable energy targets and climate change mitigation has increased the number of solar installations. China and India, in particular, have ambitious solar capacity expansion plans. Technological advancements and cost reductions in solar equipment, including solar cables, also contribute to market growth. The increase in investment toward renewable energy sources is the major factor that is anticipated to offer new growth opportunities for solar cables in Asia-Pacific during the forecast period.

Leading Market Players: -

The report provides a detailed analysis of these key players in the global solar cables market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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