Solar Cable Market Forecasts to 2030 – Global Analysis By Material Type (Aluminum, Copper and Other Material Types), Voltage Type (High Voltage Cable, Medium Voltage Cable and Low Voltage Cable), Cable Type, Application, End User and By Geography

Solar Cable Market Forecasts to 2030 – Global Analysis By Material Type (Aluminum, Copper and Other Material Types), Voltage Type (High Voltage Cable, Medium Voltage Cable and Low Voltage Cable), Cable Type, Application, End User and By Geography

According to Stratistics MRC, the Global Solar Cable Market is accounted for $2.15 billion in 2023 and is expected to reach $4.46 billion by 2030 growing at a CAGR of 11% during the forecast period. Solar cables are specialized electrical cables designed for use in photovoltaic (PV) systems to connect solar panels, inverters, and other components within solar power installations. Typically insulated with materials resistant to UV radiation and weathering, solar cables ensure safe and efficient transmission of direct current (DC) electricity generated by solar panels to inverters or charge controllers, facilitating the integration of solar energy into electrical grids or off-grid systems.

According to Department for Promotion of Industry and Internal Trade (DPIIT), more than USD 42 billion has been invested in India’s renewable energy sector since 2014 and new investment in clean energy in the country reached USD 11.1 billion in the year 2018.

Market Dynamics:

Driver:

Rising solar installations

The growing adoption of solar energy as a renewable power source is a major driver for the solar cable market. The growing awareness of environmental issues and the need to reduce carbon emissions have propelled the demand for solar energy. Solar power is considered a clean and sustainable alternative to fossil fuels, making it an attractive option for individuals, businesses, and governments aiming to reduce their carbon footprint. As a result, the installation of solar panels has been on the rise, leading to an increased demand for solar cables.

Restraint:

High initial investment costs

Establishing a solar energy installation requires substantial upfront capital expenditure for purchasing solar panels, inverters, mounting structures, and associated components like solar cables. However, these costs can be particularly prohibitive for residential, commercial, and industrial entities with limited financial resources or stringent budget constraints. Therefore, high initial investment costs are an element limiting market expansion.

Opportunity:

Advancements in solar technology

As solar power systems evolve and improve the demand for high-quality and efficient solar cables increases. Higher-efficiency panels can convert a greater amount of sunlight into electricity, resulting in increased power output. Furthermore, advancements in energy storage technology, such as lithium-ion batteries, have become an integral part of solar power systems. Energy storage enables the storage of excess solar energy generated during the day for use during periods of low sunlight or high demand. Therefore, advancement in solar technology is a significant factor propelling market demand.

Threat:

Competition from alternative energy sources

The solar cable market faces competition from alternative energy sources, which poses a threat to its growth and market share. Wind turbines generate electricity by harnessing the power of wind, and wind farms have been established in many regions worldwide. Additionally, another alternative energy source competing with solar energy is hydropower. Hydropower plants generate electricity by utilizing the energy from flowing or falling water. In regions with abundant water resources, hydropower projects may be favored over solar installations, leading to reduced demand for solar cables.

Covid-19 Impact

The COVID-19 pandemic had a multifaceted impact on the solar cable market. Initially, lockdown measures and disruptions in supply chains led to delays in project timelines and installations, causing a temporary slowdown in demand for solar cables. Moreover, the economic downturn resulting from the pandemic prompted budget constraints and financing challenges for solar projects, particularly in sectors heavily affected by the crisis, such as commercial and industrial segments. This reduced investment appetite and caused project cancellations or postponements, affecting the demand for solar cables during the pandemic.

The stranded segment is expected to be the largest during the forecast period

The stranded segment is estimated to hold the largest share. The stranding of the wires allows for flexibility and durability, making it suitable for outdoor installations where the cable may be subjected to bending, twisting, or other forms of mechanical stress. Additionally, the increased surface area provided by the stranding allows for efficient conduction of electricity, minimizing power losses and maximizing the overall efficiency of the PV system.

The solar panel wiring segment is expected to have the highest CAGR during the forecast period

The solar panel wiring segment is anticipated to have lucrative growth during the forecast period. These cables are engineered to have excellent insulation properties, ensuring the safe and efficient transmission of electrical energy while protecting against potential hazards such as moisture, UV radiation, and temperature fluctuations. Overall, solar panel wiring plays a critical role in the reliability, efficiency, and safety of solar power systems, making it an essential component within the broader solar cable market.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. Rapid industrialization, urbanization, and increasing investments in renewable energy infrastructure are fueling the demand for solar cables in countries like China, India, Japan, and Australia. China, being one of the largest consumers and manufacturers of solar energy components, contributes substantially to market growth in the region. Moreover, the government's supportive policies and initiatives towards clean energy adoption further propel the demand for solar cables in the country.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. Favorable government policies and incentives aimed at promoting renewable energy adoption, such as tax credits and rebates, have stimulated the demand for solar cables in residential, commercial, and utility-scale solar projects. Additionally, technological advancements and innovations in solar cable design and manufacturing have improved efficiency, reliability, and safety standards. This has led to increased confidence in solar energy systems, further driving market demand.

Key players in the market

Some of the key players in the Solar Cable Market include Belden Inc., Havells, Kabelwerk Eupen AG., Allied Wire & Cable, Hellenic Group, Furukawa Electric Co. Ltd., ABB, Leoni Cables, Lapp Group, Leoni AG, Nexans SA, Polycab, Prysmian Group, LS Cable and System, Northwire Inc., Southwire Company LLC and TE Connectivity Ltd.

Key Developments:

In June 2023, Leoni AG has strengthened its cooperation with ProCab for the supply of cables to the automotive industry. This is due to the fact that companies can combine their resources, experience and knowledge to create better and more innovative products.

In April 2023, Havells India entered into a commercial agreement with Swedish tech start-up, Blixt Tech AB, to introduce Solid State Circuit Breaker (SSCB) technology in the domestic market.

In April 2023, Havells has partnered with Swedish tech startup Blixt Tech AB to bring Solid State Circuit Breaker (SSCB) technology to the Indian market. This move demonstrates Havells’ commitment to innovative and future-ready solutions and strengthens its position in the switchgear segment, according to a joint statement.

Material Types Covered:
• Aluminum
• Copper
• Other Material Types

Voltage Types Covered:
• High Voltage Cable
• Medium Voltage Cable
• Low Voltage Cable

Cable Types Covered:
• Stranded
• Solid

Applications Covered:
• Underground Service Entrances
• Solar Panel Wiring
• Service Terminal Connections
• Other Applications

End Users Covered:
• Commercial
• Residential
• Industrial
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements