The Global Solar Cables Market size is expected to reach $2.1 billion by 2030, rising at a market growth of 11.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 147.5 million Units (Per 10 Feet) experiencing a growth of 11.3% (2019-2022).
Commercial buildings, factories, and warehouses are installing solar panels to cut operational costs and demonstrate corporate social responsibility by utilizing clean energy sources. Therefore, Commercial segment generated $418.9 million revenue in the market in 2022. Solar power offers individuals and businesses energy independence by generating electricity on-site. This resilience becomes particularly attractive during power outages or disruptions in traditional energy supplies, driving the installation of solar panels, which converts into the rising demand for solar cables. Therefore, the rising demand for solar energy and increasing installations of solar panels are increasing the demand in the market. Some of the factors impacting the market are increasing environmental awareness and sustainability, government incentives and policies and high cost and fluctuation in the prices of raw materials.
As environmental and climate change concerns become more widely known, governments, companies, and people are motivated to adopt more sustainable and environmentally friendly solar power and other forms of renewable energy. This trend fuels the demand for solar cables as a part of the renewable energy infrastructure. An increasing recognition of the imperative to mitigate carbon footprints and environmental concerns has precipitated a substantial transition towards renewable energy sources, such as solar power. Additionally, according to the International Trade Administration (ITA), ACWA Power is central to Saudi Arabia's Vision 2030 initiative to eradicate oil from its power generation framework. Saudi Arabia intends to generate fifty percent of its electricity from renewable sources and fifty percent from gas by 2030. Under this framework, ACWA Power's inaugural undertaking will be a solar facility in Sudair, north of Riyadh. At 1,500 megawatts of installed capacity, it will surpass all single-contracted solar PV plants globally. Thus, increasing environmental awareness is swiftly increasing the demand for solar cables in the market and consequently, such governmental initiatives support expanding the market.
However, Cost fluctuations for raw materials can have a substantial effect on the expenses associated with the production of solar cables. Several vital raw materials used in the manufacturing of solar cables are subject to price fluctuations, affecting the overall cost of production. Frequent changes in the supply and demand for raw materials used in solar cables can lead to price fluctuations. Variations in global production levels, unexpected supply chain disruptions (e.g., natural disasters, geopolitical tensions), or increased demand due to industry growth can impact prices. Consequently, raw material prices' high cost and extreme volatility hinder the market demand for solar cables.
On the basis of type, the market is segmented into solid and stranded. The stranded segment recorded the largest revenue share in the market in 2022. Stranded construction enhances flexibility, making the cable more pliable and resistant to bending stress. Stranded conductors exhibit greater flexibility and reduced susceptibility to fracture in solar installations, which may require cables to traverse confined areas, circumvent corners, or traverse structures. The flexibility of stranded conductors is driving the growth of the segment.
Based on end-use, the market is divided into residential, commercial, and industrial. The residential segment witnessed a considerable revenue share in the solar cable market in 2022. Homeowners can generate electricity by installing solar panels, thereby decreasing their reliance on the power grid and electricity costs. By developing their electricity, homeowners become less reliant on the traditional energy grid, providing a degree of energy independence and security, especially during power outages. Therefore, the increasing use of solar panels in residential areas is growing the demand in the segment.
Based on material type, the market is divided into copper, aluminum, and others. In 2022, the copper segment garnered the highest revenue share in the market. Copper is a highly conductive metal, allowing electricity to flow with minimal resistance. This property is crucial for solar cables as it helps minimize power losses during the transmission of electricity generated by solar panels. Therefore, copper's high-quality conduction property is propelling the segment's growth.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 866 Million |
| Market size forecast in 2030 | USD 2.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 11.7% from 2023 to 2030 |
| Number of Pages | 315 |
| Number of Table | 670 |
| Quantitative Data | Volume in Million Units (Per 10 Feet), Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Material Type, End-Use, Region |
| Country scope |
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| Companies Included | Leoni AG, Nexans S.A., Prysmian Group, Belden, Inc., KEI Industries Limited, Havells India Ltd., Amphenol Corporation (Amphenol Industrial Products Group), Jainflex Cables Pvt. Ltd., HELUKABEL GmbH, and Top Cable S.A. |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated a substantial revenue share in the market. Various federal, state, and local government initiatives in the United States and Canada promote renewable energy adoption, including solar power. Tax incentives, rebates, grants, and renewable energy mandates encourage investments in solar installations, thereby boosting the demand for solar cables.
Free Valuable Insights: Global Solar Cables Market size to reach USD 2.1 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Leoni AG, Nexans S.A., Prysmian Group, Belden, Inc., KEI Industries Limited, Havells India Ltd., Amphenol Corporation (Amphenol Industrial Products Group), Jainflex Cables Pvt. Ltd., HELUKABEL GmbH, and Top Cable S.A.
By Type (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By End-Use(Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By Material Type (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By Geography (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
The Market size is projected to reach USD $2.1 billion by 2030.
Government incentives and policies are driving the Market in coming years, however, High cost and fluctuation in the prices of raw materials restraints the growth of the Market.
Leoni AG, Nexans S.A., Prysmian Group, Belden, Inc., KEI Industries Limited, Havells India Ltd., Amphenol Corporation (Amphenol Industrial Products Group), Jainflex Cables Pvt. Ltd., HELUKABEL GmbH, and Top Cable S.A.
In the year 2022, the market attained a volume of 147.5 million Units (Per 10 Feet) experiencing a growth of 11.3% (2019-2022).
The Commercial segment is generating the highest revenue in the Market by End-Use in 2022; thereby, achieving a market value of $969.4 Million by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $904.9 Million by 2030.
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