Global Solar Cables Market is Expected to Reach USD 1,881.3 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Solar Cables Market by Product, by Material, by Voltage Type, by Industry Vertical and by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 739.4 Million in 2022 and is expected to grow at a moderate growth rate of 11.3% by the year 2031.

As per Growth Market Reports industry analyst Akash Vedpathak, “Global Solar Cables Market is anticipated to witness significant growth during the forecast period 2023-2031.

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Solar cables are a crucial component of the renewable energy industry. These specialized electrical wires are designed to efficiently transmit energy generated from solar panels to various power systems. They are manufactured to meet the demanding requirements of solar power applications. Solar cables consist of high-quality conductive materials, usually copper or aluminum, ensuring optimal electrical conductivity. Solar cable has top-notch insulation. Traditional insulation materials are replaced with advanced, UV-resistant compounds specifically formulated to withstand continuous exposure to sunlight. This innovation ensures the longevity of solar cables in outdoor settings, making them ideal for solar energy systems installed in open environments.

Key factors that are anticipated to fuel the demand for the global Solar Cables market during the forecast period are Growing Embrace of Renewable Energy, Rising Transition to the Net Zero Economy, Energy Efficiency Requirements, and Technological advancements . Conversely, Regulatory Challenges and Intermittency of Solar Energy hamper the market growth of the Solar Cables market. Rural Electrification and Energy Storage Integration creates opportunities in the market.

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Solar Cables market involves raw material suppliers, manufacturers, distributors, and end-users. Raw materials such as Aluminum, Copper, Steel, Metal, Plastic, and Others are sourced by manufacturers. Manufacturers use raw materials, such as aluminum, rubber, and others, to manufacture solar cables. Quality checks are performed throughout the production process by manufacturers to ensure the quality of the product. These products are then supplied to the distributors, who provide them to the end-users. End-users are the final step of the supply chain where consumption takes place. End-users of solar cables include residential, commercial, industrial, utilities, and others.

The primary, as well as secondary research methodology, is used for keen observation and study about the Solar Cables market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 has significant impact on the Solar Cables market in 2020. Disruptions in supply chains in the early months of the pandemic led to shortages and price increases. A decline in demand for solar cables was registered, as many solar projects were put on hold. Impact of the pandemic on the solar cables market was relatively short-lived. Post-pandemic, the supply chain recovered and demand for solar cables rebounded. The solar cables market is expected to grow significantly in the coming years, driven by the increasing adoption of solar energy.

Key Takeaways from the Study:

Based on product, the solar cables market is segmented into stranded and solid. The solid segment is projected to expand at a significant CAGR during the forecast period, owing to the development of the solar photovoltaic industry, rising awareness and applications of renewable energy, growing power distribution sector, and others.

In terms of Material , the Solar Cables market is divided into Copper, Aluminum, and Others. The Aluminum segment is expected to hold a significant market share and is projected to expand at a significant CAGR during the forecast period. Aluminum is less expensive than copper, but it is also less conductive and less durable. Because of its lightweight qualities, aluminum solar cable is preferred by some households and even professional solar experts. It is lighter than copper solar cable, making it easier to install. When installing the solar panels, its easier to transport aluminum solar wiring, thus propelling the growth.

Based on the voltage type, the global solar cables market is segmented into low voltage (LV), medium voltage (MV), and high voltage (HV). The low voltage (LV) segment is expected to hold a significant market share in 2022, and is projected to expand at a significant CAGR during the forecast period, due to the growing emphasis on electrification in both existing and new households, which is primarily driven by  growing urban population and the need to improve electrification rates have led to the expansion of distribution networks, thereby driving the demand for low voltage cables. The growth of the market is further supported by the strong construction activity of the commercial sector which often includes the installation of the solar panels.

Based on industry vertical , the solar cables market is segmented into residential, commercial, industrial, and utilities. The Residential segment is projected to expand at a significant CAGR during the forecast period. The demand for solar energy is growing rapidly, as homeowners are looking for ways to reduce their energy costs and environmental impact. This is driving the growth of the residential solar market, and in turn, the demand for solar cables. Also, many governments across the globe offers subsidies and incentives for solar installations, which is making solar energy more affordable for homeowners. This is further driving the growth of the residential solar market and the demand for solar cables.

On February 2023, Prysmian Group launched Prysmian PRYSOLAR, enhanced with long-term resistance in water up to 1800 V DC and fully compliant with the applicable global standards, IEC 62930 and EN 50618. The company showcased its full range of technologies at Genera 2023, the International Energy and Environment Fair held in Madrid from 21 to 23 February 2023 (stand 10D17).

On 30th November 2020, LS Cable & System Ltd. expanded its portfolio by acquiring international technology and safety certifications for its cables and supplying them to massive solar power projects. In fact, its Vietnamese production company, LS-VINA Cable & System Joint Stock Co., supplied 50 million U.S. dollars’ worth of power cables to Vietnam’s large solar power plant project.

On the basis of region, the global solar cables market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold a significant market share and is projected to expand at a significant CAGR during the forecast period, due to the expanding consumer electronic sector and the development of grid infrastructure networks. Manufacturers are making significant investments in research and development to improve their product offerings in response to evolving consumer demand. The shift towards solar renewable energy sources has increased the demand for solar cable products capable of efficiently transmitting solar renewable energy over long distances. Furthermore, the integration of smart grid technologies, including advanced metering infrastructure and distribution automation, necessitates the use of solar cables.

On 11th September 2023, Amphenol Industrial Operations announced that they will be expanding its operations with a new solar product factory opening in Q4 of 2023. This new facility will be located in Mesa, Arizona and is expected to create up to 50 new specialized jobs. It will focus on manufacturing solar junction boxes, connectors, and other advanced interconnect assemblies to support the solar energy industry.

Report Scope:

Target Audience:

• Supply-side: Manufacturers, raw material suppliers, and distributors

• Demand Side: Commercial use, Industrial companies, and Energy & Utilities