Wilmington, Delaware, United States, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for solar cable was estimated to have acquired US$ 891.4 million in 2022. It is anticipated to advance with a rapid 13.6% CAGR from 2023 to 2031 and by 2031 the market is likely to gain US$ 2.5 billion.
Solar energy is becoming more accessible to both residential and business users because of the continually falling cost of solar panels. More people and companies are investing in solar systems as a result of falling solar panel prices. It is anticipated that the solar cable market would increase rapidly in the next years due to the rapid deployment of solar panels.
Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=36419
Global Solar Cable Market: Key Players
There are several solar cable producers, which contributes to the extremely fragmented nature of the worldwide market. The majority of firms are spending a lot of money on the research and development of new items in order to diversify their product offering.
The following companies are well-known participants in the global solar cable market:
- Lapp Group
- Nexans
- Prysmian Group
- Helukabel
- ABB Ltd.
- Havells
- Southwire
- Lumberg Group
- Zhejiang Renhe Photovoltaic Technology Co., Ltd.
- Taiyo Cabletec Corporation
- TBEA SunOasis
- SolarBOS
- Top Cable
Key developments in the global market for solar cable are:
| Market Player | Year | Key Developments |
| DPIIT, India | 2023 |
|
| Finolex Cables | 2023 |
|
Key Findings of Market Report
- Increased power output from a given surface area may result from improvements in solar panel efficiency.
- High-efficiency panels frequently need for specialized cabling solutions to guarantee that the increased power generation is safely and effectively delivered to inverters and the electrical grid.
- In order to minimize energy losses during transmission, specialized solar cables are made to manage the greater current and voltage levels associated with these cutting-edge solar panels.
- The overall energy generation of bifacial solar panels is increased by its ability to collect sunlight from both the front and back surfaces.
- The dual-sided power production in these panels sometimes necessitates the use of unusual wire architectures.
- Bidirectional power flow must be possible using solar cables for bifacial panels, which must be able to connect to both the front and the rear of the panels.
Market Trends for Solar Cables
- The stranded type segment is expected to dominate the market throughout the forecast period. In many solar systems, particularly in household and small- to medium-sized business projects, stranded solar cables are frequently employed.
- Stranded solar cables are commonly composed of cross-linked polyethylene (XLPE), a single-core polymer with a solid conductor. For the majority of typical solar panel systems, where electricity is sent straight from the panels to the inverter, these cables are affordable and acceptable.
Get Exclusive Discount on Solar Cable Market at: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=36419
Solar Cable Market Regional Outlook
Various reasons are propelling the growth of the solar cable market in different regions. These are:
- From 2023 to 2031, Asia Pacific is expected to make up the majority of the market. The market dynamics in the area are being driven by the growth of the solar energy industry and an increase in solar installations. The major markets for solar cables in the Asia Pacific region are Japan, India, and Australia.
- The solar cable market growth in North America are being driven by an increase in solar installations. Major market growth engines in the area include the United States and Canada.
- Market development in Europe is being driven by a surge in solar energy use. The region's top markets for solar cables are Germany, Spain, and Italy.
- Latin American countries such as Mexico, Brazil, and Chile have increased their solar capacity to fulfill rising energy demand while reducing greenhouse gas emissions.
- The Middle East and Africa, on the other hand, are making investments in solar energy to broaden their energy sources and lessen their dependency on fossil fuels. In turn, this is increasing market income in the area.
Global Solar Cable Market Segmentation
- Material
- Copper
- Aluminum
- Others
- Type
- Stranded
- Bifurcated Solid
- Voltage Type
- High Voltage Cable
- Medium Voltage Cable
- Low Voltage Cable
- Application
- Solar Panel Wiring
- Underground Service Entrances
- Service Terminal Connections
- Others
- End-use
- Residential
- Commercial
- Industrial
- Utility
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Place an Order Copy of Solar Cable Market Report at: https://www.transparencymarketresearch.com/checkout.php?rep_id=36419<ype=S
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
