New report anticipates the market advancing with a rapid 13.6% CAGR from 2023 to 2031.
The global market for solar cable is estimated to have acquired US$ 891.4 million in 2022, a new report from Transparency Market Research reveals.
The report says the market is anticipated to advance with a rapid 13.6% CAGR from 2023 to 2031 to gain US$ 2.5 billion.
Solar power generating uses different cables than industrial facilities. They can endure high temperature changes, rain, prolonged exposure to ozone and sunshine and direct Ultraviolet (UV) radiation, among other challenging environmental factors.
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 will increase rapidly in the next years due to the rapid deployment of solar panels.
There are several solar cable producers, which contributes to the extremely fragmented nature of the worldwide market.
The report references a majority of firms as investing heavily in research and development to diversify their product offering.
Key findings of the report include:
- 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
- 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.
The report says solar cable market growth in North America is being driven by an increase in solar installations.
However, the report expects APAC to make up the majority of the 2023-2031 market.
There, the market dynamics are identified as driven by the growth of the solar energy industry and an increase in solar installations.
