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Industrial Solar Cable Market Size
Industrial Solar Cable Market size was valued at USD 2.6 billion in 2023 and is estimated to grow at a CAGR of 8.6% between 2024 and 2032, due to the increasing adoption of renewable energy sources, particularly solar power, necessitates efficient transmission infrastructure, boosting demand for various types of solar cables.
Based on data from the International Renewable Energy Agency, there was a notable surge in global solar photovoltaics installed capacity, growing by over 22% from 2021 to 2022, in stark contrast to the mere 2% growth observed in concentrated solar power systems during the same period. Furthermore, governments worldwide are implementing policies and incentives to promote renewable energy development, stimulating market growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 2.6 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.6% |
| 2032 Value Projection: | USD 5.5 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 535 |
| Segments covered: | Type, Material, Current |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Industrial Solar Cable Market Trends
The rapid expansion of solar energy installations, coupled with supportive government policies and incentives, is propelling the global industrial solar cable industry. Government incentives such as tax credits and subsidies further stimulate investment in solar projects, amplifying demand for high-quality cables to transmit power efficiently and reliably.
For instance, in Nov 2023, Australia has established an ambitious objective to derive over 80% of its electricity from renewable sources including solar photovoltaic (PV) and wind power by 2030. This symbiotic relationship between solar growth and policy support fosters a robust market for industrial solar cables, meeting the escalating needs of the renewable energy sector.
Industrial Solar Cable Market Analysis
Industrial solar cable industry is categorized into PW wire, USE-2 Wire, and THHN wire based on type. The PW wire segment is projected to reach USD 2.9 billion by 2032, as the product offer superior performance, durability, and reliability, making them ideal for industrial solar applications. Increasing investments in renewable energy infrastructure, along with supportive government policies favoring solar projects, are further propelling the demand for PW wires.
For instance, in October 2023, the Solar Energy Corporation of India (SECI) initiated a tender aimed at developing approximately 1 GW of transmission grid-network connected solar projects between states entailing the execution of a 25-year power purchase contract between SECI and developers.
The copper industrial solar cable market is set to expand at over 8% CAGR through 2032. Ongoing innovations including conductive polymers, composite materials, and hybrid alloys to offer improved conductivity and cost-effectiveness coupled with new initiatives by key industry players will positively stimulate the industry dynamics. For instance, in March 2023, BELECTRIC Solar Ltd UK and NextEnergy Solar Fund have entered into a formal framework agreement for the operation and maintenance (O&M) of solar farms exceeding 150 MWp shaping the industry competition.
Asia Pacific industrial solar cable market is anticipated to surpass USD 3 billion by 2032. The region's rapidly expanding industrial sector, particularly in countries like China and India, demands extensive solar energy infrastructure, driving the need for specialized cabling. Additionally, supportive government policies and incentives aimed at promoting renewable energy adoption further boost market growth.
For example, in July 2022, the housing department of China, in conjunction with the National Development and Reform Commission, has unveiled a strategic initiative aimed at integrating solar panels into new public buildings and factories across urban and rural areas. The ambitious goal is to ensure that by 2025, 50% of the construction in towns and cities will be equipped with solar panel technology.
Industrial Solar Cable Market Share
Prysmian group has emerged among the key players across the industrial solar cable industry on account of its extensive product range offers diverse solutions catering to various applications. Its commitment to innovation ensures high-quality, technologically advanced products meeting industry standards. Additionally, Prysmian's global presence and strong distribution network facilitate easy accessibility for customers worldwide.
Industrial Solar Cable Market Companies
Some of the major companies prevailing in the industry consist of:
- ABB
- Alpha Wire
- Allied Wire & Cable
- Belden Inc.
- Furukawa Electric Co. Ltd.
- Fujikura Ltd.
- General Cable
- Helukabel
- Hellenic Group
- Havells
- Kabelwerk Eupen AG.
- KEI Industries
- LS Cable and System
- Leoni Cables
- Lapp Group
- Northwire Inc.
- Nexans SA
- Prysmian Group
- Polycab
- RR Kabel
- Southwire Company LLC
- TE Connectivity Ltd.
Industrial Solar Cable Industry News
- In January 2023, Nexans partnered with TriMet for a project of a recycled aluminum material for the aluminum rod manufacturing which is used in electrical cables. These companies are focusing on carbon footprint as the product has the capability to adapt material properties.
- In March 2020, Hellenic Cables signed an Energinet framework agreement for underground high-voltage cables delivery. The company is one of the three companies that is selected for this eight-year agreement. This has expanded its portfolio with market reach across the wire and cable industry.
The industrial solar cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Tonnes” & “USD Billion” from 2019 to 2032, for the following segments:
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Market, By Type
- PW Wire
- USE-2 Wire
- THHN Wire
Market, By Material
- Copper
- Aluminum
- Others
Market, By Current
- AC
- DC
The above information has been provided for the following countries across the regions:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Netherlands
- Italy
- Spain
- Germany
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- South Africa
- Egypt
- Latin America
- Brazil
- Argentina
- Peru
Frequently Asked Questions (FAQ) :