Solar Cable Market Size - By Type (PW Wire, USE-2 Wire, THHN Wire), By End Use (Residential, Commercial, Industrial), By Current (AC, DC), Regional Outlook & Forecast, 2024 – 2032

Solar Cable Market Size

Solar Cable Market was valued at USD 2.15 billion in 2023 and is anticipated to register a CAGR of over 9% between 2024 and 2032, driven by the increasing adoption of solar energy worldwide. Along with growing emphasis on renewable energy sources, government incentives, and environmental concerns. Technological advancements in solar cable design enhance efficiency and durability, while rising installations of solar photovoltaic systems contribute to market expansion.
 

The global push towards renewable energy, driven by concerns about climate change and the need to reduce carbon emissions, has led to a surge in solar installations. International Renewable Energy Agency (IREA) reports that the cumulative solar energy capacity increased by over 110 GW from 2021 to 2022. In 2021, the total installed capacity was approximately 485 GW, while in 2022, it reached 597 GW, with China and India being key contributors to the increased capacity.
 

COVID– 19 Impact

The COVID-19 pandemic has had varied impacts on the solar cable industry. Initially, disruptions in the supply chain due to lockdown measures and restrictions on movement hindered the production and distribution of solar cables. 

However, the pandemic also prompted increased interest in renewable energy and sustainable solutions. Governments and organizations recognized the importance of accelerating the transition to clean energy as part of economic recovery plans.
 

Solar Cable Market Trends

The solar cable industry is experiencing significant growth propelled by various factors including the escalating preference for renewable energy generation and the surge in government initiatives and incentives. As the global commitment to combat climate change intensifies, there is a growing shift towards sustainable and clean energy sources. Many companies are investing huge amount in solar projects and establishing significant partnerships. The increasing adoption of renewable energy has further intensified the necessity for durable and high-performance solar cables. These cables are specifically engineered to endure harsh industrial environments, provide electromagnetic compatibility, aligning with the demands of contemporary technologically advanced applications.
 

Solar Cable Market Analysis

The PW wire segment held approximately 34.1% of the market share in 2023 due to its versatility and compatibility with a wide range of applications. PW wire is a cutting-edge solar cable designed to meet the demanding requirements of solar power installations. Engineered with precision, it boasts superior conductivity and insulation, ensuring optimal energy transmission and durability in diverse environmental conditions.
 

The industrial segment is likely to observe 8.5% CAGR up to 2032, due to its inherent reliance on sophisticated control and monitoring systems. Industries often have substantial energy requirements, and the adoption of solar power in this sector not only reduces the environmental impact but also offers long-term cost savings.
 

Asia Pacific solar cable market is set to reach more than USD 2.62 billion by 2032. The region is witnessing strong growth in its market as it progressively adopts renewable energy solutions. The surge in demand for solar power infrastructure, driven by government initiatives and a growing awareness of environmental sustainability, has propelled the industry forward. Rapid urbanization, increasing industrialization, and a growing focus on sustainable and clean energy sources have spurred significant investments in solar projects across countries like China, India, and Japan. Government initiatives and favorable policies promoting renewable energy adoption have played a pivotal role in creating a conducive environment for business growth.
 

Solar Cable Market Share

Prysmian Group holds a significant position within the solar cable industry, acknowledged for its widespread utility across diverse industries. Leveraging a strong legacy entrenched in the solar energy sectors, the company has successfully provided solar cable solutions catering to a broad range of applications in commercial, industrial, and utility domains.
 

The major companies are focusing on marketing strategies, technological advancements, brand recognition and economies of scale to meet the competition prevailing in the industry.
 

Solar Cable Market Companies

Some of the prominent players operating across the solar cable industry are:

• ABB
• Allied Wire & Cable
• Alpha Wire
• Belden Inc.
• Fujikura Ltd.
• Furukawa Electric Co. Ltd.
• General Cable
• Havells
• Hellenic Group
• Helukabel
• Kabelwerk Eupen AG.
• KEI Industries
• Lapp Group
• Leoni AG
• LS Cable and System
• Nexans SA
• Northwire Inc.
• Polycab
• Prysmian Group
• RR Kabel
• Southwire Company LLC
• TE Connectivity Ltd.
   

Solar Cable Industry News

• In January 2023, Nexans collaborated with Trimet for a joint development project to develop a material with recycled aluminium for the manufacturing of aluminium rod that is used in electrical cables. Both participants are focusing on reducing the carbon footprint as the product has the capability to fulfil technical requirements on the mechanical properties & conductivity of the alloy.
   
• In March 2020, Hellenic Cables joined the Energinet framework agreement for the delivery of high-voltage underground cables, wherein the company is one of the three manufacturers selected for this eight-year contract. This agreement expanded the company's project portfolio along with market reach across the cable industry.
   

This solar cable market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Tonnes” & “USD Million” from 2019 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Type

• PW wire
• USE-2 wire
• THHN wire

Market, By End Use

• Residential
• Commercial
• Industrial

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