Global Solar Cable Market Anticipated to Surge at a CAGR of 14.1% Through 2025
Market Research Reports Search Engine (MRRSE) has added a fresh market intelligence report to its comprehensive collection of research studies. The research study, titled “Solar Cable Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025” offers a detailed analysis, presenting insights into the key trends and dynamics that are influencing the growth of the market. In addition, the product segmentation, geographical scenario and competitive landscape of the market have been discussed in the study which describe the future growth prospects of the given forecast period of 2017-2025.
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Global Solar Cable Market: Snapshot
The threat posed by global warming has been gaining recognition across the world in the recent past and the emission of greenhouse gases has been detected as the primary culprit. Collectively, a number of developed and developing economies have pledged to harness the prospects of renewable energy and, among hydro, wind, and solar alternatives, solar energy is emerging as the most lucrative segment of the renewable energy industry. Consequently, the market for solar cables is flourishing, as they provide adequate connection between various electrical elements of a solar panel in a photovoltaic system. According to this business intelligence publication, the demand in the global solar cable market will multiply at a formidable CAGR of 14.1% during the forecast period of 2017 to 2025. The analysts of the report have evaluated that the solar cable market was worth merely US$465.71 mn in 2015 but the opportunities will translate into a substantially increased revenue of US$1,641.92 mn by the end of 2025.
Support from several governments to encourage the adoption of solar energy methods, technological advancements in the quality of cables which now are highly efficient in transferring energy as well as resistant to weather and UV radiations, and growing awareness among the urban populations regarding their contribution to the environment by utilizing solar energy are some of the key drivers of the global solar cables market. On the other hand, high cost of these cables, pertinent need to further improve the efficiency, the lack of awareness in several rural areas of emerging economies, and longevity problems are a few factors obstructing the market from attaining its true potential.
Copper-based Cables Exhibiting Stronger Demand
The global solar cable market has been segmented on the basis of its product type, cable type, application, and end-user. In terms of product type, the solar cable market is segmented into copper and aluminum alloy. Currently, copper-based cables provides for the maximum demand, which is a reflection of its several advantages over aluminum alloys such as flexibility, low resistivity, stability, strength, and better corrosion resistance. Based on cable type, the market has been bifurcated solid and stranded cables. In 2015, the standard cables segment held greater market share in terms of demand, as they are highly effective as far as electricity flow is concerned. Further, application-wise, the market has been classified into solar panels wiring, underground service entrances and service terminal connections. In terms of various end users, the market is categorized into residential, commercial and industrial.
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Asia Pacific Most Lucrative Region by a Country Mile
Geographically, this study gauges the potential of solar cable market in the region of North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2015, Asia Pacific provided for a demand worth of US$281.31 mn and is projected to exhibit an above-average CAGR of 14.9% during the forecast period of 2017 to 2025. By 2025, the Asia Pacific solar cables market is estimated to be worth US$1047.73 mn. This strong demand from APAC is owing to the huge investment from Chinese government and players towards clean energy. Over in India, which is another vastly populated emerging economy, government is offering subsidies to residential and commercial builders to adopt solar energy.
Competitive Landscape Expected to Remain Fragmented
Owing to the increasing number of vendors operating in the global solar cable market, the competition is stiffening-up and the scenario is expected to sustain unless a few players expand geographically with their financial might and tap into widespread demand in emerging economies. Havells, General Cable Corporation, Huber+Suhner AG, Lumberg Connect GmbH, Atkore International Group, Inc., ReneSola Ltd, Taiyo Cable Tech Co., Ltd., Ram Ratna Wires Ltd., Prysmian Group, Lapp Group, and Allied Wire & Cable are some of the notable players in the global solar cable market.
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