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DC Solar Cable Market Size - By Conductor (Copper, Aluminum), By Application (Residential, Commercial, Industrial), Regional Outlook & Global Forecast, 2024 – 2032

  • Report ID: GMI8305
  • Published Date: Feb 2024
  • Report Format: PDF

DC Solar Cable Market Size

DC Solar Cable Market was valued at USD 2.7 billion in 2023 and is estimated to grow at over 8.6% CAGR between 2024 and 2032, due to the increasing adoption of solar energy worldwide. With a rising emphasis on sustainable and clean energy sources, solar power installations have surged, creating a demand for efficient transmission infrastructure. DC solar cables play a crucial role in connecting solar panels to inverters, ensuring the seamless flow of direct current.
 

DC Solar Cable Market

The market growth is further propelled by technological advancements, improving cable efficiency and durability, and rising solar installations worldwide. Notably, China and India emerged as key contributors to this growth, holding substantial shares in the total installed capacity. Moreover, government incentives, favourable policies, and the growing awareness of environmental issues are also contributing factors, fostering the market expansion.
 

COVID– 19 Impact

Before COVID, the DC solar cable market experienced steady growth due to increasing solar installations. Post-COVID, the market faced challenges with project delays. The industry faced challenges in sourcing raw materials and components, resulting in supply chain bottlenecks. However, the renewable energy push for economic recovery boosted demand, leading to a resilient market rebound with a focus on sustainable energy solutions.
 

DC Solar Cable Market Trends

The DC solar cable industry reflect a significant growth owing to the increasing demand for efficient and sustainable energy solutions. Advancements in technology have led to the development of cables with enhanced performance, reduced energy losses, and improved safety features. Increasing installations of solar photovoltaic systems globally will contribute to the upward trajectory of the solar installations.
 

For instance, in October 2023, the Solar Energy Corporation of India (SECI) launched a tender in the Indian market to develop about one gigawatt of interstate transmission grid-connected solar projects. The solar projects to be developed will witness the signing off a 25-year power purchase agreement between developers and SECI. Therefore, evolving regulatory standards and a push towards smart grid infrastructure further influence the market dynamics.
 

DC Solar Cable Market Analysis

Solar DC Cable Market Size , By Conductor, 2022-2032 (USD Billion)

The copper segment accounted for more than 90% revenue share in 2023. Copper's preference stems from its superior conductivity, low resistivity, and excellent corrosion resistance, making it an ideal choice for efficient energy transmission in solar applications. These qualities ensure minimal power loss and enhanced durability, thus positioning copper as the favored conductor in the market. Companies across the regions are taking relentless efforts to bring significant innovation in this industry.
 

Solar DC Cable Market Revenue Share, By Application, 2023

Based on application, the industrial segment is set to grow at over 7.5% CAGR through 2032, due to increased adoption of solar energy solutions in industrial sector. As industries strive to enhance sustainability and reduce carbon footprints, the demand for efficient and reliable DC solar cables has surged. Governments globally have implemented favorable policies and financial incentives to encourage the adoption of solar photovoltaic (PV) installations. These initiatives encompass feed-in tariffs, tax credits, grants, and net metering programs, designed to facilitate the growth and development of the solar energy sector.
 

Asia Pacific Solar DC Cable Market Size, 2022-2032 (USD Billion)

Asia Pacific DC solar cable market is anticipated to reach USD 3 billion by 2032. The region holds paramount significance for the DC solar cable industry due to its burgeoning demand for renewable energy and rapid infrastructure development. The Asia Pacific region is witnessing significant government initiatives and investments in renewable energy projects, further fueling the growth of the DC solar cable industry. Thus, with a vast market potential the Asia Pacific region becomes a pivotal hub for the flourishing solar cable sector.
 

DC Solar Cable Market Share

Company Market Share Analysis, 2023 (%)

Prysmian Group is a leading force in the DC solar cable sector, driven by its dedication to innovation, top-notch product quality, and an all-encompassing array of offerings designed to meet varied industrial requirements. Boasting a worldwide presence and robust research and development capabilities, Prysmian consistently brings forth cutting-edge solutions that align with the ever-changing standards of the industry.
 

DC Solar Cable Market Companies

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

  • 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 Cables
  • LS Cable and System
  • Nexans SA
  • Northwire Inc.
  • Polycab
  • Prysmian Group
  • RR Kabel
  • Southwire Company LLC
  • TE Connectivity Ltd.
     

DC 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 May 2019, LEONI Cables strategically broadened its global presence by inaugurating a new facility in Kitchener, Canada. This expansion was strategically devised to bolster the manufacturing capabilities dedicated to specialty cable and interconnect systems, specifically targeting non-automotive industries. Additionally, the expansion facilitated the introduction of LEONI's innovative intONE product line to the market.
     

This DC 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:

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Market, By Conductor

  • Copper
  • Aluminum
  • Others

Market, By Application

  • Residential
  • Commercial
  • Industrial

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

 

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of DC solar cable was reached USD 2.7 billion in 2023 and is expected to register 8.6% CAGR through, 2032 owing to increasing adoption of solar energy and growing emphasis on sustainable and clean energy sources worldwide.

DC solar cable market from the copper segment recorded over 90% share in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to its superior conductivity, low resistivity, and excellent corrosion resistance.

Asia Pacific DC solar cable industry crossed USD 3 billion in 2023 and is expected to register a commendable CAGR from 2024-2032 due to burgeoning demand for renewable energy and rapid infrastructure development in the region.

ABB, Allied Wire & Cable, Alpha Wire, Belden Inc., Fujikura Ltd., Furukawa Electric Co. Ltd., General Cable, Havells, Hellenic Group, Helukabel, Kabelwerk Eupen AG., and KEI Industries, are some of the major DC solar cable companies worldwide.

DC Solar Cable Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 22
  • Tables & Figures: 280
  • Countries covered: 24
  • Pages: 466
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