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Industrial Solar Cable Market Size

Report ID: GMI8623
Published Date: Mar 2024
Report Format: PDF

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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.

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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.

Industrial Solar Cable Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Solar Cable 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:	Rapid growth in solar energy installations Government policies and incentives
Pitfalls & Challenges:	Supply Chain Constraints

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of industrial solar cable reached USD 2.6 billion in 2023 and is set to record a CAGR of 8.6% through 2032, due to the increasing adoption of renewable energy sources.

PW wire segment held a decent market share in 2023 and is projected to reach more than USD 2.9 billion by 2032, owing to its superior performance, durability, and reliability, making it ideal for industrial solar applications.

Asia Pacific market is poised to reach USD 3 billion by 2032, driven by a rapidly expanding industrial sector, particularly in countries like China and India, pushing the demand for extensive solar energy infrastructure.

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 are some of the major industry contenders.