Home > Energy & Power > Wire and Cable > Power Cable > Industrial Solar Cable Market

Industrial Solar Cable Market Trends

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

Download Free Sample

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.

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.