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Solar Cable Market Trends

Report ID: GMI8142
Published Date: Feb 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market valuation of solar cable was reached USD 2.15 billion in 2023 and is estimated to grow at a CAGR of over 9% through 2032, driven by the increasing adoption of solar energy worldwide.

The PW wire segment held the market share of more than 34.1% in 2023 due to its versatility and compatibility with a wide range of applications.

Asia Pacific solar cable market is anticipated to reach more than USD 2.62 billion by 2032, favored by government initiatives and a growing awareness of environmental sustainability.

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 and LS Cable and System among others