March 21, 2024 12:10 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, March 21, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Solar Cable Global Market Report 2024, the solar cable market has witnessed significant expansion in recent years, with a notable growth trajectory from $0.87 billion in 2023 to a projected $0.99 billion in 2024, showcasing a compound annual growth rate (CAGR) of 14.2%. This remarkable growth in the historic period can be attributed to various factors, including government incentives, burgeoning solar energy capacity, heightened environmental awareness, cost efficiencies in solar energy production, and the implementation of international agreements and regulations. 95mm Swa Cable
Learn More In-Depth On The Solar Cable Market
https://www.thebusinessresearchcompany.com/report/solar-cable-global-market-report
The forecast for the solar cable market indicates continued rapid expansion, with a projected value of $1.59 billion by 2028, at a CAGR of 12.5%. This solar cable market growth is anticipated due to factors such as the proliferation of solar capacity, advancements in energy storage technologies, international commitments to clean energy initiatives, escalating energy demands, and ongoing infrastructure development efforts.
Key Trends in the Forecast Period
Role of Solar Power Installations in Driving Market Growth
The rapid proliferation of solar power installations, characterized by the deployment of photovoltaic (PV) systems, is a primary driver of the solar cable market. Solar cables play a crucial role in efficiently and safely transmitting electricity generated by solar panels to various components within solar power systems. For instance, residential solar power installations in the United States surged by 34% from 2020 to 2021, highlighting the significant growth trajectory of solar energy adoption.
Major Players and Innovations in the Solar Cable Market
Leading companies in the solar cable market, such as Prysmian Group, Nexans S.A., and JinkoSolar Holding Co., Ltd., are introducing innovative products to extend their market reach and enhance product offerings. Notable innovations include PV cable solutions designed to meet the stringent requirements of solar energy production. For example, Prysmian Group's PRYSOLAR cable solution, launched in March 2023, adheres to global standards and offers durability in adverse environmental conditions, ensuring a lifespan of over 30 years.
Asia-Pacific Emerges as Key Market Player, Expected to Lead Growth in the Forecast Period
Asia-Pacific dominated the solar cable market in 2023 and is projected to maintain its position as the fastest-growing region in the forecast period. The region's burgeoning solar energy infrastructure and supportive government initiatives are driving market expansion.
The solar cable market is segmented based on:
This segmentation enables a comprehensive analysis of market trends and opportunities across different segments.
Get A Free Sample Of The Global Solar Cable Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=13537&type=smp
In conclusion, the solar cable market is poised for significant growth driven by factors such as increasing solar energy capacity, technological advancements, and growing environmental awareness. With innovations in product offerings and expanding market reach, major players are well-positioned to capitalize on emerging opportunities in the dynamic solar cable market landscape.
Solar Cable Global Market Report 2024 by The Business Research Company provides insights on the solar cable market size, solar cable market segments, solar cable market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Residential Solar Energy Storage Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/residential-solar-energy-storage-global-market-report
Solar Inverter Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/solar-inverter-global-market-report
Solar District Heating Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/solar-district-heating-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
Silicone Rubber Cable The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.