Solar Cable System Market Size, Share & Industry Analysis, By Material ( Copper, Aluminium, Others ), By Type ( Stranded , Bifurcated Solid ), By End User ( Residential, Commercial, Industrial, Utility ), By Application ( Solar Panels Wiring, Underground Service Entrances, Service Terminal Connections ) and regional Forecast, 2024-2032

A solar cable system is the interconnection cable used in photovoltaic power generation. Solar cables interconnect solar panels and other electrical components of photovoltaic systems. Solar cables are designed to be UV resistant and weather resistant. They can be used within an extensive temperature range and are generally laid outside. Solar and photovoltaic cable systems are those that are used for the transmission of power in a solar or PV installation.  These cables are specific for the solar and PV industry and thus have certain approvals that are required. Solar and PV cable applications are primarily used in residential and large scale solar farms. Some of the applications are panel to a combiner box, combiner box to the power inverter, and a power inverter to the transformer.

Based on the material, the market is segmented as copper, aluminum, and others. Copper-based cables have the maximum demand, which is a reflection of its several advantages over aluminum alloys such as flexibility, low resistivity, stability, strength, and better corrosion resistance. Based on the type, the market is segmented as stranded and bifurcated solid. The stranded cables segment holds a greater market share in terms of demand, as they are highly effective as far as electricity flow is concerned.

Based on the end-user, the market is segmented as residential, commercial, industrial, and utility. The utility segment holds the maximum share in the market due to the installation of huge solar farms especially in the rural areas where T&D lines are not developed. Also, the residential rooftop solar installations have increased heavily in recent years that has acted as a catalyst for segment growth.

Based on the application, the market is segmented as solar panels wiring, underground service entrances, and service terminal connections. Underground service entrances hold the significant share as the USE-2 wire is designated as underground service entrance cable typically for connecting to the terminals of service equipment which is moisture-resistant and can be directly buried in the earth, which can prevent from the shocks and other

threats. Also, they have applications in the secondary distribution circuits at up to 600 volts.

The key market driver is the development of the solar photovoltaic industry, which is used in rural electrification in the developing world where the distribution and transmission lines of electricity are not present. Other factors driving the market include awareness of use and applications of renewable energy, and the adoption of microgrids is increasing significantly intending to facilitate local power generating systems and improve access to energy.

The key market restraint is the fluctuating prices of raw materials, which can increase the manufacturing cost of solar cables. Other market restraints include competition from other alternative sources of energy that will hamper the growth of the solar cable systems market. Electricity generation depends entirely on country's exposure to sunlight; this could be limited by a country’s climate, the high cost of these cables, and longevity problems.

Key Market Driver -

Development of the Solar Photovoltaic Industry

Key Market Restraint -

Fluctuating prices of raw materials

Key Players Covered:

Some of the major companies in the solar cable system market include, General Cable Corporation, Lapp Group, Lumberg Group, Phoenix Contact GmbH&Co. KG, Taiyo Cable Tech Co., Ltd., KBE Elektrotechnik GmbH, Eldra B.V, Amphenol Industrial Products Group, Prysmian Group, Amphenol Industrial, Havells India, KEI Industries, and Nexans.

Regional Analysis:

The global solar cable system market is studied across various regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a significant share in the global solar cables market; it is expected to garner a high surge in product demand owing to the attempts of the region to reduce conventional fuels. Further, raising awareness about the benefits of solar power, and to sustain a shift in climatic conditions and economic growth of the renewable energy sector will drive the market growth. The Asia Pacific solar cable systems market accounted for more than half of the overall revenue in 2018, on account of the increasing adoption of microgrids, and the declining cost of solar power generation. The adoption of microgrids is increasing significantly aimed at improving access to energy. Microgrids can provide a reliable and secure supply of electricity to remote rural areas owing to its ability to operate independently from the main power grid. The increasing demand for microgrids will stimulate the demand for solar cable systems.

Europe region is expected to lead the market in the coming years due to an increase in the awareness of renewable energy and its applications in various segments like industrial and residential. The European Union has also set green energy targets, which will drive the solar installations and, therefore, the solar cables market. In the Middle East & Africa, the Middle East Solar Industry Association( MESIA), a non-governmental organization, has rolled out plans that aim to promote solar power in the Middle East and Northern Africa.

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Segmentation

Key Industry Developments

• In November 2019, Singapore energy company Sun Cable has received around AUD 50 million in financial support from two Australian billionaires in its plans to develop an AUD 22 billion solar, storage, and power transmission project in Australia.


• In August 2019, BHEL has issued a tender for the procurement of 4 sqm solar cable for the MAHAGENCO 50 MW solar PV power project under development in Kaudgaon, Maharashtra. The scope of work for the selected vendor included the testing and supply of the EBXL XLPO ( solar cable) for the tendered capacity of 700 km.