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The global solar cable market will increase by $1.9 billion in 2019-23

July 12, 2019

Latest company news about The global solar cable market will increase by $1.9 billion in 2019-23

[Cable Network News] International market research institute Technavio recently released a research report that the global solar cable system market will grow by 1.94 billion US dollars in 2019-2023, with a compound annual growth rate of nearly 13%.

The increasing popularity of microgrids and the development of solar cable systems and technological innovation are the main factors driving market growth. Solar cables are interconnected cables used for photovoltaic power generation, primarily for connecting solar panels and other electrical components. This type of cable can withstand extreme weather conditions and provides high resistance to UV rays, chemicals and oils.

From the perspective of terminal applications, the public sector accounted for the highest share of the global solar cable system market in 2018. However, during the forecast period, the growth rate of the sector will be lower than the overall market, as the growth of the non-public sector will exceed the entire solar cable market.

Encouraging policies and incentives for solar installations will drive demand for solar cable systems for the entire society. At the same time, the cost reduction of solar PV projects will also contribute to the growth of the solar cable system market in this area.

From the perspective of the market, the Asia-Pacific region accounts for the highest market share in the industry in 2018. By 2023, although the Asia-Pacific region will grow at a slower rate than Europe, the Middle East and Africa, and the Americas, the region will still account for the largest share of the solar cable market during the entire forecast period.

The Asia Pacific region has the highest market share in 2018. Although the market growth rate in the region will be lower than that in Europe, the Middle East and Africa and the Americas, the region will occupy the largest market share of solar cable throughout the forecast period. China is an important market for solar cable systems in the region.

The decline in solar power costs and the increase in the number of solar power plants will drive the growth of the solar cable system market in the Asia Pacific region. The solar cable market in the region will also be affected by the increasing use of microgrids in rural and remote areas.

Microgrids are used to provide reliable and safe power supplies to remote and rural areas that do not have a centralized grid. Microgrids use solar photovoltaic systems, and storage systems and generators provide electricity to these areas. Microgrid solar PV systems are also used for off-grid power supplies such as island power, telecom sites, satellite stations, and military outposts. Technological advances and price declines in solar panels, control systems and batteries will further drive the spread of microgrids, stimulating demand for solar systems, including solar cables.

At the same time, investments in renewable energy continue to increase, leading to the development of solar photovoltaic systems and components, reducing power generation costs and optimizing the installation process. Technological advances in solar photovoltaic systems have also increased the reliability and efficiency of these systems. For example, waterproof solar cables are weather resistant, UV resistant, ozone resistant, abrasion resistant, flame retardant, halogen free, and safe to operate underwater for extended periods of time. These developments and technological innovations in solar cable systems are expected to drive the development of the solar cable market, which will achieve a compound annual growth rate of nearly 13% during the forecast period. However, due to the year-on-year growth, the growth momentum of the market will slow down in the next few years.

(This article is the first cable network www.cableabc.com.)

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