Solar Cable Systems Market by Application and Geography - Forecast and Analysis 2022-2026

The solar cable systems market share is expected to increase by USD 1.55 billion n from 2020 to 2025, at a CAGR of 11.8%.

The solar cable systems market has been broadly categorized into the following demographic segmentations: 

• End-user - Utility and non-utility
• Geography - APAC, Europe, North America, Middle East and Africa, and South America

This solar cable systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The solar cable systems market report offers information on several market vendors, including ALLWYN CABLES, Amphenol Industrial Products Group, Belden Inc., Eland Cables Ltd., Havells India Ltd., HELUKABEL Romania Srl, Henan Central Plain Cables and Wires Co.Ltd, KBE Elektrotechnik GmbH, KEI Industries Ltd., LAPP Asia Pacific Pte. Ltd, Nexans AmerCable, Ningbo Pntech New Energy Co. Ltd, PARAMOUNT GROUP, Phoenix Contact GmbH and Co. KG, Prysmian Spa, RR Kabel Ltd., Siechem Technologies Pvt. Ltd., Spectrum Cable-Tech, Ultracab Ltd., and YUEQING FEEO ELECTRIC CO.LTD among others.

What will the Solar Cable Systems Market Size be During the Forecast Period?

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Solar Cable Systems Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for electricity is notably driving the solar cable systems market growth, although factors such as the intermittent nature of solar power may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar cable systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar Cable Systems Market Driver

• The increasing demand for electricity is one of the key drivers contributing to the solar cable systems market growth.
• Rapid economic development in several developing countries, coupled with rapid urbanization and various energy access programs, are the major factors driving the demand for electricity across the world.
• The high demand for electricity requires a higher level of power generation to meet the demand, which can be fulfilled through renewable sources of energy.
• Asia witnessed the highest progress in extending access to electricity, with 870 million people gaining access to electricity during this period.
• Rising awareness about environmental sustainability and favorable government incentives have encouraged countries to deploy renewable energy sources such as solar, biomass, and wind to power communities and households that still lack electricity. Thus, the increasing demand for electricity will drive the market for renewable energy, which, in turn, will propel the global solar cable systems market during the forecast period. 

Key Solar Cable Systems Market Trend

• The declining price of components is one of the key solar cable systems market trends supporting the market growth.
• The Solar Energy Technologies Office (SETO) of the US Department of Energy (DOE) develops various solar technologies to ensure cost reductions in the solar component industry.
• In 2011, SETO introduced the SunShot Initiative to reduce the cost of solar power generation and encourage solar PV adoption. 
• In September 2017, the US Department of Energy announced that the country's solar industry had successfully achieved its solar cost target of $0.06/kWh (kilowatt-hour) three years before the deadline of 2020. The industry is now working to achieve its next target of reducing the cost to $0.03/kWh by the year 2030. Thus, such factors should drive the growth of the global solar cable systems market during the forecast period.

Key Solar Cable Systems Market Challenge

• The intermittent nature of solar power is one of the limitations restricting the solar cable systems market growth.
• The output of solar power systems varies highly due to the change in the solar irradiation level at different times of the day and in different seasons.
• The intermittent nature gives rise to the need for backup power to support the power demand and increases operations related to grid planning activities. However, some solar PV plants have a backup power system, but these still need to be improved.
• Overcoming the intermittent nature of solar power still needs the use of advanced technology, whereas, in other renewable resources such as pumped hydropower, the systems make use of the reverse flow of water into the reservoir to generate energy. Thus, the intermittency of solar power affects the adoption of solar energy, which is expected to hinder the growth of the global solar cable systems market during the forecast period. 

This solar cable systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global solar cable systems market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar cable systems market during the forecast period.

Who are the Major Solar Cable Systems Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ALLWYN CABLES
• Amphenol Industrial Products Group
• Belden Inc.
• Eland Cables Ltd.
• Havells India Ltd.
• HELUKABEL Romania Srl
• Henan Central Plain Cables and Wires Co.Ltd
• KBE Elektrotechnik GmbH
• KEI Industries Ltd.
• LAPP Asia Pacific Pte. Ltd
• Nexans AmerCable
• Ningbo Pntech New Energy Co. Ltd
• PARAMOUNT GROUP
• Phoenix Contact GmbH and Co. KG
• Prysmian Spa
• RR Kabel Ltd.
• Siechem Technologies Pvt. Ltd.
• Spectrum Cable-Tech
• Ultracab Ltd.
• YUEQING FEEO ELECTRIC CO.LTD

This statistical study of the solar cable systems market encompasses successful business strategies deployed by the key vendors. The solar cable systems market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market.

Product Insights and News

• Amphenol-industrial.com - The company offers solar cable systems that include powerlink solar cable, solar PV cable, and copper should be case sensitive which is designed for highly efficient, reliable, cost-effective solutions for applications in harsh environments with extreme temperatures and rated for direct burial.
• Belden.com - The company offers solar cable systems that include multi-pair cable, flat ribbon cable, and multi-conductor cable, which reduce electromagnetic interference and crosstalk with multi-pair electronic cable.
• Elandcables.com - The company offers solar cable systems that include en 50618 solar cables, dc solar cables, solar dc main cables, and solar ac connection cables.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar cable systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Solar Cable Systems Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the solar cable systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Solar Cable Systems Market?

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54% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the solar cable systems market in APAC. Market growth in this region will be faster than the growth of the market in South America.

The increasing environmental concerns will facilitate the solar cable systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

According to the National Energy Administration of China, the country installed 47.6 GW of solar capacity in 2021 amid the COVID-19 pandemic, a decrease of 34% when compared to the 71.7 GW installed in 2020. However, the vaccination drives will have a positive impact on the solar cable systems market growth during the forecast period.

What are the Revenue-generating End-user Segments in the Solar Cable Systems Market?

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The solar cable systems market share growth by the utility segment will be significant during the forecast period. Solar utility projects have gained significant traction in recent years owing to the shifting focus toward sustainable sources along with several agreements, such as the Paris Agreement on Climate Change. Thus, increasing demand for electricity due to population growth worldwide will significantly propel the utility segment of the global solar cable systems market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the solar cable systems market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Solar Cable Systems Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive solar cable systems market growth during the next five years
• Precise estimation of the solar cable systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the solar cable systems industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of solar cable systems market vendors

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