PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1262737
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1262737
Global Solar Cables Market is valued at approximately USD 688.15 million in 2021 and is anticipated to grow with a healthy growth rate of more than 13.90% over the forecast period 2022-2029. A solar cable is an interlinked cable that is used for interconnecting solar panels and other electrical components in the photovoltaic power generation industry. The Solar Cables market is expanding because of factors such as increasing demand for solar-based projects and rising sustainable approaches in climatic conditions.
Solar and photovoltaic cable systems are those that are used for the transmission of power in a solar or PV installation. Its prevalence has progressively increased during the last few decades. According to Statista, by 2024, solar PV demand is expected to total 125.2 gigawatts around the world. Furthermore, investments in solar energy as per Statista, in 2022, new investments in solar energy projects worldwide totalled around USD 59 billion. Another important component driving space is the rising sustainable approach in climatic conditions. As per Statista, between 2021 and 2030, the global green technology and sustainability market are forecast to grow. In 2021, the size of this market amounted to roughly USD 38.17 billion. Moreover, it is expected to peak at USD 417.35 billion by 2030, increasing at a compound annual growth rate of 21.6%. In addition, as of 2020, 45% of consumers surveyed stated that they were interested in finding brands that were sustainable or environmentally responsible. Likewise, 44% of consumers stated that they were interested in brands that supported recycling. Also, rising technological advancements in the solar photovoltaic industry and increasing adoption of microgrids would create a lucrative growth prospectus for the market over the forecast period However, the high cost of Solar Cables stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Solar Cables Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the rising awareness of solar panels and growing adoption of clean energy sources. According to Statista, in 2021, net solar power generation in the United States reached its highest point yet at 114.7 terawatt hours of solar thermal and photovoltaic power. Solar power generation has increased drastically over the past two decades. Furthermore, Europe is expected to grow with the highest CAGR during the forecast period, owing to factors such as increasing awareness about renewable energy resources and their applications in various segments such industrial and residential projects in the market space.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable