The global solar cable market grew at a CAGR of 7.7% during 2021-25

The global solar cable systems market size is poised to increase by USD 695.6 million during 2021-2025, attaining a CAGR of 7.70% during the period, according to a recent report by Technavio, an international market researcher.

The growing penetration of microgrids is identified in the report as one of the major drivers contributing to the steady growth of the solar cable systems market. Microgrids are being used to provide reliable and secure electricity supply to remote and rural areas without a centralized grid. Technological advances and falling prices for solar panels, control systems and batteries will further promote the popularity of microgrids.

​Growing investments in renewable energy have led to the development of solar photovoltaic systems and modules, which decrease the cost of power generation and optimize the installation process, enhancing the reliability and efficiency of these systems, in turn promoting the proliferation of microgrids and increasing the demand for solar cables.

91b456e8a8ccb13c0969a72c7c09c396Microgrids provide power to remote and rural areas through the use of solar photovoltaic systems, storage systems and generators. At the same time, the microgrid solar photovoltaic system is also used for power generation on islands, diesel generators, remote telecommunications stations, satellite stations, military posts, fracturing systems and other special places.

On the other hand, favorable solar policies and incentives to promote solar installation will enhance the demand for solar cable systems for utility applications. The decreasing cost of solar PV projects will also push the growth of the solar cable systems market in the utility sector.

​Nevertheless, factors such as sporadic solar power generation may hinder the growth of the market. ​Nevertheless, the development of solar cable systems and technological innovations will push the growth of the solar cable market. For example, waterproof solar cables have strong weather resistance, UV linear resistance, ozone resistance, wear resistance, flame retardant, halogen free, and can work safely underwater for long periods of time.

52% of the market growth during the forecast period is accounted for in the Asia-Pacific region. China, India and Japan are the major markets for solar cable systems in the Asia-Pacific region. ​Nevertheless, the market growth rate in this region will be lower than the market growth in other regions.

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