Global solar's Cable Market Scale to Increase by US$ 1.9 Billion in 2019-23
Technavio, an international market research institution, recently released a research report saying that the market size of global solar's cable system will increase by US$ 1.94 billion from 2019 to 2023, with a compound annual growth rate approaching 13%.
The increasing popularity of microgrid, the development of solar cable system and technological innovation are the main factors driving the market growth. Solar cables are interconnecting cables used for photovoltaic power generation and are mainly used for connecting solar panels and other electrical components. This type of cable can withstand extreme weather conditions and provide high resistance to ultraviolet rays, chemicals and oils.
From the point of view of terminal applications, public utilities will take the highest share of the cable system market in global solar in 2018. However, in the forecast period, the growth rate of this sector will be lower than that of the overall market, as the growth of non-public utilities will exceed that of the entire solar cable market.
Favorable policies and incentives to encourage solar installations will push forward the demand for solar cable systems to be applied to the whole society. At the same time, the reduction in the cost of solar photovoltaic projects will also contribute to the growth of the solar cable system market in this field.
Judging from the market region, the Asia-Pacific region will account for the world's highest market share in this industry in 2018. By 2023, although the growth rate of the Asia-Pacific region will be lower than that of Europe, the Middle East, Africa and the Americas, the region will still occupy the largest market share of solar cables in the entire forecast period.
The Asia-Pacific region will have the highest market share in 2018. Although the market growth rate in the region will be lower than that in Europe, the Middle East, Africa and the Americas, the region will occupy the largest share of the solar cable market in the entire forecast period. China is an important market for solar cable systems in the region.
The drop in the cost of solar power generation 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 this region will also be affected by the increasing use of microgrid in rural and remote areas.
Microgrid is used to provide reliable and safe power supply to remote and rural areas without centralized grid. Microgrids use solar photovoltaic systems, storage systems and generators to power these areas. Microgrid solar photovoltaic systems are also used for off-grid power supply such as island power, remote telecommunication stations, satellite stations and military outposts. Technological advances and price reductions in solar panels, control systems and batteries will further promote the popularization of microgrid, thus stimulating the demand for solar systems (including solar cables).
At the same time, the increasing investment in renewable energy has led to the development of solar photovoltaic systems and components, reducing power generation costs and optimizing the installation process. The technical development of solar photovoltaic systems has also improved the reliability and efficiency of these systems. For example, waterproof solar cables have weather resistance, ultraviolet resistance, ozone resistance, abrasion resistance, flame retardance, halogen-free, and can be safely operated underwater for a long time. These developments and technological innovations in the solar cable system are expected to promote the development of the solar cable market, with a compound annual growth rate of nearly 13% in the forecast period. However, due to the decrease in year-on-year growth, the market growth momentum will slow down in the next few years.
Source: Cable Network