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

Technavio, an international market research institution, recently released a research report that the global solar cable system market size will grow by $1.
94 billion from 2019 to 2023, with a compound annual growth rate of nearly 13%.

The growing popularity of microgrids along with development and technological innovations in solar cable systems are the major factors
driving the growth of the market.
Solar cables are interconnection cables used for photovoltaic power generation, mainly used to connect solar panels and other electrical components
.
This type of cable can withstand extreme weather conditions and offers high resistance to ultraviolet rays
, chemicals and oils.

In terms of end applications, the utility sector accounted for the highest share
of the global solar cable system market in 2018.
However, the segment will grow at a slower pace than the overall market during the forecast period, as the non-utilities sector will grow faster than the overall solar cable market
.

Favorable policies and incentives to encourage solar installations will drive the demand for solar cable systems for
applications across society.
At the same time, the falling cost of solar PV projects will also contribute to the growth of the solar cable system market in this field
.

In terms of market region, Asia Pacific accounted for the highest market share
of the industry in the world in 2018.
Although the Asia-Pacific region will grow at a slower rate than EMEA, and the Americas by 2023, the region will still account for the largest solar cable market share
over the entire forecast period.

Asia Pacific had the highest
market share in 2018.
Although the market growth rate in this region will be slower than the growth rate of the EMEA and Americas markets, this region will hold the largest solar cable market share
throughout the forecast period.
China is an important market
for solar cable systems in the region.

The falling cost of solar power generation and the increasing 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 secure power supply
to remote and rural areas without a centralized grid.
Microgrids use solar photovoltaic systems, storage systems, and generators to provide electricity
to these areas.
Microgrid solar photovoltaic systems are also used for off-grid power supply
such as island power, remote telecommunication sites, satellite stations, military outposts, etc.
Technological advancements and falling prices for solar panels, control systems, and batteries will further drive the adoption of microgrids, thereby stimulating the demand
for solar systems, including solar cables.

At the same time, increasing investments in renewable energy have led to the development of solar photovoltaic systems and components, reducing power generation costs and optimizing the installation process
.
The technological development of solar photovoltaic systems has also improved 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 can operate
safely underwater for a long time.
These developments and technological innovations in solar cable systems are expected to drive the solar cable market to achieve a CAGR
of nearly 13% during the forecast period.
However, the growth momentum of the market will decelerate
in the coming years due to reduced year-on-year growth.