The Asia Pacific Solar Cables Market would witness market growth of 12.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 53.9 million Units (Per 10 Feet), showcasing a growth of 11.6% (2019-2022).
Solar or photovoltaic (PV) or solar panel cables are specially designed cables used in solar power systems to connect solar panels, inverters, charge controllers, batteries, and other components within photovoltaic installations. These cables are crucial components of solar energy systems and are specifically engineered to withstand the unique conditions encountered in outdoor environments where solar panels are installed. They play a vital role in safely transmitting electrical power generated by solar panels to the rest of the system or the grid.
Solar cables are designed to endure harsh weather conditions, UV exposure, extreme temperatures, and various environmental elements over an extended period. They resist moisture, ozone, and other outdoor elements to ensure optimal performance and longevity. Solar cables are insulated to prevent electrical leakage, short circuits, and damage from exposure to sunlight. These cables are available in different types, sizes, and specifications based on voltage ratings, current capacities, environmental conditions, and installation requirements.
As per the International Trade Administration (ITA), the Korean government unveiled the 3rd Energy Master Plan in June 2019. This plan serves as the nation's overarching energy policy blueprint, encompassing objectives and strategies for every energy source over the subsequent two decades. It is formulated in accordance with the Framework Act on Low Carbon, Green Growth, which serves as Korea's legislative framework for addressing emissions reduction targets. In comparison to the projected business-as-usual (BAU) level, the master plan aims to reduce Korea's total energy consumption by 14.4% by 2030, 17.2% by 2035, and 18.6% by 2040. Consequently, the endeavor of governments to achieve carbon neutrality is propelling the expansion of the market.
The China market dominated the Asia Pacific Solar Cables Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $252.8 Million by 2030. The Japan market is experiencing a CAGR of 11.3% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 12.7% during (2023 - 2030).
Based on Type, the market is segmented into Stranded, and Solid. Based on End-Use, the market is segmented into Commercial, Residential, and Industrial. Based on Material Type, the market is segmented into Copper, Aluminum, Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Taiwan, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Solar Cables Market is Predict to reach $2.1 Billion by 2030, at a CAGR of 11.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Leoni AG, Nexans S.A., Prysmian Group, Belden, Inc., KEI Industries Limited, Havells India Ltd., Amphenol Corporation (Amphenol Industrial Products Group), Jainflex Cables Pvt. Ltd., HELUKABEL GmbH, and Top Cable S.A.
By Type (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By End-Use(Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By Material Type (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
By Country (Volume, Million Units (Per 10 Feet), USD Billion, 2019-2030)
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