The North America Solar Cables Market would witness market growth of 11.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 26.2 million Units (Per 10 Feet), showcasing a growth of 11.1% (2019-2022).
The advancement of insulation materials has resulted in the creation of polymers and compounds of superior quality. These advancements improve the durability and longevity of solar cables in harsh outdoor conditions. Researchers are exploring materials with low electrical resistance and high conductivity to minimize energy losses during electricity transmission through solar cables. Using advanced conductive materials helps optimize energy transmission efficiency within solar systems.
Solar cables are now used in various industries due to technological innovations. The automotive industry is using solar cables in the EV section. Solar cables in the automotive sector play a significant role in supporting the integration of solar technology for various applications. While solar cables might not directly power vehicles, they are crucial components in integrating solar panels and solar-powered systems within cars. Solar cables connect solar panels integrated into vehicles to power auxiliary systems or accessories. These solar-powered systems can include ventilation systems, air conditioning, interior lighting, or charging ports for electronic devices.
Furthermore, according to the White House, by 2030, net GHG emission reductions of 50–52% below 2005 levels are an ambitious but attainable objective set by the United States. Establishing 100% clean electricity by 2035 is a critical prerequisite for achieving net-zero emissions by 2050, an objective the United States has established. Moreover, as per the US Department of Energy, funding for research and development throughout the solar energy spectrum is allocated through the Solar Energy Technologies Office (SETO). This organization aims to promote innovation, reduce expenses, and facilitate the shift towards a decarbonized power sector by 2035 and an economy decarbonized by 2050. Therefore, government policies aimed at achieving net-zero carbon emissions and increasing the expenditure on renewable energy in the region are driving the demand in the market.
The US market dominated the North America Solar Cables Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $336.7 Million by 2030. The Canada market is exhibiting a CAGR of 13.9% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 12.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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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