A solar cable, also called a Photovoltaic (PV) cable, is an electrical conducting channel used to interconnect solar panels and other electrical components in the photovoltaic system. Solar cables enable the transmission of electricity generated by the solar panel to the power loads.
Solar cables are an integral part of any indoor, outdoor, and industrial solar power generation system, and the efficiency of these cables impacts the system's overall performance.
The suitability and performance of solar cables depend on the cable's mechanical, electrical, thermal, and chemical properties. Reliability, outdoor durability, resistance to UV radiation, and scriptability are some of the major properties that impact solar cables' lifetime performance.
The rising demand for renewable energy across the globe owing to environmental concerns.
The increasing establishment of solar power systems for industrial applications is motivating the demand for high-performance solar cables capable of providing long-term use in harsh and varying climatic conditions.
Several cable manufacturers are involved in the design and production of solar cables that comply with outdoor solar power generation's operating standards. The typical performance characteristics are in the range of 90 to 120 degrees Celsius and for the durability of over 20,000 hours.
The Asia Pacific is the largest market for the global solar cable market, with a share of 50.20% in terms of sales value in 2018. The large solar energy production capacity countries such as China and India resulted in the largest market
The ongoing solar power generation establishments and government initiatives to boost the share of solar power in overall energy consumption in these countries are likely to support the growth of the Asia Pacific solar cables market over the forecast period.
Market Dynamics
Drivers
- The rising solar power generation across the globe
- Development of recyclable solar cables
Restraints
- Fluctuating raw material prices
The rising solar power generation across the globe
The rising concerns about utilizing fossil fuels and petrochemicals for heat and electricity generation are increasing the demand for renewable energies such as solar power, wind power, bioenergy, and hydropower. Solar PV energy evolved as the lucrative segment of renewable energy globally due to the superior reliability and ease of maintenance over hydropower, wind energy and other alternative sources. According to the International Energy Agency (IEA), solar photovoltaic power generation increased by 31% in 2018 and reached 570 TWh. The growth in absolute generation size was 136 TWh, the largest among all other renewable energy technologies. The declining average selling prices of solar modules due to rising competition in the market increase the residential installations of solar plants, thus boosting the growth of the solar cables market. The ongoing solar power generation capacity additions across the globe are likely to boost the solar cables market's growth over the forecast period.
In 2018, solar power generation witnessed a capacity addition of 97 gigawatts globally, which accounts for over 50% of total renewable energy production capacity.
Geographical Analysis
The APAC Market consists of China, India, Japan, Australia, and the rest of the APAC region.
APAC solar cable market is expected to witness strong demand due to the Chinese government's huge investment and players towards clean energy.
Over in India, which is another vastly populated emerging economy, the government offers subsidies to residential and commercial builders to adopt solar energy.
The declining cost of solar power generation and the increasing number of solar-based power plants will fuel the growth of APAC's solar cable systems market. The solar cable market in this region will also be affected by the increasing adoption of microgrids in rural and remote areas.
Microgrids are being used to deliver a reliable and secure electricity supply to remote and rural areas which do not have a centralized grid. Microgrids use solar PV systems, storage systems, and generators to provide power to such areas. This increasing adoption of microgrids will also boost the demand for solar power systems, including solar cables.
China is the world's largest market for both photovoltaics and solar thermal energy. China’s huge and rapidly developing population makes it the biggest energy growth market globally. China already has more solar capacity than any other country globally and is home to several massive solar farms, including the world’s largest in the Tengger Desert. The country - the biggest clean energy investor globally - is looking to dramatically increase the proportion of renewable energy in its power mix.
Solar power in India is a fast-developing industry. The country's solar installed capacity reached 30.709 GW as of 31 August 2019. The Indian government had an initial target of 20 GW capacity for 2022, which was achieved four years ahead of schedule.
In 2015 the target was raised to 100 GW of solar capacity (including 40 GW from rooftop solar) by 2022, targeting an investment of US$100 billion. India has established nearly 42 solar parks to make land available to the promoters of solar plants.
Rooftop solar power accounts for 2.1 GW, of which 70% is industrial or commercial.[16] In addition to its large-scale grid-connected solar photovoltaic (PV) initiative, India develops off-grid solar power for local energy needs.
In October 2019, Total Solar International announced the start of Miyagi Osato Solar Park's construction, a large-scale solar plant of 52 megawatt-peak (MWp) located in Japan.
The rise in government initiatives coupled with the low cost of PV systems and increased investment from power companies in the region is expected to boost the APAC solar cable market over the forecast period.
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