The global solar cable systems market at a CAGR of almost 13% during the forecast period

NEW YORK, July 23, 2019 /PRNewswire/ --

Global Solar Cable Systems Market: About this market

A solar cable is an interconnection cable, which connects solar panels and other electrical components in photovoltaic power generation. These cables are weather- and ultraviolet (UV)-resistant, chemical- and oil-resistant and can endure extreme weather conditions. This solar cable systems market analysis considers sales from both utility and non-utility. Our analysis also considers the sales of solar cable systems in the Americas, APAC, and EMEA. In 2018, the utility segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing demand for electricity due to population growth will play a significant role in the utility segment to maintain its market position. Also, our global solar cable systems market report also looks at factors such as increasing demand for electricity, supportive government policies and regulations pertaining to solar installations, and increased adoption of microgrids. However, intermittent nature of solar power, competition from other alternative sources of energy, high initial cost of solar PV installations may hamper the growth of the solar cable systems over the forecast period.

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Global Solar Cable Systems Market: Overview

Increasing adoption of microgrids

The adoption of microgrids is increasing significantly with the aim to facilitate local power generating systems and improve access to energy. Microgrids can provide a reliable and secure supply of electricity to remote rural areas owing to its ability to operate independently from the main power grid. The increasing demand for microgrids will stimulate the demand for solar cable systems, including solar cables. This demand will lead to the expansion of the global solar cable systems market at a CAGR of almost 13% during the forecast period.

Development of technological innovations in solar cable systems

In recent years, there has been a significant increase in investments in R&D activities for technological advances and innovations related to the efficiency of equipment, reduction in power generation cost, and the optimization of the installation process. Solar cable systems have also witnessed technological developments, which have led to improvements in the reliability and efficiency of these systems. Development and technological innovations in solar cable systems are identified as one of the key solar cable systems market trends that will fuel market growth.

Competitive Landscape

With the presence of several major players, the global solar cable systems market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading solar cable system manufacturers, that include Amphenol Corp., Havells India Ltd., Lapp Holding AG, Nexans SA, and Prysmian Spa.

Also, the solar cable systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

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