LONDON--(BUSINESS WIRE)--The global solar cable systems market size is poised to reach USD 1.94 billion by 2023, according to a new report by Technavio. However, the market is expected to decelerate at a CAGR of close to 13% during the forecast period. Increasing demand for microgrids is projected to augment the market over the forecast period.
Key suggestions from the report:
- Utility segment represented almost 72% of the overall volume in 2018 on account of the increasing demand for electricity due to population growth worldwide.
- The non-utility segment is likely to register a CAGR of about 19% in terms of revenue from 2019 to 2023 owing to the increasing adoption of microgrids to reduce the dependence on the grid and the space advantages of solar PV installations.
- The Asia Pacific solar cable systems market accounted for more than 65% of the overall revenue in 2018, on account of the increasing adoption of microgrids, and the declining cost of solar power generation.
- The market is highly fragmented with a large number of players occupying the market share. In addition, the development and technological innovations in solar cable systems are intensifying the competition among players.
Read a 137-page research report with TOC on "Solar cable systems Market Analysis Report by application (utility, and non-utility), and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/solar-cable-systems-market-industry-analysis
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.
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.
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The solar energy market is witnessing stiff competition from other alternative sources of energy such as wind and biomass. Moreover, the traditional way of power generation, including fossil fuels, still dominates the energy mix. Furthermore, the decline in the cost of natural gas has driven the use of natural gas in power generation. The competition from other alternative sources of energy will hamper the growth of the solar cable systems market.
Technavio has segmented the global solar cable systems market based on the end-users application (utility, and non-utility), and region (APAC, the Americas, and EMEA).
Related Reports on Utilities Market are:
Solar Energy Storage Market– Global solar energy storage market report provides a detailed analysis of the market end-users (commercial and industrial, utilities, and residential) and geography (the Americas, APAC, and EMEA).
Solar Encapsulation Market– Global solar encapsulation market report provides a detailed analysis of the market by application (crystalline silicon PV module and thin film PV module) and geography (the Americas, APAC, and EMEA).
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