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International market research institutions have released a solar cable research report a few days ago, saying that by 2025, the global solar cable market will achieve a breakthrough in earnings, and it is expected to reach US$1.64119 billion. It is expected that the compound annual growth rate will reach 14.1% during the 2017-2025 period.
The report pointed out that the increase in demand for solar energy as a renewable energy source is the main reason for the rapid development of the market. At present, all countries in the world, especially the developed and developing economies, continue to promote the development of renewable energy industries such as solar energy and wind power, which provides tremendous opportunities for the vigorous development of the solar cable market.
According to the type of cable material, the report will use two types of solar cable: copper cable and aluminum alloy cable. In the report, it is expected that copper cable will continue to dominate the global solar cable market by 2025. At the same time, with the improvement of technology, the market for aluminum alloy cables is also expanding.
From the perspective of the application market, residential, commercial and industrial solar energy cables are the three major application markets. In the forecast period, the industry is expected to become the largest application market. However, with the rapid development of rooftop solar energy, such as India, Australia, etc., residential and commercial solar cables will usher in higher growth rates.
From a regional perspective, the report will cover several major markets in Asia Pacific, North America, Europe, South America, the Middle East, and North Africa. Among them, the North American market is subdivided into the United States, Canada and other regions, and the United States will be subdivided into the largest solar cable market in North America. Europe is subdivided into the United Kingdom, Germany, France and other parts of Europe. The Asia Pacific region is subdivided into China, Japan, India, and other parts of the Asia Pacific region. China will become the largest solar cable application market in the region. The Asia Pacific region will become the largest regional market in the world, leading the development of the world's solar energy market.
