The solar cable systems market is expected to grow by USD 689.56 million and register a decelerating CAGR of almost 8% during 2021-2025, according to a new research report by Technavio. The report also highlights the COVID-19 pandemic impact on the market along with detailed insights on the upcoming growth opportunities and challenges for the market players.
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Solar cable systems market: Increasing demand for electricity Rapid economic development coupled with urbanization and various energy access programs are the major factors driving the demand for electricity. There are many rural and remote areas where there is no access to electricity yet. The high demand for electricity requires a higher level of power generation, which can be fulfilled through renewable sources of energy such as solar energy and solar power. Rising awareness about environmental sustainability and favorable government incentives have encouraged countries to deploy renewable energy sources including the solar energy. Thus, the increasing demand for electricity will drive the market for renewable solar power and energy, which, in turn, will propel the global solar cable systems market during the forecast period.
"The supportive government policies as well as regulations pertaining to solar installations and increased adoption of microgrids will further boost market growth during the forecast period", says a senior analyst at Technavio.
Key Questions Answered in the Report:
Which are the leading segments in the solar cable systems market?
What are the major challenges inhibiting the growth of the solar cable systems market?
What are the key trends and opportunities pertaining to the solar cable systems market?
Who are the major vendors, and what are their key offerings in the solar cable systems market?
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