Global Cable Management Market Growth Size, Share & Forecast 2019-2025
Posted by Rishabh on November 27th, 2019
The global cable management market is driven by the rising demand for renewable energy sources. As per the International Renewable Energy Agency (IRENA), the trend of potential growth in renewable energy capacity continued with global additions of 171 gigawatts (GW) in 2018. There is an annual growth of 7.9% strengthened by new additions from wind and solar energy, which accounted for 84% of the growth. The major region with the largest additions of renewable energy capacity was Asia with 61% of total new renewable energy installations, which has registered an increase in renewables capacity by 11.4% in 2018. Renewables accounted for nearly two-thirds of all new power generation capacity added in 2018, which is mainly driven by emerging economies.
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It represents that renewable energy has established itself as the major technology for the power generation sector. The increasing trend of renewable energy is expected to continue during the forecast period, owing to government targets for setting up renewable energy sources to meet the sustainable development goals. According to the IRENA, the solar energy capacity increased by 94 GW in 2018. Asia is leading in solar energy installations with an increase of 64 GW in 2018. China, Japan, India and the Republic of Korea accounted for a significant share in solar energy installations in Asia. Furthermore, the major growth of solar energy is witnessed in the US, Australia and Germany with an increase of more than 8.4 GW, 3.8 GW and 3.6 GW, respectively.
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This rising trend towards renewable energy sources is supporting the growth of the global cable management market. Cable management is an essential aspect to achieve longevity and safety of almost every photovoltaic system. This results in the significant use of exposed cables that are utilized in the direct current (DC) PV array. Cables are subjected to external, mechanical and thermal loads. Being exposed to harsh environmental conditions, such as direct UV and temperature fluctuations can damage unprotected cables and the wires. Therefore, proper cable management is required to optimize safety, reduce maintenance and support for longer-lasting systems. Poor management of cable could cost hundreds of dollars. Wire management comprises proper routing, protecting and supporting PV systems cables and wires. National Electrical Code (NEC) is the wire management standard for the solar industry, which states that electrical equipment shall be installed in a manner to avoid damage to their conductor and insulation by avoiding rough surfaces, sharp edges and moving parts of racking systems. This, in turn, is leading to an increasing adoption of cable management products to meet the standard and avoid any harmful circumstances.
Moreover, with the emerging scope of renewable energy in the transportation sector will lead to the growth in the adoption of cable management solutions. For instance, as per the International Energy Agency (IEA), renewable energy in the transportation sector is expected to rise by two thirds by 2023. Buses, two and three-wheelers, and electric cars will lead this growth. Rail is expected to account for most of the consumption of renewable energy by 2023. In July 2017, Indian Railways has launched first solar-powered EMU (diesel electrical multiple units). The Indian government is planning to increase the range of solar-powered trains, which in turn, will likely to contribute to the growth of the global cable management market, as it enables to hold securely both the module frames and the wires in the railway sector.
Global Cable Management Market – Segmentation
By Product Type
Global Cable Management Market – Segment by Region
Rest of the World
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About the AuthorRishabh
Joined: June 18th, 2019
Articles Posted: 354
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