In the contemporary era, sustainable products are becoming increasingly instrumental in designing our future. Everything from renewable energy resources to environmentally-friendly building materials, sustainable products are sparking innovation and transforming our interaction with the world. This trend is particularly noticeable in the wire and cable industry, where green practices and products are progressively gaining prominence. The wire and cable industry is indispensable to modern living as it furnishes the infrastructure that powers our homes, businesses, and communities. Nonetheless, this growth is also escalating our carbon footprint, with non-renewable energy production and consumption significantly contributing to greenhouse gas emissions and climate change.
The shift towards sustainable products goes beyond reducing environmental impacts; it also fosters innovation and investment in green solutions. The rising demand for eco-friendly products offers an opportunity for the wire and cable industry to spearhead innovation and define the future. Owing to the combined efforts of the Government and industry, India has achieved the fourth position worldwide for overall installed renewable energy capacity, witnessing a growth of 286 per cent in the last 7.5 years from 2.6 GW to over 46 GW, according to reports. Additionally, the Government of India has revised the National Solar Mission target for Grid Connected Solar Power projects from 20,000 MW by 2022 to 100,000 MW by 2022, alongside a USD 100 billion investment target. In a bid to promote the use of solar energy, the government has made it central to India’s National Action Plan on Climate Change with the National Solar Mission as a key programme.
A crucial element in the transmission of solar power is cables. Solar cables are specifically designed to connect solar panels to the electric grid, thereby facilitating the extensive use of solar power. Designed to endure extreme weather, resist UV rays, and manage high electrical loads, solar cables are an indispensable part of solar power system development. As the solar industry is experiencing rapid growth worldwide, the demand for solar cables is following suit. The solar energy sector in India has seen exponential growth due to the government’s initiatives to encourage clean energy sources. According to a report, the global Solar Cables market, valued at USD 628.2 million in 2020, is expected to reach USD 1109.6 million by the end of 2027.
One of the remarkable benefits of sustainable products, such as solar power, is their capacity to reduce our carbon footprint. As per the International Energy Agency (IEA), solar power is the fastest-growing renewable energy source globally, and its adoption is crucial to achieving global climate goals. Utilising solar cables in developing solar power systems is key to reducing environmental impacts and contributing to a more sustainable future. Solar cables not only reduce our carbon footprint by efficiently transporting power but can also yield cost savings over time. As solar power is a free and abundant resource, it can result in significant cost savings in the long run, as opposed to non-renewable energy sources that can be costly and subject to price volatility.
The escalating demand for sustainable products, including solar cables, is pushing the wire and cable industry towards a greener future. The industry is reciprocating this demand with constant innovation and investment in sustainable solutions. As the call for eco-friendly products continues to grow, the opportunity for ongoing innovation and investment in sustainable solutions becomes apparent. The growth of the solar cables industry in India is propelled by factors like increasing adoption of renewable energy sources, government initiatives and subsidies for solar power projects, and rising awareness about the advantages of clean energy.
At Finolex, we are channeling our investments into the Electron Beam Curing Process for the production of our Solar cables. These cables, crafted under a Continuous Operating Temperature of 150°C, bring numerous benefits to the table. They display enhanced UV and Ozone resistance and exhibit improved resilience against harsh weather conditions. Moreover, they provide heightened resistance to oil and chemicals and exhibit increased resistance to cracking. With a focus on long-term heat ageing, reducing fire hazards, and augmenting insulation resistance, these cables promise to deliver a service life that outpaces traditional cables. By reducing our dependence on non-renewable energy sources, promoting energy efficiency, and driving cost savings, sustainable products, including solar cables, play a crucial role in defining our future. With continuous innovation and investment in sustainable solutions, the wire and cable industry can aid in achieving our global climate goals and building a more sustainable world for future generations. Lastly, the growing adoption of solar power systems and the expansion of the solar cables industry has created job opportunities and contributed to the country’s overall economic growth.
To sum up, sustainable products are revolutionising our interaction with the world. In the wire and cable industry, products like solar cables are catalysing innovation and shaping the future by reducing carbon footprint, enhancing energy efficiency, and promoting cost-effectiveness. Continued investment in sustainable solutions and practices is vital to meet the rising demand for eco-friendly products and shape the future of the wire and cable industry.