Portland, OR, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global agrivoltaics market garnered $3.6 billion in 2021, and is estimated to generate $9.3 billion by 2031, manifesting a CAGR of 10.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining a competitive edge in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.6 billion |
| Market Size in 2031 | $9.3billion |
| CAGR | 10.1% |
| No. of Pages in Report | 312 |
| Segments covered | System design, Cell type, Crop, and Region |
| Drivers | Advancements in farming techniques |
| Investment from government and private players on research and development activities | |
| Opportunities | Energy shifts are taking place globally to reduce carbon emissions. |
| Restraints | High installation costs |
COVID-19 Scenario:
- The COVID-19 impact on the market was low since the market is still not commercialized at a wider level. It is a growing concept that is still not accepted by farmers and also lacks supporting data.
- Agrivoltaics market expansion is also hindered by the weakening global economy, ongoing civil unrest in many regions of the world, developed economies entering a recession, and the Russo-Ukrainian war that disrupted trade relations.
The research provides detailed segmentation of the global agrivoltaics market based on system design, cell type, crop, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on system design, the dynamic segment held the highest share in 2021, accounting for around two-thirds of the global agrivoltaics market and is expected to continue its leadership status during the forecast period. However, the fixed solar panel segment is expected to register the highest CAGR of 10.5% from 2022 to 2031.
Based on cell type, the monocrystalline segment accounted for the highest share in 2021, contributing to more than half of the global agrivoltaics market and is expected to maintain its lead in terms of revenue during the forecast period. Also, the same segment is expected to manifest the highest CAGR of 10.2% from 2022 to 2031. The research also analyzes polycrystalline segment.
Based on crop, the crops segment accounted for the highest share in 2021, holding nearly three-fifths of the global agrivoltaics market. The same segment is expected to manifest the highest CAGR of 10.3% from 2022 to 2031. The research also analyzes vegetables, fruits, and others segments.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the global agrivoltaics market share, and is projected to maintain its dominant share in terms of revenue in 2031. The same region is expected to manifest the fastest CAGR of 10.7% during the forecast period. The research also analyzes Europe, Asia-Pacific, and LAMEA regions.
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Leading market players of the global agrivoltaics market analyzed in the research include Ombrea, SunSeed APV Private Limited, Mirai Solar, JA Solar Holdings Co. Ltd., BayWa AG, SunAgri, Insolight SA, Next2Sun Technology GmbH, Namaste Solar, Enel Green Power Spa.
The report provides a detailed analysis of these key players of the global agrivoltaics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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