Dublin, May 17, 2023 (GLOBE NEWSWIRE) -- The "Agrivoltaics Market By System Design, By Cell Type, By Crop: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global agrivoltaics market was valued at $3.6 billion in 2021 and is projected to reach $9.3 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.
Key Market Players
- SunAgri
- Ombrea
- Namaste Solar
- Mirai Solar
- Insolight SA
- JA Solar Holdings Co. Ltd.
- Enel Green Power Spa
- Next2Sun Technology GmbH
- SunSeed APV Private Limited
- BayWa AG
Agrivoltaics is the use of land for both agriculture and solar photovoltaic energy generation. This system looks at agriculture and solar energy production as compliments to the other instead of as competitors. By allowing working lands to stay working, the agrivoltaics system assists farms to diversify their income.
Other benefits include energy resilience and a reduced carbon footprint. The crops under the solar panel release water vapors that cool the panels from downwards. Similarly, panels prevent crops from scorching heat and reduce temperature which helps crops maintain their water level and keep the soil moist. This is especially beneficial for crops and vegetables that require cool weather for growth. The solar panels generate power which also generates a second income for the landowner. It is a win-win situation for both sectors.
The market growth is augmented by a rise in awareness for the application and adoption of agrivoltaics. It is also supported by a surge in innovative farming techniques, reduced availability of land and water resources forcing to look for optimal solutions, and an increase in investments and subsidies from the government.
However, the high initial installation costs and belief in traditional farming techniques act as restraining factors for market growth. The agrivoltaics market size is segmented into system design, cell type, crop, and region. By system design, the agrivoltaics market is bifurcated into fixed solar panels and dynamic.
Fixed solar panels are mounted panels on a roof, ground mount, or tracker system, and generate electricity by capturing the sun's rays. Inverters convert this power into usable energy. They are the easiest type of solar system to build and require very little material for any shape or size.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the agrivoltaics market analysis from 2021 to 2031 to identify the prevailing agrivoltaics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the agrivoltaics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global agrivoltaics market trends, key players, market segments, application areas, and market growth Strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 312 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $3.6 billion |
| Forecasted Market Value (USD) by 2031 | $9.3 billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Advancements in farming techniques
- Investment from government and private players boosting research and development
- Dual Income source
Restraints
- High installation costs
- Resistance to accepting changes in traditional farming techniques
- Design constraints and approval delays
Opportunities
- Increased investment by private players
Key Market Segments
By System Design
- Fixed Solar Panels
- Dynamic
By Cell Type
- Monocrystalline
- Polycrystalline
By Crop
- Vegetables
- Fruits
- Crops
For more information about this report visit https://www.researchandmarkets.com/r/ysi434
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