New York, United States , June 12, 2024 (GLOBE NEWSWIRE) -- The Global Agrivoltaics Market Size is to Grow from USD 3.4 Billion in 2023 to USD 8.86 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.05% during the projected period.
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Agrivoltaics is an ingenious technology, that combines agriculture with solar energy and is shaping up to be a promising solution for meeting agricultural, energy, and environmental challenges. Agrivoltaics maintains the resources required to ensure food security while promoting the switch to low-carbon energy sources by permitting solar photovoltaic panels installed on cropland or fitted on agricultural facilities. It promises to offer innovation, sustainability, and responsibility. Furthermore, agrivoltaics involves cultivating crops with photovoltaic panels positioned at a certain height to permit access to agricultural equipment like harvesters, levelers, tractor trailers, and others. The production system in the dynamic agrivoltaic segment is managed according to the physiological needs of crops. The technology consists of creating a unique initiative and building a dedicated structure to control the entire array of solar panels positioned above the crop plantation. Furthermore, growing financial convenience for farmers in the form of passive income and enhanced environmental benefits have also emerged as key growth drivers for the agrivoltaics industry. Additionally, the need for efficient farming equipment is being driven by several factors, including the need to adapt to the effects of climate change, the depletion of resources like land and water, and consumer preferences for sustainable farming this will propel the market during the projected period. However, the cost of photovoltaic panels and their installation is highly complex, requiring specialized knowledge and experience that increases the cost of photovoltaics overall on the market.
Browse key industry insights spread across 189 pages with 110 Market data tables and figures & charts from the report on the "Global Agrivoltaics Market Size, Share, and COVID-19 Impact Analysis, By Cell Type (Monocrystalline and Polycrystalline), By Array Configuration (Fixed and Single-Axis Tracking), By Photovoltaic Technology (Monofacial Solar Panels, Bifacial Solar Panels, Translucent Photovoltaic Technology, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. "
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The monocrystalline segment estimated the market with the largest market share through the forecast period.
Based on the cell type, the global agrivoltaics market is categorized into monocrystalline and polycrystalline. Among these, the monocrystalline segment estimated the market with the largest market share through the forecast period. A monocrystalline solar panel has an efficient half-cut that can withstand greater temperatures and performs well in low light. It is also known to work best in overcast conditions. Furthermore, monocrystalline technology's ongoing advancements and improvements lead to higher availability, reduced costs, and improved performance. These advancements make the monocrystalline segment boost the market.
The fixed segment is projected to grow at the fastest CAGR growth through the forecast time frame.
Based on array configuration, the global agrivoltaics market is divided into fixed and
single-axis tracking. Among these, the fixed segment is projected to grow at the fastest CAGR growth through the forecast time frame. This segment is driven by its practicality, cost-effectiveness, and compatibility with agricultural operations. This segment represents a significant portion of agrivoltaics installations worldwide, offering a balance between solar energy generation and agricultural productivity. Many farmers and solar developers favor fixed arrays due to their simplicity and convenience of installation, which is one of their main advantages. Fixed arrays, as opposed to tracking systems, do not need intricate devices to change the angle of the solar panels, which lowers maintenance costs and eliminates possible weak points. Furthermore, because of their flexible deployment options, fixed arrays are a good fit for a range of agricultural environments, such as arable farming, horticulture, and grassland farming. Their immobility guarantees that farming operations are not severely disrupted, letting crops flourish without jeopardizing the production of solar energy.
The monofacial segment is estimated for the largest revenue share through the forecast period.
Based on photovoltaic technology, the global agrivoltaics market is categorized into monofacial solar panels, bifacial solar panels, translucent photovoltaic technology, and others. Among these, the monofacial segment is estimated for the largest revenue share through the forecast period. The considerations, such as affordability, effectiveness, and suitability for agricultural pursuits, are driving the segment growth in the market. Traditional solar panels known as monofacials only allow light to enter from one side of the panel, which makes them perfect for installations when space is not an issue this results in a boost in the revenue share of the segment.
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North America is expected to hold the largest share of the global agrivoltaics market over the forecast period.
North America is anticipated to hold the largest share of the global agrivoltaics market over the predicted timeframe. The growing need for energy and the growing popularity of agrivoltaics as a sustainable energy source. In the upcoming years, the U.S. agrivoltaics market is anticipated to dominate the market. aue to various causes like increased demand for renewable energy, government assistance, and the advantages it provides to farmers. North America owing to technological innovation in agricultural techniques. Additionally, the presence of advanced farm machinery and equipment in this region has helped to expand the agrivoltaics market.
Europe is expected to grow at the fastest CAGR growth of the global agrivoltaics market during the forecast period. Owing to the significant scarcity of farmlands, it is projected that the European region's expanding agrivoltaics system acceptance and expansion will boost food production and crop efficiency. Europe's market is expanding significantly, mostly because there is a lot of huge agricultural area there that can be used for agrivoltaics. The administrations of the various nations in the region contribute to the inclusion of renewable energy in the mix of power.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Vendors in the Global Agrivoltaics Market Includes Enel Green Power, JS Power, Sun’ Agri, Solar Window, BayWa r.e., Insolight, REM Tec, Zimmermen, Next2Sun, SunSeed, APV Private LTD., Ombrea, Others and key vendors.
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Recent Developments
- In May 2024, IEA-PVPS is poised to launch a new format for expert engagement. It will include an action group on agrovoltaics, as well as a collaborative effort to match agriculture and solar generation. It aims to unlock the potential of agrivoltaics, optimize land use efficiency, enhance agricultural resilience to climate change, and foster social consensus for solar development.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agrivoltaics Market based on the below-mentioned segments:
Global Agrivoltaics Market, By Cell Type
- Monocrystalline
- Polycrystalline
Global Agrivoltaics Market, By Array Configuration
- Fixed
- Single-Axis Tracking
Global Agrivoltaics Market, By Photovoltaic Technology
- Monofacial Solar Panels
- Bifacial Solar Panels
- Translucent Photovoltaic Technology
- Others
Global Agrivoltaics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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