Newark, March 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.98 Billion Agrivoltaics market will reach USD 10.64 Billion by 2033. Increased government initiatives to boost R&D in Agrivoltaics is one major factor that may create lucrative opportunities for Agrivoltaics devices in the market. Governments across the globe have undergone tremendous initiatives to boost investments and increase subsidies in the market. To achieve net-zero carbon emissions the government across the globe is undergoing a renewable fuel-based economy.
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Key Insights on Agrivoltaics Market
North America accounts for the largest market size during the forecast period accounting for 42.1% of the total market. Whereas Asia Pacific is expected to be the fastest-growing region in the period forecasted.
North America emerged as the largest global Agrivoltaics market, accounting for 42.1% of the total market. Owing to increasing technological advancements and rising cutting-edge solutions in the region. Whereas, Asia Pacific accounts for the highest growth rate in the market owing rapidly growing population in the region
Fixed Solar Panels dominated the market accounting for 35.12% of the total market.
Fixed Solar Panels dominated the market segment, with a market share of 35.12% in the global market. Owing to rising demand for the installation of solar panels on agricultural greenhouse fields. Whereas, Dynamic Agrivoltaic is the fastest-growing segment mainly because of the higher response of internal and external factors in the global market.
The Leafy Greens segment accounted for the largest share of the market share of 32% in 2023.
The Leafy Greens segment has dominated the Agrivoltaics market with a market share of 32% in 2023. Owing to the higher use of sunlight for specific leafy green vegetables, such as Kale, lettuce, peppers, chard, broccoli, and Brussels sprouts among others. Further, this segment is the fastest growing segment in the market, with the rise in population and higher consumption of these vegetables across the globe.
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Latest Development:
● In Oct 2023, The National Solar Energy Federation of India (NSEFI) launched Agrivoltaics Alliance in Delhi, India. The main objective behind this launch is to help crops to be produced with ease. Incremental gains, reduced production costs, and higher use of natural sunlight will help the country prevent the supply of adulterated vegetables in the market.
● In December 2023, Turkey launched the Agrivoltaics research project. This launch helped the researchers to test products along with the production process. For this, the researchers launched tracker systems which were designed specifically for the crops generated through Agrivoltaics use.
● In January 2023, the Symbiosyst Agrivoltaics project was launched by the Horizon Europe Programme. The main objective behind this launch was to reach net-zero emissions by 2050. Further, social acceptance and encouraging higher investments are other major factors that may contribute to the launch of this project.
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Market Dynamics
Drivers: Varied advancements in farming techniques
The rapidly growing global population and increasing pressure on crop products act as a major factor that spurs the growth of the Agrivoltaics Market. Catering to this, various advancements in the field of farming techniques prevail. These techniques utilize various techniques relating to sowing, crop protection, and irrigation among others.
Restraint: High installation costs
The cost of Agrivoltaics rises primarily due to higher cost of photovoltaic panels. The PV panels and their installation happen to be quite complex, thereby requiring specialized expertise and experience which in turn increases the overall cost of Photovoltaics in the market. For instance, according to NREL (Non-Renewable Energy Laboratory), the installation cost of Photovoltaics/watt ranges between $2.60 to $4.50.
Opportunity: Increased government initiatives to boost R&D in Agrivoltaics
Governments across the globe have undergone tremendous initiatives to boost investments, and increase subsidies in the market. To achieve net-zero carbon emissions the government across the globe is undergoing a renewable fuel-based economy.
Challenge: Lack of awareness regarding Agrivoltaics systems
Lack of awareness regarding Agrivoltaics systems and its potential benefits in the agriculture sector is one major factor that may pose sever challenge to the Agrivoltaics Market, in the period forecasted. Thus, it is of the foremost importance to educate not only the producers (Farmers) but also to the general public for the potential benefits beholding Agrivoltaics Market.
Some of the major players operating in the Agrivoltaics market are:
• Agrivoltaic Solution LLC
• Sun Agri
• REM TEC
• Enel Green Power
• Boralex
• BayWa AG
• TotalEnergies
• Mackin Energy
• Sunrise Power Solutions
• Suntech Power Holdin
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Key Segments cover in the market:
By System Design:
● Dynamic Agrivoltaic
● Fixed Solar Panels
By Crop Type:
● Fruits
● Leafy Greens
● Root Crops
About the report:
The global Agrivoltaics market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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