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A recent report published by Infinium Global Research on agrivoltaics market provides in-depth analysis of segments and sub-segments in the global as well as regional agrivoltaics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional agrivoltaics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global agrivoltaics market.
Agrivoltaics provides an effective, efficient, and innovative solution to the competition for land use through the creation of synergies between renewable energies and agriculture while promoting sustainable rural development and the protection of biodiversity and the ecosystem. The fast-growing concept of agrivoltaics, which has excellent potential, refers to the joint development of the same land area for solar PV and agriculture, allowing the cohabitation of two key sectors. Several types of agriovoltaics have already been developed around the world, with a wide variety of innovative approaches emerging in recent years that will be a key part of the energy and climate transition. For large-scale projects, the installation of a ground-mounted photovoltaic panel is the most common option. Elevated photovoltaic panels are a type of agrivoltaics implementation defined by the fact that the photovoltaic panels are higher than usual by using special structures. In recent years solar or photovoltaic greenhouses have been one of the most widely implemented models. It consists of the integration of photovoltaic panels on the greenhouse roof, which leads to the generation of renewable energy that can be injected into the grid, for storage or for the consumption and needs of the greenhouse which includes lighting, irrigation system, and many more in a sustainable way without reducing its production.
The increasing demand for efficient cultivation equipment drives the growth of the market. The necessity to adopt efficient cultivation machinery due to rising climate change, reduced availability of resources such as water and land as well a shift in the preference of consumers for sustainable farming are vital drivers that also accelerate the demand for efficient farming equipment. Additionally, the rising innovative farming techniques also boost the growth of the market. The growing population, increased dependence on agriculture for food demand and rising expenditures on modern farming equipment are the major drivers of innovative farming techniques that are expected to boost the growth of the agrivoltaics market. However, the lack of agrivoltaics system awareness hampers the growth of the market. The initiatives required for installing an expensive agrivoltaics system are the major factor that hampers the growth of agrivoltaics, especially in low-disposable countries. Moreover, the rising increasing investment by major market players creates lucrative opportunities for the market. The increased investments by leading firms encourage the development and usage of advanced agricultural techniques and equipment that help to expand the market and simultaneously create lucrative opportunities for the market.
North America is projected to hold the most prominent market share in the upcoming forecast period. North America owing to technological innovation in agricultural techniques. Additionally, the presence of advanced farm machinery and equipment in this region has helped the agrivoltaics market to grow. Europe has accounted for the largest market share in the agrivoltaics market due to the major shortage of the farmlands expansion as well as growing adoption of agrivoltaics systems in the European region are anticipated to fuel the crop efficiency as well as the production of food. Europe is witnessing substantial market growth mainly due to the extensive presence of the large agricultural land suitable for Agrivoltaics. The governments push toward adopting renewable energy in the electricity mix across different countries in the region. However, Asia-Pacific is also expected to be one of the fastest-growing sectors.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 4.26 Billion |
| Market Size by 2030 | USD 9.26 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 10.2% |
| Largest Market | North America |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By System Design, By Placement, and By Cell Type |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global agrivoltaics market covers segments such as system design, placement, and cell type. On the basis of system design, the sub-markets include fixed solar panels over crops, and dynamic agrivoltaic. On the basis of placement, the sub-markets include standalone, shading nets, greenhouse, and others. On the basis of cell type, the sub-markets include monocrystalline, and polycrystalline.
The report provides profiles of the companies in the market such as Agrivoltaic Solution LLC, REM TEC s.r.l., Sun’Agri, Ombrea, Mackin Energy Japan Co., Ltd., Boralex, BayWa r.e. AG, Enel Green Power S.p.A, TotalEnergies, and SunSeed APV.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the agrivoltaics market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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