AGRIVOLTAICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has dominated the agrivoltaics market for many years owing to strong government support through incentives and policies promoting renewable energy adoption and is estimated to account for 34.3% share in 2024. The U.S. is the largest market in the region supported by the presence of major players along with developing solar supply chains and infrastructure. States such as California, Massachusetts, and New York have pioneered agrivoltaic projects through regulatory frameworks facilitating investment in this area. Leading agrivoltaic installation companies partner with large farms to deploy solutions tailored for their crops and operations. The incentive programs significantly lowering installation and procurement costs have encouraged commercialization. Moreover, land availability is abundant and farmers are open to newer techniques enhancing their revenue streams without disrupting agricultural production.

The Asia Pacific region has emerged as the fastest growing market for agrivoltaics globally. Incentives and targets to strengthen farm-based renewable capacity have accelerated business opportunities. Countries like China, Japan, South Korea and India are at the forefront due to expanding agricultural output and rising demand for renewable power. Farmers in densely populated countries seek methods to utilize limited arable land more productively. The government of China has announced large investments to promote agrivoltaics as part of its agri-technology innovation drive. This helps domestic manufacturers rapidly scale up production to serve lucrative domestic and overseas markets. India too is investing in rural electrification programs merging solar energy generation with agriculture across its vast terrain. Projects in northern states have showcased the feasibility of cultivating crops below solar panels, high uptake is expected going forward.