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

The Agrivoltaics Market is estimated to be valued at USD 4.34 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031. Agrivoltaics refers to an agricultural production system which integrates photovoltaic solar power generation on the same land area as agriculture. In this system, solar panels are installed above crop fields or pasture land in a way that does not prevent agricultural activities below the panels. This innovative practice allows for the dual use of land for both energy production as well as food/fodder cultivation. Some key benefits of agrivoltaics include reduced water needs for crops due to shading effect of panels, lowered land acquisition costs, and additional income from combined sale of solar power and agricultural produce. With growing global focus on renewable energy and sustainable food production, more countries are looking to adopt agrivoltaic solutions to optimize land use.

 Market Dynamics:

The agrivoltaics market growth is driven by rising investments in solar energy infrastructure along with evolving government support for renewable energy integration with agriculture. Growing concerns around food security due to loss of arable land for solar projects is further propelling adoption. However, high setup costs and technical challenges associated with developing effective shading systems pose challenges. The market sees opportunities from ongoing R&D to optimize solar panel configurations to balance energy generation and crop yields. Partnerships between solar developers, farmers and technology firms will help maximize dual use of land. Additional incentives for agrivoltaic projects can help commercialization.

 Key Features of the Study:

• This report provides an in-depth analysis of the global agrivoltaics market and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global agrivoltaics market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Ombrea, SunAgri, SunSeed APV Private Limited, JA Solar Holdings Co. Ltd., Enel Green Power Spa, Mirai Solar, Namaste Solar, BayWa AG, Next2Sun Technology GmbH, and Insolight SA
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global agrivoltaics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global agrivoltaics market

Detailed Segmentation-

• By System:
• • Fixed Panel
  • Dynamic Panel
• By Crop:
• • Vegetables
  • Fruits
  • Root Crops
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Ombrea
  • SunAgri
  • SunSeed APV Private Limited
  • JA Solar Holdings Co. Ltd.
  • Enel Green Power Spa
  • Mirai Solar
  • Namaste Solar
  • BayWa AG
  • Next2Sun Technology GmbH
  • Insolight SA