The integration of agriculture and solar power, known as agrivoltaics, is not just a passing trend; it’s becoming a cornerstone of sustainable development. Combining agriculture with solar power is revolutionizing how we think about energy and land use. Farmers are now harnessing the sun twice – growing crops and generating electricity simultaneously. This innovative approach not only boosts farm incomes but also supports sustainable energy goals. Seeing firsthand how agrivoltaics enhances crop yields while reducing water usage was eye-opening. It’s a win-win for both food and energy security!
The report published by The Brainy Insights shows that the global agrivoltaics market is expected to grow from USD 2.98 Billion in 2023 to USD 10.64 Billion by 2033, at a CAGR of 13.57% during the forecast period 2024-2033. North America emerged as the largest market for the 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.
Product launches, innovations and partnership agreements between the companies have helped the companies to enhance their market presence in the period forecasted. 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 will help 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, 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 investmetns is another one of the major factors that may contribute to the lanch of this project.
Major market players include:
- Agrivoltaic Solution LLC
- Sun Agri
- REM TEC
- Enel Green Power
- Boralex
- BayWa AG
- TotalEnergies
- Mackin Energy
- Sunrise Power Solutions
- Suntech Power Holdings
Across various segments, 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 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.
Source: https://www.thebrainyinsights.com/report/agrivoltaics-market-14062
About the Author
Avinash Dhanwani is the Research Director of Brainy Insights Private Limited. He is monitoring & engaging with latest innovations and market development in energy & power industry.
Avinash can be reached online at (sales@thebrainyinsights.com ) and at our company website https://www.thebrainyinsights.com/
