Agrivoltaics Market Expected to Reach $9.3 Billion by 2031 - Allied Market Research

The agrivoltaics industry has been gaining traction in the last few years. Increased pressure to produce more food while decreasing available farmlands and increasing primary energy demand leading to rising solar farms have caused conflict on land usage. Thus, combining the two essential activities into one is expected to resolve the conflict and also offer a dual income source to the farmers which encourages the growth of the agrivoltaics industry. The agrivoltaics market was valued at $3.6 billion in 2021 and is estimated to reach $9.3 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/47921

Agrivoltaics is the concept of combining land development for agricultural and solar photovoltaics. It essentially enables two major sectors to coexist. Agrivoltaics leverages agricultural and renewable energy synergies to produce an economical, effective, and innovative approach to land constraints. Furthermore, agrivoltaics encourage sustainable rural development and biodiversity protection.

Many experts believe agrivoltaics can minimize barriers to food security and the transition to clean energy. While the agrivoltaics market is still in its growth stage, it is expected to grow as the solar sector continues to boom owing to surged demand for clean energy. Agrivoltaics technology has seen a lot of progress and global dissemination in recent years, with the global installed output of agrivoltaics rising from 5 MW in 2012 to around 2.9 gigawatts (GW) in 2020.

To promote a healthy growth environment for agrivoltaics, subsidies from governing authorities will be required. Moreover, joint ventures, lease agreements, reduced loan rates, and reduced risk exposures. In addition, since there is a significant reduction in crop yield, strict regulations regarding solar installations need to be enforced to minimize land exploitation.

Given climate change and increasing droughts and extreme weather events, agrivoltaics offers several advantages such as zero-emission solar power coupled with food production and the protection of crops from drought and damage caused by extreme weather such as hail or heavy rain. The world's largest agrivoltaics installation has been built on the edge of the Gobi Desert in China, where berries are being cultivated underneath solar modules with an output of 700 MW. The most important drivers for agrivoltaics are land scarcity and increasing drought in many regions as well as technological optimizations and further developments. The prerequisite is to interfere with agricultural use as little as possible and to cooperate closely with farmers for a broader application of agrivoltaics.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/47921

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Agrivoltaics industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐀𝐠𝐫𝐢𝐯𝐨𝐥𝐭𝐚𝐢𝐜𝐬 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Namaste Solar
SunAgri
Enel Green Power Spa
Mirai Solar
SunSeed APV Private Limited
JA Solar Holdings Co. Ltd.
Next2Sun Technology GmbH
Insolight SA
Ombrea, BayWa AG

Challenges include international standardization, the removal of regulatory hurdles, effective incentive systems, even more, comprehensive monitoring, the even greater involvement of farmers, and further improvements in economic efficiency. While all crops need sunlight for growth, too much can cause some to get stressed, especially cool-season plants such as brassicas. Plants growing under the diffused shade of photovoltaic panels are buffered from the day's most intense rays. Shade reduces air temperature and the amount of water evaporating from soils; a win-win for both plants and farm workers on hot summer days. The plants in turn give off water vapor that helps to naturally cool the photovoltaic panels from below, which can increase panel efficiency.

The agrivoltaics market is segmented into system design, cell type, crop, and region. By system design, the agrivoltaics market is bifurcated into fixed solar panels and dynamic. The fixed solar panel segment dominated the market share in 2021 and is projected to continue its dominance through the projection period owing to ease of handling and high-power generation. Moreover, in dynamic systems, the panels are moved or adjusted as and when required which may be a hassle if needed to be done routinely whereas, in fixed panel systems, no such hassle is to be dealt with.

Depending on cell type, the agrivoltaics market is divided into microcrystalline and polycrystalline. The microcrystalline cell type dominated the market growth for 2021 and is expected to grow at a higher CAGR during the projection period owing to the higher efficiency of the cells in commercial models. By crop, the market is segmented into vegetables, fruits, crops, and others. The crop segment dominated the agrivoltaics market growth for 2021 owing to a rise in increasingly extreme weather and solar panels shield crops from too much sun and dehydration. The same is expected to continue its dominance during the projection period followed by the vegetable segment.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/47921

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

- Fixed solar panels are projected to grow at the highest CAGR of approximately 10.5%, in terms of during the agrivoltaics market forecast period
- The monocrystalline segment dominated the agrivoltaics market share by over 51.7% in 2021
- By region, North America dominated the agrivoltaics market and is expected to grow at a CAGR of 10.7% during the forecast period

𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝟏. 𝐓𝐡𝐞𝐫𝐦𝐨𝐩𝐡𝐨𝐭𝐨𝐯𝐨𝐥𝐭𝐚𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/07/13/2704638/0/en/Thermophotovoltaics-Market-to-Reach-400-2-million-Globally-by-2032-at-12-8-CAGR-Allied-Market-Research.html

𝟐. 𝐅𝐥𝐨𝐚𝐭𝐢𝐧𝐠 𝐏𝐡𝐨𝐭𝐨𝐯𝐨𝐥𝐭𝐚𝐢𝐜𝐬 (𝐅𝐏𝐕) 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/30/2637849/0/en/Floating-Photovoltaics-FPV-Market-Is-Expected-to-Reach-106-0-Million-by-2031-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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