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Agrivoltaics Market Trends, Key Drivers, Opportunities, Leading Players And Forecast To 2033
Agrivoltaics Market Trends
According to The Business Research Company's, The agrivoltaics market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.59 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to increasing demand for renewable energy, increased energy efficiency, government incentives, environmental conservation, energy storage integration.
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Market Drivers and Trends:
Rising demand for agricultural land is expected to propel the growth of the agrivoltaics market going forward. Agricultural land refers to the land area that is either arable, under permanent crops or under permanent pastures. Agrivoltaics can offer a sustainable and efficient approach to agricultural land use, combining the benefits of renewable energy generation with agricultural production while potentially improving the resilience of farming systems to climate change. For instance, according to the Ministry of Agriculture & Farmers Welfare, an India-based nodal government agency, the total area planted to Rabi crops in India during the 2021-2022 season was reported to be 664.20 lakh hectares, up from 652.55 lakh hectares in 2020-21. Further, this represents a 15% increase in the area planted with Rabi crops compared to the previous year. Therefore, rising demand for agricultural land is driving the growth of the agrivoltaics market.
Major companies operating in the agrivoltaics market are developing innovative products such as Bisol Lumina to meet international standards, emphasizing quality and safety. Bisol Lumina is a bifacial monocrystalline PV module with a transparent backsheet designed to provide high transparency ratio and efficient energy conversion. For instance, in July 2023, Bisol, a Slovenia-based solar energy company, launched Bisol Lumina for agrivoltaics. The panels contain bifacial solar cells to maximize the PV module's output power, and the transparent backsheet has excellent resistance to external influences, ensuring consistent performance throughout its lifespan. The panels are engineered to withstand various environmental conditions, such as strong winds and heavy snow loads, and are certified to meet international standards, emphasizing quality and safety.
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Major Key Players of the Market:
TotalEnergies SE, Huawei Technologies Co., BayWa AG, Trina Solar, Enel Green Power Spa, JA Solar Holdings Co. Ltd., Ombrea SAS, SunPower Corporation, Suntech Power Holdings, Boralex, Soltec Power Holdings SA, Voltalia SA, Solarwatt, Namaste Solar, Sunseap Group, REM Tec, Sunrise Power Solutions, Agrivoltaic Solution LLC, DualSun, Ecovoltaics, Insolight SA, Mackin Energy, Mirai Solar, Next2Sun Technology GmbH, Sun'Agri SAS, SunSeed APV Private Limited
Agrivoltaics Market 2024 Key Insights:
• The agrivoltaics market is expected to grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Rising Demand For Agricultural Land Propels Growth Of Agrivoltaics Market
• Introduction Of Innovative Agrivoltaics Products
• North America was the largest region in the agrivoltaics market in 2023
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