Solar Farm Market [2023-2031] Research Reports, Industry Size, Growth Opportunity, Regional Analysis

The global solar farm market size was US$ 86.4 billion in 2021. The global solar farm market is forecast to grow to US$ 441.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 19.1% during the forecast period from 2022 to 2030.

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Factors Influencing the Market
Solar farms are large-scale energy production facilities powered by solar cells. The growing inclination towards the use of solar energy is forecast to fuel the growth of the solar farm market during the forecast period.
Supportive government regulations to scale up the use of photovoltaic technology will contribute to the market growth. For instance, according to information by U.S. Solar Energy Industries Association, the government has introduced stringent laws like net metering. These laws are aimed at promoting photovoltaic technology to generate electricity. Thus, it will benefit the solar farm market during the study period.
The Chinese solar photovoltaic industry is also growing at a substantial pace. According to data by China Photovoltaic Industry Association, China's photovoltaic energy capacity increased by 34% in 2018. Therefore, it will significantly contribute to the growth of the global solar farm market.
Apart from that, growing investments in the agriculture sector will accelerate the growth of the solar farm market during the study period.
On the flip side, the high cost associated with the installation of solar systems may limit the growth of the market during the study period.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, investments in the solar energy sector decreased. As a result, it has hampered the growth of the solar farm market. The market has recorded a substantial decline due to supply chain disruptions and a halt in manufacturing activities. However, the market is expected to have outstanding potential in the coming years as investments in the sector have started to increase. China, which imports a large amount of solar panel material, was drastically affected by the pandemic. Thus, it negatively affected the global solar farm market.

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Regional Analysis
Europe is estimated to dominate the global solar farm market, owing to the rising developments and innovations in the solar industry. Furthermore, the PV energy sector is forecast to record potential growth due to the rising installation of PV systems across various verticals. In Asia-Pacific, the solar energy sector is recording notable growth. Moreover, increasing government initiatives for electrification of rural areas, like Akshay Urja, will contribute to the industry growth. Apart from that, China is home to nearly 80% of solar panel materials. Thus, such estimations depict the potential of this regional market in the coming years.

Competitors in the Market
• Trina Solar
• First Solar, Inc.
• TATA Power
• Sharp Corporation
• BrightSource Energy, Inc.
• Solar Systems Ltd.
• Shenzhen Topray Solar Co., Ltd.
• JA Solar Holdings Co. Ltd.
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Solar Farm industry experienced notable growth in its workforce. Starting in January, employment within the Solar Farm sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Solar Farm output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Solar Farm output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Solar Farm market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Solar Farm market.

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Market Segmentation
The global solar farm market segmentation focuses on Type, End-Users, and Region.
By Type Outlook
• Utility-scale
• Distributed Generation
• Microgrids
• Others
By End-Users Outlook
• Commercial
• Industrial
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

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Table of Contents:

Chapter 1: Introduction to the Global Solar Farm Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Solar Farm Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Solar Farm Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Solar Farm Market Size (2023-2031)

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• Analyzing market trends to aid businesses in devising adaptive strategies.

• Guiding businesses in the optimal placement of their products.

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