Agrivoltaics Market Status and Future Scenarios Assessment 2024 - 2031 | Ombrea, SunAgri, SunSeed APV Private Limited

Market Overview

Agrivoltaics Market is Estimated to Witness High Growth Owing to Supportive Government Policies

The prepared flour mixes market is estimated to be valued at USD 34.46 Bn in 2024 and is expected to reach USD 59.44 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031.

Market Dynamics

The growth of the Agrivoltaics Market is driven by supportive government policies promoting renewable energy and agrivoltaic solutions. Many countries are offering subsidies and incentives for installing agrivoltaic systems. For instance, the Indian government's KUSUM scheme supports farmers to set up on-farm solar plants. Secondly, agrivoltaics systems help enhance crop yields by providing partial shade to crops and protecting them from extreme weather conditions. The solar panels create a microclimate that retains moisture for longer and ameliorates temperature fluctuations. This makes agrivoltaics a viable solution for farmers facing issues of land degradation and effects of climate change.

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Driver 1: Increasing demand for electricity and limited land availability for renewable energy generation

The agrivoltaic systems are becoming increasingly popular as they allow the dual use of agricultural land for generating solar power as well as farming. This helps address the challenge of limited land availability for setting up large scale solar farms. At the same time, the global demand for electricity is rising rapidly driven by industrialization, urbanization and growing population. Agrivoltaic systems provide a viable solution to meet this growing demand for clean energy without compromising on agricultural land area. They make optimal use of available land resources to generate solar power as well as grow crops underneath solar panels.

Opportunity: Scope for innovative agrivoltaic business models

The agrivoltaics market provides huge scope for innovative business models that can help lower the upfront costs for farmers and make these systems more affordable. Some of the models being explored include solar leasing, solar-as-a-service, multi-stakeholder partnerships and contract farming arrangements. For example, independent power producers or large solar companies can set up agrivoltaic projects on leased farmlands and sell the generated clean energy while sharing a portion of revenue with the landowners. New crowdfunding and financing mechanisms are also being developed to mobilize capital for agrivoltaic ventures. Such non-conventional business models present a major opportunity to commercialize agrivoltaics at scale.

Trends: Advancements in agrivoltaic module and system designs

Ongoing research and pilot projects are yielding several innovative agrivoltaic module and system designs that can optimize crop yield as well as energy generation potential. For instance, new bifacial modules are being developed that can harness light from both sides to significantly boost output without shading ground crops. Companies are designing customized mounting structures, trackers and transparent panels tailored for different crops and agro-climatic conditions. Advances in using perovskite solar cells and semitransparent nanomaterials also hold promise to develop highly efficient and low-cost agrivoltaic solutions. Continued improvements in product and design are a key trend that will determine long term commercial success of agrivoltaics sector.

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Top Companies Included in This Report:

★ 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

Market Segmentation:

Based on Product Type:

★ By System: Fixed Panel and Dynamic Panel
★ By Crop: Vegetables, Fruits, Root Crops, and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Latest Trends in the Navigation Agrivoltaics Market:

💡 Surging Demand: Witness a rising demand for navigation Agrivoltaics owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Agrivoltaics, encompassing real-time traffic updates, 3D mapping, and augmented reality.

💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Agrivoltaics solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

💡 Fusion with Emerging Technologies: Observe the integration of navigation Agrivoltaics with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

💡 Rise of Mobile Applications: Experience the proliferation of navigation Agrivoltaics in the form of mobile applications, offering enhanced convenience and accessibility to users.

💡 Emphasis on Environmental Sustainability: Witness the development of navigation Agrivoltaics systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Frequently Asked Questions (FAQs) for Global Navigation Agrivoltaics Market Research:

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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