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Solar Farm Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Solar Farm Market
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According to The Business Research Company's, The solar farm market size has grown exponentially in recent years. It will grow from $96.75 billion in 2023 to $117.8 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to government subsidies and incentives, declining solar panel costs, energy policy and regulations, corporate sustainability initiatives, public awareness and environmental concerns..
The solar farm market size is expected to see rapid growth in the next few years. It will grow to $239.72 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to emergence of energy storage solutions, innovation in solar farm designs, government commitment to renewable energy targets, growth of community solar initiatives.. Major trends in the forecast period include diversification of market players, focus on environmental and social impact, digitalization in operations and maintenance, pricing and financing innovations, adoption of bifacial solar panels..
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Market Drivers and Trends:
A surge in demand for electricity from renewable sources is significantly contributing to the solar farm market going forward. Renewable energy refers to the energy that comes from renewable resources that replenish themselves more quickly than they are used up. Solar farms utilize solar energy for producing electricity and thermal energy which can fulfil world energy demand 100 times over other renewable sources, which makes solar farms suitable for addressing increasing renewable energy demand across the world. For instance, according to data provided by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the electricity produced from solar PV increased from 823.8 Terra Watt hour (TWh) in 2020 to 1002.9 TWh in 2021. Therefore, the surge in demand for electricity from renewable sources will drive the solar farm market.
Product innovation is the key trend gaining popularity in the solar farm market. Major companies operating in the solar farm market are focusing on increasing the applications of solar farms and integrating solar farms with other large-scale projects. For instance, in September 2022, Starlight, an Italy-based solar farm project developing company launched the Agri-eco Voltaics project Land of the Sun. Agri-eco Voltaics is a method of combining solar photovoltaics, contemporary, sustainable agriculture, and territory restoration. It has the potential to alleviate some of the world's most serious future economic and social concerns while also optimizing land use efficiency. The innovative project constructs and operates the agrivoltaics plant that generates electricity from the sun while allowing crops to be grown and harvested effectively. By developing a concept for dual land use that can be simply reproduced around the world.
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Major Key Players of the Market:
Elevation Solar LLC., NextEra Energy Inc., Sharp Corporation, LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Trina Solar Co. Ltd., Avangrid Inc., JA Solar Technology Co Ltd, Canadian Solar Inc., First Solar Inc., SunPower Corporation, Sunrun Inc., Cypress Creek Renewables LLC., Momentum Solar LLC., Blue Raven Solar, Sunnova Energy International Inc., Shenzhen Topray Solar Co. Ltd., BrightSource Energy Inc., RenewSys India Pvt. Ltd., Freedom Solar LLC., Ecoplexus Inc., Southern Current LLC., Tata Power Solar System Inc., The Solaria Corporation, ADT Solar, Hanwha Qcells GmbH, Recurrent Energy LLC., Kuraray Europe Gmbh, Vikram Solar Ltd., Solar Systems Ltd.
Solar Farm Market 2024 Key Insights:
• The solar farm market size is expected to see rapid growth in the next few years. It will grow to $239.72 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%.
• Growing Demand For Renewable Energy Fuels Surge In Solar Farm Market
• Advancements In Agrivoltaics Enhance Sustainability
• Asia-Pacific was the largest region in the solar farm market in 2023
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