Press release
Primary Catalyst Driving Solar (On Farm) Market Evolution in 2025: Impact Of Escalating Energy Prices On The Adoption Of Solar Energy In Agriculture Driver
In recent times, the market size of solar (on farm) has seen a quick expansion. The market is projected to increase from $256.02 billion in 2024 to $302.66 billion in 2025, experiencing a compound annual growth rate (CAGR) of 18.2%. The growth observed in the historic period is a result of escalating costs of fossil fuels, government's encouragements and grants, increased consciousness about environmental matters, education and public awareness, along with anxieties related to climate change.
The market size for solar (on farm) is predicted to experience substantial growth in the upcoming years, expanding to $369.72 billion in 2029 with a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this progressive forecast include heightened governmental backing, a fall in the cost of solar technology, a greater emphasis on sustainability, escalating energy prices, and a rise in consumer demand for food produced in a sustainable manner. The forecast period is anticipated to witness trends like progress in photovoltaic technology, enhancements in battery technology, the emergence of advanced metering infrastructures, dual-use systems, and hybrid systems.
What Is Stimulating Growth in the Solar (On Farm) Market?
The escalation of energy expenses is expected to stimulate the expansion of the solar (on-farm) market in the future. This surge in energy expenses arises chiefly from elements such as growing global demand, disruptions in the supply chain, geopolitical conflicts influencing gas and oil supply, and a shift towards more costly renewable energy sources. Utilizing solar energy on farms provides a solution to escalating energy expenditures by supplying a renewable and economical energy source for irrigation, equipment use, and several other farming activities, thus lessening dependency on costlier fossil fuels or electrical grids. For instance, in July 2024, The House of Commons Library, a UK-based library and an information resource of the lower house, reported drastic upward shifts in the energy price cap, experiencing a rise of 12% in October 2021, followed by an upswing of 54% in April 2022, with predictions indicating a spike of 80% by October 2022. GMore specifically, during this period, gas prices shot up by 91%, and electricity prices saw an increase of 70%. Thus, the escalating energy expenses are poised to stimulate the growth of the solar (on-farm) market.
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Which Key Market Leaders Are Driving Solar (On Farm) Industry Growth?
Major companies operating in the solar (on farm) market are Xylem Inc., Grundfos Holding A/S, SunPower Corporation, Netafim Limited, Wien Energie GmbH, Tata Power Solar Systems Limited, Jain Irrigation Systems Limited, Rain Bird Corporation, Shakti Pumps (India) Limited, SunCulture Kenya Ltd., HydroPoint Data Systems Inc., Gautam Solar Pvt. Ltd., Rainbow Power Company Limited, Driptech India Pvt. Ltd., EnSol Technologies Pvt. Ltd., LORENTZ GmbH, CRI Pumps Private Limited, Sunray Power Co. Ltd., Aqua Solar Pvt. Ltd., Bright Solar Limited, Bonergie, Dankoff Solar Pumps, Solar Water Solutions Oy, AquaVita S.r.l.
What Are the Major Trends Shaping the Solar (On Farm) Market?
Prominent entities in the on-farm solar market are paying attention to progress in renewable energy production in combination with farming land usage for the enhancement of irrigation efficiency, cutting down energy expenditure, and betterment of water management in farming applications. This notion is recognized as Agri-PV (Agricultural Photovoltaics) and entails setting up solar panels on agricultural lands to produce green energy while permitting ongoing farming activities such as crop raising or animal grazing to occur near or under the panels. For example, in May 2024, BayWa r.e., based in Germany, joined hands with VELUX, from Denmark, to initiate Spain's maiden Agri-PV solar park with a 54 MW capacity. This initiative presents dual land usage, with about 10% of the park's territory planned for farming machinery to navigate between solar panel lines, enabling both electricity production and farming tasks. This pioneering project not only presents the possibilities of Agri-PV systems but also establishes a standard for upcoming expansions, showing the possibility of renewable energy and agriculture cohabiting while advancing biodiversity.
What Are the Main Segments in the Solar (On Farm) Market?
The solar (on farm) market covered in this report is segmented -
1) By Type: Drip Irrigation; Sprinkler Irrigation; Surface Irrigation
2) By Component: Solar Panel; Pump Controller; Submersible Water Pump; Inverter; Other Components
3) By Application: Agriculture Irrigation; Landscaping And Gardening; Other Applications
Subsegments:
1) By Drip Irrigation: Surface Drip Irrigation Systems; Subsurface Drip Irrigation Systems; Pressure Compensating Drippers
2) By Sprinkler Irrigation: Center Pivot Sprinkler Systems; Portable Sprinkler Systems; Stationary Sprinkler Systems
3) By Surface Irrigation: Flood Irrigation; Furrow Irrigation; Basin Irrigation
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Which Geographic Area Leads the Solar (On Farm) Market?
North America was the largest region in the solar (on farm) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar (on farm) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Solar (On Farm) Global Market Report?
- Market Size Analysis: Analyze the solar (on farm) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the solar (on farm) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall solar (on farm) market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the solar (on farm) market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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