Press release
Impact Of Escalating Energy Prices On The Adoption Of Solar Energy In Agriculture Driver: Leading Transformation in the Solar (On Farm) Market in 2025
Solar On Farm Market Share
The expected increase in energy expenses is predicted to stimulate the expansion of the solar (on-farm) market. The escalation in energy costs can be attributed to several factors including heightened global demand, disruptions in the supply chain, geopolitical conflicts impacting oil and gas supplies, and the shift towards pricier renewable energy options. Utilizing solar energy on farms can help counteract escalating energy expenses by offering a cost-effective and renewable energy source for irrigation, running equipment, and various other farm tasks, thus reducing dependency on costlier fossil fuels or electricity from the grid. For instance, The House of Commons Library reported in July 2024 that the energy price cap saw substantial increases, with a 12% rise in October 2021, a subsequent 54% jump in April 2022, and forecasts showing an 80% rise by October 2022. To be specific, gas prices shot up by 91% while electricity costs rose by 70% during this span. Consequently, the hike in energy costs will fuel the expansion of the solar (on-farm) market.
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How will the growth rate of the solar (on farm) market shape industry trends by 2034?
There has been a fast-paced growth of the solar (on farm) market in the past few years. Its expansion will proceed from $256.02 billion in 2024 to a significant $302.66 billion in 2025, at a compound annual growth rate (CAGR) of 18.2%. The increase observed in the historical phase can be linked to various factors - the escalation in the price of fossil fuels, governmental initiatives and incentives, rising environmental consciousness, societal enlightenment and education, and apprehensions related to climate change.
The size of the on-farm solar market is projected to experience robust expansion in the coming years, boosting its worth to $369.72 billion by 2029 at a compound annual growth rate (CAGR) of 5.1%. This growth in the predicted period is due to amplified governmental backing, declining expenditure in solar technologies, heightened attention to sustainability, soaring power prices, and escalating demand for food produced in a sustainable way from consumers. The forecast period is expected to see key trends that include advancements in photovoltaic technology, improvements in battery technology, progress in advanced metering infrastructure, development of dual-use systems, and the rise of hybrid systems.
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What trends are poised to drive the future success of the solar (on farm) market?
Key players in the on-farm solar market are intensifying their focus on renewable energy technologies that integrate with agricultural land, aiming to enhance irrigation efficiency, cut down energy expense, and optimize water management in farming procedures. This method, referred to as Agri-PV (Agricultural Photovoltaics), includes placing solar panels on agriculture lands to produce green energy, meanwhile ensuring ongoing agricultural undertakings such as crop farming or livestock rearing around or below the panels. For example, BayWa r.e., a renewable energy corporation based in Germany, collaborated with Denmark's VELUX, a building materials business, in May 2024, to initiate Spain's inaugural Agri-PV solar park boasting a 54 MW capacity. The project showcases double use of land, with about 10% of the park's area set aside for farm machinery movement between the solars panels, hence promoting both electricity generation and agriculture. This forward-thinking project not only emphasizes the capabilities of Agri-PV systems but also carves a path for upcoming projects, indicating how renewable energy and agriculture can flourish in tandem while encouraging biodiversity.
Which primary segments of the solar (on farm) market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the solar (on farm) market landscape?
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.
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What Is Covered In The Solar (On Farm) Global Market Report?
•Market Size Forecast: Examine the solar (on farm) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar (on farm) market for a structured understanding.
•Key Players Overview: Analyze major players in the solar (on farm) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar (on farm) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar (on farm) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar (on farm) market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar (on farm) market.
•Competitive Landscape: Review strategic developments in the solar (on farm) market, including expansions, agreements, and new product launches.
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