Press release
Agrivoltaics Market Anticipated To Reach USD 9.66 Bn by 2032, Growing at 10.2% CAGR from 2025-2032
Agrivoltaics Market
The Agrivoltaics Market size was valued at USD 4.44 Billion in 2024 and the total Agrivoltaics revenue is expected to grow at a CAGR of 10.2% from 2025 to 2032, reaching nearly USD 9.66 Billion. Agrivoltaics, also known as dual-use farming, combines traditional agriculture with solar power generation. This innovative approach allows for simultaneous food production and renewable energy generation on the same land, optimizing land use and promoting sustainability. The increasing global demand for clean energy and sustainable food production has propelled the adoption of agrivoltaic systems.
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Agrivoltaics Market Market Dynamics
Several factors are driving the growth of the agrivoltaics market:
Technological Advancements: Innovations in photovoltaic technology and system design have enhanced the efficiency and feasibility of agrivoltaic installations.
Government Initiatives: Supportive policies and funding opportunities, such as the U.S. Department of Energy's $8 million FARMS funding, are encouraging research and implementation of agrivoltaic systems.
Dual Revenue Streams: Agrivoltaics offers farmers the opportunity to generate income from both agricultural produce and solar energy, enhancing economic resilience.
Agrivoltaics Market Outlook and Future Trends :
he future of the agrivoltaics market appears promising, with trends indicating:
Expansion into New Regions: While Europe currently dominates the market, significant growth is anticipated in North America and the Asia-Pacific regions as more countries recognize the benefits of combining solar energy and agriculture.
Focus on Sustainable Practices: The integration of agrivoltaic systems is expected to contribute to carbon sequestration efforts and reduce the carbon footprint of agricultural operations.
Advancements in System Designs: The development of dynamic agrivoltaic systems, which adjust to environmental conditions, is projected to enhance efficiency and crop yields.
Agrivoltaics Market Key Recent Developments
The agrivoltaics market has witnessed notable developments across various regions:
India: In October 2023, the National Solar Energy Federation of India (NSEFI) launched the Agrivoltaics Alliance in Delhi to facilitate easier crop production and reduce the presence of adulterated vegetables in the market.
Turkey: In December 2023, Turkey initiated an agrivoltaics research project, enabling researchers to evaluate both products and the production process.
United States: The U.S. Department of Energy announced the Foundational Agrivoltaics Research for Megawatt Scale (FARMS) funding in December 2022, allocating $8 million for six solar energy research projects across six states and the District of Columbia.
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Agrivoltaics Market Segmentation
by System Design
1.Fixed Solar Panles
2.Dynamic
by Cell Type
1.Monocrystalline
2.Polycrystalline
by Crop
1.Vegetables
2.Fruits
3.Crops
4.Others
Agrivoltaics Market Keu Players:
1. DualSun
2. SOLARWATT
3. SunPower Corporation
4. Trina Solar
5. Suntech
6. Huawei Technologies Co., Ltd
7. Enel Green Power
8. Voltalia
9. Ecovoltaics
10. Sunseap Group
Agrivoltaics Market Conclusion:
The global agrivoltaics market is set for substantial growth, driven by technological advancements, supportive government initiatives, and the dual benefits of combining agriculture with renewable energy production. As the world moves towards sustainable solutions, agrivoltaics stands out as a promising approach to meet the increasing demands for both food and energy.
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