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Rising Demand For Agricultural Land Propels Growth Of Agrivoltaics Market: A Significant Driver Propelling The Agrivoltaics Market In 2025
Agrivoltaics
What Is the Agrivoltaics Market Size and Projected Growth Rate?
The market size of agrivoltaics has undergone swift expansion in the past few years. The market, which is predicted to progress from $4.59 billion in 2024 to $5.18 billion in 2025, has a compound annual growth rate (CAGR) of 12.8%. Factors that have spurred growth during the historic period include a surging demand for renewable energy, heightened energy efficiency, governmental incentives, efforts towards environmental preservation, and the integration of energy storage.
An accelerated expansion is expected in the agrivoltaics market size in the upcoming years, escalating to a value of $7.82 billion by 2029. This implies a compound annual growth rate (CAGR) of 10.9%. The expected advancement during this future projection period is mainly due to increasing worries about food security, improvement in crop yield, public consciousness, perception, and growth in corporate sustainability objectives as well as rural development. The forecast period will witness key trends including the fusion of solar panels with agriculture, the development of agrivoltaics microgrids, carbon storage, international expansion, and enhancements in agricultural methodologies.
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What Are the Major Segments in the Agrivoltaics Market?
The agrivoltaics market covered in this report is segmented -
1) By System Design: Fixed Solar Panels Over Crops, Dynamic Agrivoltaics
2) By Crop Type: Leafy Greens, Root Crops
3) By Material Type: Panels, Paints
4) By Cell Type: Monocrystalline, Polycrystalline
5) By Placement: Standalone, Shading Nets, Greenhouse
Subsegments:
1) By Fixed Solar Panels Over Crops: Ground-mounted Fixed Systems, Roof-mounted Fixed Systems
2) By Dynamic Agrivoltaics: Tracking Solar Panel Systems, Adjustable Height Systems, Smart Shading Systems
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What Are The Driving Agrivoltaics Market Evolution?
The surge in the necessity for farming land is anticipated to drive the expansion of the agrivoltaics market. Farming land encompasses land that is either suitable for farming, under permanent crops, or designated for pastures. Agrivoltaics provides a sustainable and effective strategy for utilizing agricultural land, merging the advantages of renewable energy creation with agricultural production, potentially enhancing the resilience of farming systems against climate change. For example, as per the Ministry of Agriculture & Farmers Welfare, an Indian government agency focused on agriculture, the total area allocated to Rabi crops in India for the 2021-2022 season was approximately 664.20 lakh hectares, a rise from 652.55 lakh hectares in 2020-21. Also noteworthy is the fact that this marks a 15% increase in the area dedicated to Rabi crops compared to the previous year. Consequently, the escalating demand for agricultural land is fueling the growth of the agrivoltaics market.
Which Firms Dominate The Agrivoltaics Market Segments?
Major companies operating in the agrivoltaics market report are TotalEnergies SE, Huawei Technologies Co., BayWa AG, Trina Solar, Enel Green Power Spa, JA Solar Holdings Co. Ltd., Ombrea SAS, SunPower Corporation, Suntech Power Holdings, Boralex, Soltec Power Holdings SA, Voltalia SA, Solarwatt, Namaste Solar, Sunseap Group, REM Tec, Sunrise Power Solutions, Agrivoltaic Solution LLC, DualSun, Ecovoltaics, Insolight SA, Mackin Energy, Mirai Solar, Next2Sun Technology GmbH, Sun'Agri SAS, SunSeed APV Private Limited
What Trends Are Expected to Dominate the Agrivoltaics Market in the Next 5 Years?
Leading businesses in the agrivoltaics market are creating advanced products like Bisol Lumina that comply with international standards, with a strong focus on quality and safety. Bisol Lumina is a double-sided monocrystalline PV module that features a transparent backsheet, designed to offer an elevated clarity ratio and improved energy conversion. For example, in July 2023, solar energy firm Bisol from Slovenia introduced Bisol Lumina catered towards agrivoltaics. The units comprise bifacial solar cells that optimize the power output of the PV module, and the transparent backsheet is extremely resistant to external factors, guaranteeing steady performance over its lifespan. Built to endure various weather conditions, including high winds and heavy snow, these panels are certified to meet international standards, underscoring their commitment to quality and safety.
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Which Is The Largest Region In The Agrivoltaics Market?
North America was the largest region in the agrivoltaics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agrivoltaics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Agrivoltaics Market?
2. What is the CAGR expected in the Agrivoltaics Market?
3. What Are the Key Innovations Transforming the Agrivoltaics Industry?
4. Which Region Is Leading the Agrivoltaics Market?
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