Press release
Impact Of Escalating Energy Prices On The Adoption Of Solar Energy In Agriculture: An Emerging Driver Transforming The Solar (On Farm) Market Landscape
Solar (On Farm)
What Is the Projected Growth of the Solar (On Farm) Market?
The market size for solar (on farm) has experienced a fast-paced expansion in the recent past. It is anticipated to surge from $256.02 billion in 2024 to $302.66 billion in 2025, achieving a compound annual growth rate (CAGR) of 18.2%. The historic growth can be linked to factors such as escalating fossil fuel prices, government assistance and grants, increasing consciousness about environmental challenges, public knowledge and education, as well as worries over climate change.
In the coming years, the solar (on farm) industry is projected to experience robust expansion. The market is expected to grow to $369.72 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. This expansion in the forecast period is projected to be driven by factors such as stronger government backing, reduction in the cost of solar technology, a heightened emphasis on sustainability, escalating energy expenses, and a growing demand from customers for food produced sustainably. Key trends in the forecast period encompass progress in photovoltaic technology, enhancement in battery technology, the development of advanced metering infrastructure, the advent of dual-use and hybrid systems.
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What Are the Different Solar (On Farm) Market Segments?
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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What Are the Primary Drivers Shaping the Solar (On Farm) Market?
The escalation in energy expenses is set to catalyze the expansion of the solar (on-farm) market. Primarily, these rising energy costs are attributed to aspects like burgeoning global demand, interruptions in supply chains, geopolitical frictions impacting oil and gas availability, and the shift toward costlier renewable energy sources. Utilizing solar energy on farms is a strategic counter to escalating energy costs, offering a sustainable, economical power solution for tasks like irrigation, equipment running, among other farm operations, consequently diminishing dependence on costlier fossil fuels or grid power. For illustration, in July 2024, The House of Commons Library, an information resource in the UK, stated that the energy price cap witnessed substantial increases, inflating by 12% in October 2021, and then a further increase of 54% in April 2022, with expectations of a whopping 80% increase by October 2022. Gas prices, in particular, soared by 91% and electricity prices by 70% during these months. Hence, the escalation in energy costs will be a driving force for the expansion of the solar (on-farm) market.
Which Companies Are Leading in the Solar (On Farm) Market?
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 Acellular Dermal Matrices Market?
Key players in the on-farm solar sector are concentrating on merging advancements in renewable energy creation with agricultural land use to improve water management, reduce energy costs, and boost irrigation efficiency. This concept, referred to as Agricultural Photovoltaics or Agri-PV, is about setting up solar panels on farmlands to generate environment-friendly energy, simultaneously supporting ongoing farming activities like crop growth or livestock rearing around or beneath these panels. For example, BayWa r.e., a renewable energy firm based in Germany, in May 2024, collaborated with Denmark's VELUX, a construction materials company, to introduce the first-ever Agri-PV solar park in Spain with an impressive 54 MW capacity. About 10% of the park's total area has been purposely designed for farming machinery movement between solar panel lines, thus facilitating farming operations as well as energy production. This groundbreaking project not only highlights the promise of Agri-PV systems but also paves the way for future projects, illustrating the coexistence possibility of agriculture and renewable energy, along with the promotion of biodiversity.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar (On Farm) Market?
2. What is the CAGR expected in the Solar (On Farm) Market?
3. What Are the Key Innovations Transforming the Solar (On Farm) Industry?
4. Which Region Is Leading the Solar (On Farm) Market?
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