Press release
Key Factor Supporting Solar Farm Market Development in 2025: Growing Demand For Renewable Energy Fuels Surge In Solar Farm Market
Solar Farm Market
How Large Will the Solar Farm Market Size By 2025?
The scale of the solar farm market has experienced fast-paced expansion in the past few years. It is forecasted to evolve from a market value of $117.57 billion in 2024 to $140.94 billion in 2025, achieving a compound annual growth rate (CAGR) of 19.9%. Factors such as government subsidies and incentives, falling prices of solar panels, energy policies and regulations, corporate sustainability efforts, as well as public understanding and environmental worries, have contributed to this historical period growth.
How Big Is the Solar Farm Market Size Expected to Grow by 2029?
Significant expansion in the solar farm market is anticipated in the upcoming years, with expected escalation to $289.14 billion by 2029, representing a compound annual growth rate (CAGR) of 19.7%. Factors prompting this projected growth during the forecast period include the introduction of energy storage solutions, advancements in solar farm architecture, government dedication to renewable energy goals, and the development of community-based solar programs. Key trends that will chart the course in this period involve diversification of the market's participants, attention to ecological and societal effects, digitization in the spheres of operations and maintenance, pricing and financing creativity, and the incorporation of bifacial solar panels.
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Which Key Market Drivers Powering Solar Farm Market Expansion and Growth?
The increasing demand for electricity from renewable sources significantly aids the expansion of the solar farm market. Renewable energy is derived from sources that quickly regenerate, even faster than their consumption rate. Solar farms harness solar power to generate electricity and thermal energy, a capacity that dwarfs other renewable sources by a factor of a hundred. This positions them as ideal solutions for the escalating worldwide demand for renewable energy. For example, the International Energy Agency (IEA), a France-based intergovernmental organization, forecasted in July 2024 that the global electricity supply from renewable sources could rise from 30% in 2023 to 35% by 2025. Therefore, the escalating demand for renewable source electricity will fuel the solar farm market.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar Farm Market?
The solar farm market is experiencing a surge in the trend of product innovation. Prominent companies in this sector are making efforts to expand the reach of solar farms and incorporate them into other large-scale projects. For instance, Starlight, a company based in Italy that develops solar farm projects, launched the Agri-eco Voltaics project called Land of the Sun in September 2022. This project implies a fusion of modern, sustainable agriculture and territory restoration with solar photovoltaics. The strategy has the capacity to address some of the world's upcoming severe social and economic issues while also enhancing the optimization of land use. It contributes to the construction and operation of an agrivoltaics plant that produces electricity from solar energy and simultaneously supports efficient crop growth and harvesting. Thus, this uniquely rendered idea encourages the model of dual land usage that can be easily replicated worldwide.
What Are the Emerging Segments in the Solar Farm Market?
The solar farmmarket covered in this report is segmented -
1) By Type: Surface Suction, Utility-Scale, Distributed Generation, Microgrids, Other Types
2) By Technology: Solar Photovoltaic, Mono-Si, Thin Film, Multi-Si, Other Technologies
3) By End Use Industry: Residential, Commercial, Industrial
Subsegments:
1) By Surface Suction: Floating Solar Farms, Ground-Mounted Solar Farms
2) By Utility-Scale: Large-Scale Solar Power Plants, Concentrated Solar Power (CSP) Facilities
3) By Distributed Generation: Rooftop Solar Systems, Community Solar Projects
4) By Microgrids: Off-Grid Solar Systems, Hybrid Solar Systems With Battery Storage
5) By Other Types: Agrivoltaics (Combining Agriculture With Solar Farms), Solar Thermal Farms
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Who Are the Global Leaders in the Solar Farm Market?
Major companies operating in the solar farm market include Elevation Solar LLC., NextEra Energy Inc., Sharp Corporation, LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Trina Solar Co. Ltd., Avangrid Inc., JA Solar Technology Co Ltd, Canadian Solar Inc., First Solar Inc., SunPower Corporation, Sunrun Inc., Cypress Creek Renewables LLC., Momentum Solar LLC., Blue Raven Solar, Sunnova Energy International Inc., Shenzhen Topray Solar Co. Ltd., BrightSource Energy Inc., RenewSys India Pvt. Ltd., Freedom Solar LLC., Ecoplexus Inc., Southern Current LLC., Tata Power Solar System Inc., The Solaria Corporation, ADT Solar, Hanwha Qcells GmbH, Recurrent Energy LLC., Vikram Solar Ltd., Solar Systems Ltd.
Which are the Top Profitable Regional Markets for the Solar Farm Industry?
Asia-Pacific was the largest region in the solar farm market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the solar farm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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