Press release
Solar (On Farm) Industry Outlook 2025-2029: Market Set to Cross $379.28 Billion Milestone
Solar (On Farm)
How Large Will the Solar (On Farm) Market Size By 2025?
The on-farm solar market has witnessed rapid expansion in the past few years. The market size is predicted to increase from $256.02 billion in 2024 to $300.21 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 17.3%. The growth observed in the historical period can be linked to the surge in fossil fuel prices, government inducements and subsidies, rising consciousness about ecological matters, public enlightenment and education, as well as concerns surrounding climate change.
How Big Is the Solar (On Farm) Market Size Expected to Grow by 2029?
Anticipations are high for the solar (on farm) market size, as robust growth is projected in the coming years. The market is predicted to expand to a substantial $379.28 billion in 2029, maintaining a compound annual growth rate (CAGR) of 6.0%. This expansion throughout the forecast period can be linked to several factors such as strengthened government backing, the drop in solar technology prices, a heightened emphasis on sustainability, climbing energy costs, and the growing consumer appetite for food that is produced in a sustainable manner. Key developments predicted during this period include progress in photovoltaic technology, enhancements in battery technology, the increase in advanced metering infrastructure, dual-use systems, and hybrid systems.
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Which Key Market Drivers Powering Solar (On Farm) Market Expansion and Growth?
The solar (on-farm) market is predicted to expand due to escalating energy costs. The surge in energy costs is mainly attributed to factors like rising global demand, disruptions in the supply chain, geopolitical conflicts impacting oil and gas provision, as well as the shift towards pricier renewable energy sources. Utilizing solar energy in farms helps counter these escalating energy costs by offering a renewable and affordable power solution for activities like irrigation, equipment operation, and other farming tasks, thus reducing the dependency on costly fossil fuels or utility power sources. To illustrate, in July 2024, records from The House of Commons Library, a library and information resource of the lower house in the UK, revealed that the energy price cap had noticeable hikes, surging by 12% in October 2021, then escalated by 54% in April 2022, with predictions of an 80% rise by October 2022. In particular, gas prices spiked by 91% and electricity prices increased by 70% during this time span. As a result, the increasing energy costs will act as a catalyst for growth in the solar (on-farm) market.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar (On Farm) Market?
Firms leading the solar (on-farm) sector are channeling their attention towards boosting renewable energy production fused with agricultural land use to amplify irrigation effectiveness, decrease energy expenditures, and improve water administration in farming endeavors. The method, titled Agri-PV (Agricultural Photovoltaics), includes setting up solar panels on farmland to produce environmentally friendly energy alongside tolerating ongoing farming pursuits, like crop growth or animal grazing, beneath or around the structures. For instance, BayWa r.e., a renewable energy corporation based in Germany, allied with VELUX, a Danish building materials company, in May 2024 to establish Spain's inaugural Agri-PV solar plant having a capacity of 54 MW. The initiative exhibits dual land usage, with roughly 10% of the park's region planned for farming equipment to maneuver amid the rows of solar panels, facilitating energy production and agriculture simultaneously. This inventive undertaking not just displays the capabilities of Agri-PV setups, but also lays down a benchmark for subsequent progressions, signifying how sustainable power can harmoniously exist with agri-business while fostering biodiversity.
What Are the Emerging Segments in the Solar (On Farm) Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Solar (On Farm) Industry?
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.
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