Agrivoltaics Market Growth Accelerates: Strategic Forecast Predicts $7.83 Billion by 2029

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What Will the Agrivoltaics Industry Market Size Be by 2025?
The size of the agrivoltaics market has seen a swift expansion in the previous few years. Its growth is projected to rise from $4.59 billion in 2024 to $5.18 billion in 2025, boasting a compound annual growth rate (CAGR) of 12.8%. Factors contributing to this growth during the historic period include a surge in demand for renewable energy, enhanced energy efficiency, government incentives, emphasis on environmental conservation, and the integration of energy storage.

What's the Long-Term Growth Forecast for the Agrivoltaics Market Size Through 2029?
The market size for agrivoltaics is predicted to experience a swift upswing in the coming years, with a value estimation of $7.83 billion by 2029, representing a compound annual growth rate (CAGR) of 10.9%. This growth in the projected period can be associated with factors such as heightened awareness about food security, enhancement in crop yield, public cognizance, and company sustainability targets, along with the growth in rural development. Notable trends during this projected period comprise the merging of solar panels with farming, the emergence of agrivoltaics microgrids, carbon sequestration, global expansion, and advancements in farming methods.

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What Are the Key Growth Drivers Fueling the Agrivoltaics Market Expansion?
The agrivoltaics market is predicted to grow due to the increasing need for agricultural land. This refers to areas of land suitable for cultivation, already under permanent crops, or used as permanent pastures. Agrivoltaics provides a sustainable and efficient strategy for land use in agriculture, integrating advantages of renewable energy production with agricultural production. This approach can also heighten the resilience of agricultural systems to climatic changes. For example, the Ministry of Agriculture & Farmers Welfare, a nodal government agency in India, reported that the total area sown with Rabi crops in India increased to 664.20 lakh hectares in the 2021-2022 season, from 652.55 lakh hectares in 2020-21. This indicates a 15% surge in the area cultivated with Rabi crops compared to the prior year. Hence, the escalating demand for agricultural land is fuelling the expansion of the agrivoltaics market.

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What Are the Key Trends Driving Agrivoltaics Market Growth?
Leading corporations in the agrivoltaics market are revolutionizing their product lines with creations like Bisol Lumina, which are designed to meet global standards, focusing on quality and security. The Bisol Lumina, a bifacial monocrystalline PV panel with a clear backsheet, offers excellent transparency rate and effective energy conversion. For example, in July 2023, Bisol, a solar energy firm from Slovenia, introduced Bisol Lumina for agrivoltaics. The modules are laden with bifacial solar cells to boost the output power of the PV module, and the clear backsheet is highly resistant to external factors, guaranteeing uniform performance over its life cycle. These panels are specifically designed to tolerate different weather conditions like strong gales and hefty snow loads and are certified to align with global standards, enforcing quality and security.

How Is the Agrivoltaics Market Segmented?
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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Which Companies Are Leading the Charge in Agrivoltaics Market Innovation?
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

Which Regions Are Leading the Global Agrivoltaics Market in Revenue?
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.

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