Overview and Scope
Solar farm refers to large-scale solar panels installation that harvests the sun’s power using photovoltaic (PV) panels, also known as solar panels, or other techniques of collecting solar energy, such as concentrating solar systems.
Sizing and Forecast
The solar farm market size has grown exponentially in recent years. It will grow from $96.75 billion in 2023 to $117.8 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to government subsidies and incentives, declining solar panel costs, energy policy and regulations, corporate sustainability initiatives, public awareness and environmental concerns..
The solar farm market size is expected to see rapid growth in the next few years. It will grow to $239.72 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to emergence of energy storage solutions, innovation in solar farm designs, government commitment to renewable energy targets, growth of community solar initiatives.. Major trends in the forecast period include diversification of market players, focus on environmental and social impact, digitalization in operations and maintenance, pricing and financing innovations, adoption of bifacial solar panels..
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Segmentation & Regional Insights
The solar farm market 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
Asia-Pacific was the largest region in the solar farm market in 2023. 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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Major Driver Impacting Market Growth
A surge in demand for electricity from renewable sources is significantly contributing to the solar farm market going forward. Renewable energy refers to the energy that comes from renewable resources that replenish themselves more quickly than they are used up. Solar farms utilize solar energy for producing electricity and thermal energy which can fulfil world energy demand 100 times over other renewable sources, which makes solar farms suitable for addressing increasing renewable energy demand across the world. For instance, according to data provided by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the electricity produced from solar PV increased from 823.8 Terra Watt hour (TWh) in 2020 to 1002.9 TWh in 2021. Therefore, the surge in demand for electricity from renewable sources will drive the solar farm market.
Key Industry Players
Major companies operating in the solar farm market report are 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., Kuraray Europe Gmbh, Vikram Solar Ltd., Solar Systems Ltd.
The solar farm market report table of contents includes:
1. Executive Summary
2. Solar Farm Market Characteristics
3. Solar Farm Market Trends And Strategies
4. Solar Farm Market – Macro Economic Scenario
5. Global Solar Farm Market Size and Growth
…
32. Global Solar Farm Market Competitive Benchmarking
33. Global Solar Farm Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solar Farm Market
35. Solar Farm Market Future Outlook and Potential Analysis
36. Appendix
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