Agrivoltaics Market Growth Trajectory Through 2024-2033

The Agrivoltaics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Agrivoltaics Global Market Report 2024, The agrivoltaics market size is expected to see rapid growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to rising concerns over food security, crop yield improvement, public awareness and perception, corporate sustainability goals, increasing rural development. Major trends in the forecast period include integration of solar panels with agriculture, agrivoltaic microgrids, carbon sequestration, global expansion, advancements in farming techniques.

Rising demand for agricultural land is expected to propel the growth of the agrivoltaics market going forward. Agricultural land refers to the land area that is either arable, under permanent crops or under permanent pastures. Agrivoltaics can offer a sustainable and efficient approach to agricultural land use, combining the benefits of renewable energy generation with agricultural production while potentially improving the resilience of farming systems to climate change. For instance, according to the Ministry of Agriculture & Farmers Welfare, an India-based nodal government agency, the total area planted to Rabi crops in India during the 2021–2022 season was reported to be 664.20 lakh hectares, up from 652.55 lakh hectares in 2020–21. Further, this represents a 15% increase in the area planted with Rabi crops compared to the previous year. Therefore, rising demand for agricultural land is driving the growth of the agrivoltaics market.

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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

Major companies operating in the agrivoltaics market are developing innovative products such as Bisol Lumina to meet international standards, emphasizing quality and safety. Bisol Lumina is a bifacial monocrystalline PV module with a transparent backsheet designed to provide high transparency ratio and efficient energy conversion. For instance, in July 2023, Bisol, a Slovenia-based solar energy company, launched Bisol Lumina for agrivoltaics. The panels contain bifacial solar cells to maximize the PV module’s output power, and the transparent backsheet has excellent resistance to external influences, ensuring consistent performance throughout its lifespan. The panels are engineered to withstand various environmental conditions, such as strong winds and heavy snow loads, and are certified to meet international standards, emphasizing quality and safety.

The agrivoltaics market report table of contents includes:

1. Executive Summary
2.Agrivoltaics  Market Characteristics
3. Agrivoltaics Market Trends And Strategies
4.Agrivoltaics  Market analysis
5.Agrivoltaics  Market Size And Growth
6.Agrivoltaics  Segmentation
7.Agrivoltaics  Regional And Country Analysis
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27.Agrivoltaics  Competitive Landscape And Company Profiles
28.Agrivoltaics  Key Mergers And Acquisitions
29.Agrivoltaics  Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• TotalEnergies SE
• Huawei Technologies Co.
• BayWa AG
• Trina Solar
• Enel Green Power Spa
• JA Solar Holdings Co. Ltd

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