What are the latest figures on the solar (on farm) market’s size and projected CAGR?
The solar (on farm) market size has grown rapidly in recent years. It will grow from $256.02 billion in 2024 to $302.66 billion in 2025 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to rising fossil fuel costs, government incentives and subsidies, growing awareness of environmental issues, public awareness and education, and climate change concerns.
The solar (on farm) market size is expected to see strong growth in the next few years. It will grow to $369.72 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to enhanced government support, decreases in solar technology costs, increased focus on sustainability, rising energy costs, and increasing consumer demand for sustainably produced food. Major trends in the forecast period include advancements in photovoltaic technology, battery technology improvements, advanced metering infrastructure, dual-use systems, and hybrid systems.
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Which Market drivers have played a significant role in driving the solar (on farm) market?
Rising energy costs are expected to propel the growth of the solar (on-farm) market going forward. Rising energy costs are primarily driven by factors such as increased global demand, supply chain disruptions, geopolitical tensions affecting oil and gas supply, and the transition to more expensive renewable energy sources. The use of solar energy on farms helps mitigate rising energy costs by providing a renewable and cost-effective power source for irrigation, equipment operation, and other farm activities, reducing reliance on more expensive fossil fuels or grid electricity. For instance, in July 2024, according to The House of Commons Library, a UK-based library and information resource of the lower house, the energy price cap experienced significant increases, rising by 12% in October 2021, followed by a 54% hike in April 2022, with projections indicating an 80% increase by October 2022. Specifically, gas prices surged by 91% and electricity prices by 70% during this period. Therefore, rising energy costs will drive the growth of the solar (on-farm) market.
What are the key segments within 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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Which key players are shaping the solar (on farm) market?
Major companies operating in the solar (on farm) market areXylem 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 key trends are expected to influence the solar (on farm) market in the coming years?
Major companies operating in the solar (on-farm) market are focusing on advancements in renewable energy generation combined with agricultural land use to improve irrigation efficiency, reduce energy costs, and enhance water management in farming applications. This approach, known as Agri-PV (Agricultural Photovoltaics), involves installing solar panels on farmland to generate clean energy while allowing continued agricultural activities, such as crop cultivation or livestock grazing, beneath or around the panels. For instance, in May 2024, BayWa r.e., a Germany-based renewable energy company, partnered with VELUX, a Denmark-based building materials company, to launch Spain’s first Agri-PV solar park with a capacity of 54 MW. The project demonstrates dual land use, with approximately 10% of the park’s area designed for farming machinery to move between solar panel rows, enabling both energy generation and agricultural operations. This innovative project not only showcases the potential of Agri-PV systems but also sets a precedent for future developments, illustrating how renewable energy can coexist with agriculture while promoting biodiversity.
How do regional factors impact the solar (on farm) market, and which region is the largest contributor?
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.
What Does The Solar (On Farm) Market Report 2025 Offer?
The solar (on farm) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Solar (on-farm) refers to the application of solar energy systems on agricultural farms to power various operations and improve sustainability. It includes uses such as generating electricity for equipment, powering irrigation systems, and enhancing greenhouse and livestock facility operations, all while reducing reliance on fossil fuels and cutting energy costs.
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