How Has the Agrivoltaics Market Evolved Historically and What is its Current Size?
The agrivoltaics market has seen considerable growth due to a variety of factors.
• The market size of agrivoltaics has witnessed notable expansion in the past few years. Its value is projected to escalate from $4.59 billion in 2024 to $5.18 billion in 2025, representing a compound annual growth rate (CAGR) of 12.8%.
The phenomenal growth observed in the historical period could be ascribed to the rising demand for renewable energy, improved energy efficiency, governmental incentives, conservation of the environment, and integration of energy storage.
What Is The Projected Growth Of The Agrivoltaics Market Size?
The agrivoltaics market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the agrivoltaic market is set to experience a significant increase in size, reaching $7.82 billion by 2029 owing to a compound annual growth rate (CAGR) of 10.9%.
The projected growth during the forecast period is likely due to mounting anxiety about food security, advances in crop yields, public cognizance and perspectives, corporate sustainability objectives, and amplified rural development. Key trends projected for this period include the merger of solar panels with agriculture, the advent of agrivoltaic microgrids, carbon sequestration, global outreach, and developments in agricultural practices.
Which Key Drivers Are Propelling The Agrivoltaics Market's Growth?
The agrivoltaics market is anticipated to expand due to the growing need for agricultural land. This refers to land that is arable or used for permanent crops or pastures. Agrivoltaics present a viable and effective method for the use of agricultural land, merging the advantages of renewable energy production with agricultural output, and possibly enhancing the resilience of agricultural systems against climate change. For instance, the Ministry of Agriculture & Farmers Welfare, an Indian governmental organization, reported that the total area used for Rabi crops in the 2021–2022 season in India was said to be 664.20 lakh hectares, an increase from 652.55 lakh hectares in 2020–21. Moreover, there's a 15% rise in the area used for Rabi crops compared to last year. Consequently, the escalating demand for agricultural land is propelling the progression of the agrivoltaics market.
What Are The Principal Market Segments In The Global Agrivoltaics Industry?
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 Emerging Market Trends Are Altering The Agrivoltaics Industry?
Leading companies in the agrivoltaics market, like Bisol, are creating innovative solutions such as Bisol Lumina to comply with international standards, focusing on quality and robust safety measures. Bisol Lumina is a unique bifacial monocrystalline PV module with a transparent backsheet, engineered to offer an exceptional transparency ratio and efficient energy transformation. In July 2023, Bisol, a company that specializes in solar energy based in Slovenia, introduced Bisol Lumina for agrivoltaics. The panels feature bifacial solar cells to enhance the power output of the PV module, supported by a transparent backsheet resistant to external factors, which guarantees consistent performance throughout its life cycle. These panels are designed to endure diverse environmental situations, such as potent winds or heavy snow pressure, and are certified to adhere to international standards, prioritizing quality and safety.
Who Are the Key Players In The Agrivoltaics Market?
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
What Are The Regional Insights Into The Agrivoltaics Market?
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.
