What is the Historical Analysis of the Solar (On Farm) Market Size?
The solar (on farm) market has seen considerable growth due to a variety of factors.
• In recent years, the on-farm solar market has experienced astonishing growth. The market, which was valued at $256.02 billion in 2024, is projected to inflate to $302.66 billion in 2025, showing a compound annual growth rate (CAGR) of 18.2%.
This significant expansion during the historic period is a consequence of escalating fossil fuel prices, governmental allowances and subsidies, increased cognizance of environmental issues, enhanced public knowledge and education, and worries over climate change.
What is the Forecasted Growth of the Solar (On Farm) Market Size?
The solar (on farm) market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for significant expansion in the solar (on farm) market size over the coming years. By 2029, the valuation is predicted to reach $369.72 billion with a compound annual growth rate (CAGR) of 5.1%.
Factors contributing to this surge during the forecasted duration include heightened government backing, reduction in costs associated with solar technology, amplified attention on sustainability, escalating energy expenses, and a swelling consumer demand for sustainably sourced food. Progress in photovoltaic technology, battery technology enhancements, upgraded metering infrastructure, dual-use systems, and hybrid systems are the anticipated trends during this forecast period.
Which Factors Are Boosting Growth In The Solar (On Farm) Market?
The anticipated growth in the solar (on-farm) market is attributed to escalating energy expenses. The hike in energy rates is primarily due to contributing factors such as increasing global demand, supply chain interruptions, geopolitical clashes influencing oil and gas supplies, and the shift towards pricier renewable energy types. Incorporating solar power on farms acts as a countermeasure to the spiralling energy expenses by facilitating a renewable and cost-efficient power source for irrigation, machinery functioning and other agricultural tasks, thus lowering the dependency on high-cost fossil fuels or grid electricity. Notably, in July 2024, data from The House of Commons Library, an information resource of the lower house in the UK, highlighted substantial increases in the energy price cap, with a 12% increase in October 2021, followed by a 54% rise in April 2022, and forecasts pointing to an 80% surge by October 2022. In particular, gas prices skyrocketed by 91%, and electricity rates increased by 70% during this period. Hence, escalating energy charges are likely to fuel the expansion of the solar (on-farm) market.
What Is The Segmentation Of The Global 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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What Emerging Trends Are Shaping The Solar (On Farm) Market?
Major firms in the on-farm solar market are prioritizing advancements in renewable energy production and agricultural land use to augment irrigation efficiency, lower energy expenditures, and boost water management in farming applications. This strategy, commonly referred to as Agri-PV (Agricultural Photovoltaics), incorporates the installation of solar panels on farmland for clean energy production, while maintaining ongoing agricultural activities such as crop cultivation or livestock grazing around or under the panels. For instance, in May 2024, a partnership was formed between Germany's renewable energy company, BayWa r.e., and Denmark's building materials company, VELUX, to inaugurate Spain's first Agri-PV solar park with a capacity of 54 MW. The project highlights dual land use, dedicating around 10% of the park's space for the movement of farming machinery between solar panel rows, accommodating both energy production and agricultural procedures. This groundbreaking project not just emphasizes the potential of Agri-PV systems, but also establishes a model for upcoming developments, demonstrating how agriculture can coexist with renewable energy and support biodiversity.
Who Are the Key Players in the Solar (On Farm) Market?
Major companies operating in the solar (on farm) market are include:
•Xylem 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.
What are the Regional Insights into the Solar (On Farm) Market?
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.
