Global Agrivoltaics Market Size Booming at Significant CAGR of 11.51% to Reach USD 6.96 Billion by 2029

Published | 10 November 2023

Global agrivoltaics market is flourishing due to the rising energy demand, rapid fluctuations in climate and government initiatives.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Agrivoltaics Market size at USD 3.62 Billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Agrivoltaics Market size to grow at a CAGR of 11.51% reaching a value of USD 6.96 Billion by 2029. Growth in the Global Agrivoltaics Market is driven by the increasing focus on the management of rapid fluctuations in climate (like the rise in temperatures and decreased rainfall), along with growing apprehensions about water scarcity, pose substantial difficulties for the energy and agriculture industries on a global scale. These obstacles have led to a renewed emphasis on the implementation of agrivoltaics, a technique that optimizes sunlight for crop cultivation. Additionally, it provides farmers with an opportunity to generate additional income by selling surplus electricity generated from solar panels. Therefore, agrivoltaics offers a dual advantage, encompassing enhanced agricultural production and revenue from energy production, contributing positively to the overall expansion of the worldwide market.

Opportunity: Government’s Supportive Initiatives for renewable energy

Solar panels generate renewable energy, reducing dependence on fossil fuels. Government support for agrivoltaics can lead to increased clean energy production, contributing to sustainable power generation. Agrivoltaics can provide additional income for farmers through energy production, creating economic opportunities. Government incentives, subsidies, or feed-in tariffs can further boost the financial benefits. The shading effect of solar panels can reduce water evaporation and mitigate extreme temperatures, potentially improving crop yields. Government initiatives can promote sustainable and climate-resilient agriculture.

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Global Agrivoltaics Market

Segmental Information

Global Agrivoltaics Market - By Crop

Based on crop, Global Agrivoltaics Market is divided into Vegetables, Fruits, Crops and other segments. The crops segment dominates the Global Agrivoltaics Market by crop. The increasing frequency of extreme weather events has a more pronounced impact on agriculture than on almost any other economic sector. Such events encompass extended periods of extreme heat and dry spells, as well as unexpected and damaging hailstorms. Photovoltaic systems play a pivotal role in this scenario. They provide a safeguard for crops by reducing excessive sun exposure, preventing dehydration, and intercepting hailstones to reduce harm.

Impact of COVID-19 on Global Agrivoltaics Market

The impact of the COVID-19 pandemic on the global agrivoltaics market was minimal, primarily because the market had not yet achieved widespread commercialization. This emerging concept is still not widely adopted by farmers and lacks sufficient supporting data. In some regions, governments provided financial incentives and support to promote renewable energy projects, which could benefit the agrivoltaics market.

Competitive Landscape

The Global Agrivoltaics Market is fragmented, with numerous players serving the market. The key players dominating the Global Agrivoltaics Market include Agrivoltaic Solution, Sun Agri, REM TEC, Enel Green Power, Boralex, BayWa AG, TotalEnergies SE, Mackin Energy, and Ombrea. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Agrivoltaics Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Agrivoltaics Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Agrivoltaics Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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