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Global Agrivoltaics Market Size Booming at Significant CAGR of 11.51% to Reach USD 6.96 Billion by 2029
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.
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.
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.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Agrivoltaics Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising innovative farming techniques
- 3.2.1.2. Growing demand for renewable energy
- 3.2.2. Restraints
- 3.2.2.1. High installation costs
- 3.2.2.2. Lack of awareness
- 3.2.3. Opportunities
- 3.2.3.1. The rising government initiatives
- 3.2.3.2. Expanding into new markets
- 3.2.4. Challenges
- 3.2.4.1. Lack of skilled workforce
- 3.2.4.2. Maintenance
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Agrivoltaics Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share and Forecast
- 4.2.1. By System Design
- 4.2.1.1. Fixed Solar Panels
- 4.2.1.2. Dynamic
- 4.2.2. By Cell Type
- 4.2.2.1. Monocrystalline
- 4.2.2.2. Polycrystalline
- 4.2.3. By Crop
- 4.2.3.1. Vegetables
- 4.2.3.2. Fruits
- 4.2.3.3. Crops
- 4.2.3.4. Others
- 4.2.4. By Region
- 4.2.4.1. North America
- 4.2.4.2. Europe
- 4.2.4.3. Asia Pacific (APAC)
- 4.2.4.4. Latin America (LATAM)
- 4.2.4.5. Middle East and Africa (MEA)
- 5. North America Agrivoltaics Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By System Design
- 5.2.2. By Cell Type
- 5.2.3. By Crop
- 5.2.4. By Country
- 5.2.4.1. United States
- 5.2.4.1.1. By System Design
- 5.2.4.1.2. By Cell Type
- 5.2.4.1.3. By Crop
- 5.2.4.2. Canada
- 5.2.4.2.1. By System Design
- 5.2.4.2.2. By Cell Type
- 5.2.4.2.3. By Crop
- 6. Europe Agrivoltaics Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By System Design
- 6.2.2. By Cell Type
- 6.2.3. By Crop
- 6.2.4. By Country
- 6.2.4.1. Germany
- 6.2.4.1.1. By System Design
- 6.2.4.1.2. By Cell Type
- 6.2.4.1.3. By Crop
- 6.2.4.2. United Kingdom
- 6.2.4.2.1. By System Design
- 6.2.4.2.2. By Cell Type
- 6.2.4.2.3. By Crop
- 6.2.4.3. Italy
- 6.2.4.3.1. By System Design
- 6.2.4.3.2. By Cell Type
- 6.2.4.3.3. By Crop
- 6.2.4.4. France
- 6.2.4.4.1. By System Design
- 6.2.4.4.2. By Cell Type
- 6.2.4.4.3. By Crop
- 6.2.4.5. Spain
- 6.2.4.5.1. By System Design
- 6.2.4.5.2. By Cell Type
- 6.2.4.5.3. By Crop
- 6.2.4.6. Belgium
- 6.2.4.6.1. By System Design
- 6.2.4.6.2. By Cell Type
- 6.2.4.6.3. By Crop
- 6.2.4.7. Russia
- 6.2.4.7.1. By System Design
- 6.2.4.7.2. By Cell Type
- 6.2.4.7.3. By Crop
- 6.2.4.8. The Netherlands
- 6.2.4.8.1. By System Design
- 6.2.4.8.2. By Cell Type
- 6.2.4.8.3. By Crop
- 6.2.4.9. Rest of Europe
- 6.2.4.9.1. By System Design
- 6.2.4.9.2. By Cell Type
- 6.2.4.9.3. By Crop
- 7. Asia-Pacific Agrivoltaics Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By System Design
- 7.2.2. By Cell Type
- 7.2.3. By Crop
- 7.2.4. By Country
- 7.2.4.1. China
- 7.2.4.1.1. By System Design
- 7.2.4.1.2. By Cell Type
- 7.2.4.1.3. By Crop
- 7.2.4.2. India
- 7.2.4.2.1. By System Design
- 7.2.4.2.2. By Cell Type
- 7.2.4.2.3. By Crop
- 7.2.4.3. Japan
- 7.2.4.3.1. By System Design
- 7.2.4.3.2. By Cell Type
- 7.2.4.3.3. By Crop
- 7.2.4.4. South Korea
- 7.2.4.4.1. By System Design
- 7.2.4.4.2. By Cell Type
- 7.2.4.4.3. By Crop
- 7.2.4.5. Australia & New Zealand
- 7.2.4.5.1. By System Design
- 7.2.4.5.2. By Cell Type
- 7.2.4.5.3. By Crop
- 7.2.4.6. Indonesia
- 7.2.4.6.1. By System Design
- 7.2.4.6.2. By Cell Type
- 7.2.4.6.3. By Crop
- 7.2.4.7. Malaysia
- 7.2.4.7.1. By System Design
- 7.2.4.7.2. By Cell Type
- 7.2.4.7.3. By Crop
- 7.2.4.8. Singapore
- 7.2.4.8.1. By System Design
- 7.2.4.8.2. By Cell Type
- 7.2.4.8.3. By Crop
- 7.2.4.9. Vietnam
- 7.2.4.9.1. By System Design
- 7.2.4.9.2. By Cell Type
- 7.2.4.9.3. By Crop
- 7.2.4.10. Rest of APAC
- 7.2.4.10.1. By System Design
- 7.2.4.10.2. By Cell Type
- 7.2.4.10.3. By Crop
- 8. Latin America Agrivoltaics Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By System Design
- 8.2.2. By Cell Type
- 8.2.3. By Crop
- 8.2.4. By Country
- 8.2.4.1. Brazil
- 8.2.4.1.1. By System Design
- 8.2.4.1.2. By Cell Type
- 8.2.4.1.3. By Crop
- 8.2.4.2. Mexico
- 8.2.4.2.1. By System Design
- 8.2.4.2.2. By Cell Type
- 8.2.4.2.3. By Crop
- 8.2.4.3. Argentina
- 8.2.4.3.1. By System Design
- 8.2.4.3.2. By Cell Type
- 8.2.4.3.3. By Crop
- 8.2.4.4. Peru
- 8.2.4.4.1. By System Design
- 8.2.4.4.2. By Cell Type
- 8.2.4.4.3. By Crop
- 8.2.4.5. Rest of LATAM
- 8.2.4.5.1. By System Design
- 8.2.4.5.2. By Cell Type
- 8.2.4.5.3. By Crop
- 9. Middle East & Africa Agrivoltaics Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By System Design
- 9.2.2. By Cell Type
- 9.2.3. By Crop
- 9.2.4. By Country
- 9.2.4.1. Saudi Arabia
- 9.2.4.1.1. By System Design
- 9.2.4.1.2. By Cell Type
- 9.2.4.1.3. By Crop
- 9.2.4.2. UAE
- 9.2.4.2.1. By System Design
- 9.2.4.2.2. By Cell Type
- 9.2.4.2.3. By Crop
- 9.2.4.3. Qatar
- 9.2.4.3.1. By System Design
- 9.2.4.3.2. By Cell Type
- 9.2.4.3.3. By Crop
- 9.2.4.4. Kuwait
- 9.2.4.4.1. By System Design
- 9.2.4.4.2. By Cell Type
- 9.2.4.4.3. By Crop
- 9.2.4.5. South Africa
- 9.2.4.5.1. By System Design
- 9.2.4.5.2. By Cell Type
- 9.2.4.5.3. By Crop
- 9.2.4.6. Nigeria
- 9.2.4.6.1. By System Design
- 9.2.4.6.2. By Cell Type
- 9.2.4.6.3. By Crop
- 9.2.4.7. Algeria
- 9.2.4.7.1. By System Design
- 9.2.4.7.2. By Cell Type
- 9.2.4.7.3. By Crop
- 9.2.4.8. Rest of MEA
- 9.2.4.8.1. By System Design
- 9.2.4.8.2. By Cell Type
- 9.2.4.8.3. By Crop
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Agrivoltaics Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Agrivoltaics Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. Agrivoltaic Solution
- 12.2. Sun Agri
- 12.3. REM TEC
- 12.4. Enel Green Power
- 12.5. Boralex
- 12.6. BayWa AG
- 12.7. TotalEnergies SE
- 12.8. Mackin Energy
- 12.9. Ombrea
- 12.10. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
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