Global Solar Farm Market Report and Forecast 2024-2032

Global Solar Farm Market Report and Forecast 2024-2032


Market Outlook

According to the report by Expert Market Research (EMR), the global solar farm market size reached a value of USD 88.04 billion in 2023. Aided by the escalating demand for clean energy sources and significant advancements in photovoltaic (PV) technology, the market is projected to further grow at a CAGR of 5.80% between 2024 and 2032 to reach a value of USD 144.23 billion by 2032.

Solar farms, large-scale solar installations where photovoltaic panels are used to harvest sunlight and convert it into electricity, are pivotal in meeting the world's growing energy needs sustainably. The expansion of the solar farm sector is propelled by the declining cost of solar panels, governmental incentives, and a growing awareness of the environmental impacts of fossil fuel consumption.

Technological innovations in solar panel efficiency and energy storage solutions are key drivers of the solar farm market growth. Enhanced PV efficiency means that solar farms can generate more electricity per square meter of land, making solar energy more viable and cost-effective. Additionally, advances in battery technology allow for more efficient storage of solar power, addressing the issue of variability in solar energy production.

Government policies and incentives play a critical role in fostering the growth of the market for solar farms. Many countries across the world offer subsidies, tax incentives, and feed-in tariffs to encourage the development of solar energy projects. These policies aim to make solar energy more competitive with traditional energy sources and to achieve national renewable energy targets.

The decreasing cost of solar panels and related components has significantly contributed to the solar farm market expansion. Economies of scale, improvements in manufacturing processes, and increased competition have led to a steady decline in prices, making solar farms a more attractive investment for energy companies and governments. Growing environmental awareness and concern over climate change have spurred interest in renewable energy sources, including solar power. Solar farms offer a clean, sustainable alternative to fossil fuels, with the potential to significantly reduce greenhouse gas emissions and pollution.

The global solar farm market exhibits considerable regional variation, influenced by factors such as solar irradiance, land availability, and government policies. The Asia-Pacific region, led by countries such as China and India, is at the forefront of market growth, driven by ambitious renewable energy targets and substantial investments in solar infrastructure. North America and Europe also represent significant markets, with strong policy support and a growing focus on decarbonising the energy sector.

As per the solar farm market analysis, the competitive landscape of the market is characterised by a diverse mix of players, including solar panel manufacturers, project developers, and energy companies. Leading firms are at the vanguard of the market, offering innovative solutions and pursuing strategic partnerships and expansions to consolidate their market position.

As per the solar farm market outlook, the market is set for sustained growth, driven by the imperative for clean energy, technological advancements, and supportive government policies. The ongoing decrease in solar energy costs, coupled with innovations in energy storage and grid integration, will further enhance the viability and attractiveness of solar farms.

As the market evolves, collaboration among governments, businesses, and communities will be crucial in developing the market further and realising the full potential of solar energy in the global energy mix. With its remarkable growth potential and pivotal role in the renewable energy landscape, the solar farm market share is poised to grow significantly in the coming decades.

Market Segmentation

The market can be divided based on type, end user, and region.

Market Breakup by Type
  • Distributed Generation
  • Utility-scale
  • Microgrids
  • Others
Market Breakup by End User
  • Residential
  • Commercial
  • Industrial
Market Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar farm market. Some of the major players explored in the report by Expert Market Research are as follows:
  • JinkoSolar Holding Co. Ltd.
  • Oersted A/S
  • First Solar, Inc.
  • Ciel et Terre International
  • Hanwha Corporation
  • JA Solar Technology Co., Ltd.
  • KYOCERA Corporation
  • LONGi Green Energy Technology Co., Ltd.
  • Trina Solar Co.,Ltd.
  • Wuxi Suntech Power Co., Ltd.
  • Yingli Solar Development Co., Ltd.
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar Farm Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Farm Historical Market (2018-2023)
8.3 Global Solar Farm Market Forecast (2024-2032)
8.4 Global Solar Farm Market by Type
8.4.1 Distributed Generation
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Utility-scale
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Microgrids
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Solar Farm Market by End User
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Solar Farm Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Solar Farm Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Solar Farm Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Solar Farm Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Solar Farm Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Solar Farm Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 JinkoSolar Holding Co. Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Oersted A/S
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 First Solar, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Ciel et Terre International
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hanwha Corporation
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 JA Solar Technology Co., Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 KYOCERA Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 LONGi Green Energy Technology Co., Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Trina Solar Co.,Ltd.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Wuxi Suntech Power Co., Ltd.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Yingli Energy Development Co., Ltd.
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar Farm Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Farm Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Solar Farm Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Solar Farm Historical Market: Breakup by End User (USD Billion), 2018-2023
5. Global Solar Farm Market Forecast: Breakup by End User (USD Billion), 2024-2032
6. Global Solar Farm Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Solar Farm Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Solar Farm Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Solar Farm Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Solar Farm Market Structure

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