From Globe Newswire: 2024-06-12 21:00:00

The Global Agrivoltaics Market is set to grow from USD 3.4 billion in 2023 to USD 8.86 billion by 2033, with a CAGR of 10.05%. Agrivoltaics combines agriculture with solar energy, promoting sustainability and innovation. This technology ensures food security and offers financial benefits to farmers. The market is driven by the need for efficient farming equipment and the effects of climate change.

The monocrystalline segment leads the global agrivoltaics market, offering efficient performance and durability. Monocrystalline solar panels are known for their high efficiency in various conditions, making them popular among farmers. The technology’s advancements lead to improved performance and reduced costs, boosting the market.

In the array configuration segment, fixed systems are projected to grow at the fastest CAGR through the forecast period. Fixed arrays offer practicality, cost-effectiveness, and compatibility with agricultural operations. Their simplicity and convenience of installation make them a preferred choice for many farmers and solar developers, ensuring a balance between solar energy generation and agricultural productivity.

The monofacial segment dominates the photovoltaic technology category, driven by affordability and effectiveness. Monofacial solar panels allow light to enter from one side, making them suitable for installations when space is not a concern. The segment’s revenue share is boosted by the segment’s suitability for agricultural pursuits and traditional benefits.

North America is expected to lead the global agrivoltaics market, driven by the growing need for sustainable energy sources. The U.S. market is anticipated to dominate due to increased demand for renewable energy and government assistance. Europe is projected to grow at the fastest CAGR, utilizing its vast agricultural areas for agrivoltaics systems to boost food production and crop efficiency.

Leading vendors in the global agrivoltaics market include Enel Green Power, JS Power, BayWa r.e., and others. Recent developments include the launch of new expert engagement initiatives to optimize land use efficiency and enhance agricultural resilience to climate change. The market is segmented by cell type, array configuration, and photovoltaic technology, offering insights at global, regional, and country levels.



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