Agrivoltaics Global Market Report 2024

The agrivoltaics market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.59 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth observed in the historical period can be attributed to several factors, including the increasing demand for renewable energy sources, a heightened focus on energy efficiency, government incentives supporting renewable initiatives, a commitment to environmental conservation, and the integration of energy storage solutions. These factors collectively contributed to the development and adoption of agrivoltaics and its combination of solar energy production with agricultural activities.

The agrivoltaics market size is expected to see rapid growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The anticipated growth in the forecast period can be attributed to various factors, including rising concerns over food security, a focus on improving crop yields, increased public awareness and perception regarding sustainable practices, corporate sustainability goals, and initiatives contributing to rural development. Noteworthy trends expected in the forecast period encompass the integration of solar panels with agriculture, the development of agrivoltaic microgrids, efforts toward carbon sequestration, global expansion of agrivoltaics, and advancements in farming techniques that promote sustainable and dual-use land practices.

The escalating demand for agricultural land is anticipated to drive the growth of the agrivoltaics market in the coming years. Agricultural land, encompassing arable land, areas under permanent crops, and permanent pastures, is witnessing increased demand. Agrivoltaics presents a sustainable and efficient approach to utilizing agricultural land, combining the advantages of renewable energy generation with agricultural production. This integrated approach has the potential to enhance the resilience of farming systems in the face of climate change. As per data from the Ministry of Agriculture & Farmers Welfare, a nodal government agency in India, the total area planted to Rabi crops during the 2021-2022 season reached 664.2 lakh hectares, marking a 15% increase compared to the previous year. This growth in the area planted with Rabi crops reflects the rising demand for agricultural land, thereby propelling the agrivoltaics market.

Leading companies in the agrivoltaics market are actively developing innovative products to meet international standards, prioritizing quality and safety. One such example is Bisol Lumina, introduced by Bisol, a solar energy company based in Slovenia. Bisol Lumina is a bifacial monocrystalline PV module featuring a transparent backsheet designed to ensure a high transparency ratio and efficient energy conversion. Launched specifically for agrivoltaics in July 2023, these panels incorporate bifacial solar cells to maximize output power. The transparent backsheet exhibits excellent resistance to external influences, ensuring consistent performance throughout the module's lifespan. Engineered to withstand various environmental conditions, including strong winds and heavy snow loads, Bisol Lumina panels are certified to meet international standards, emphasizing their commitment to quality and safety in the agrivoltaics market.

In September 2023, TotalEnergies SE, a prominent integrated energy and petroleum company headquartered in France, completed the acquisition of Ombrea for an undisclosed sum. This strategic move serves to bolster Ombrea's growth strategy within a fiercely competitive market landscape, while providing TotalEnergies with valuable access to Ombrea's specialized knowledge and capabilities. Notably, TotalEnergies anticipates leveraging Ombrea's expertise to expedite the advancement of its ambitious 1.5 GW portfolio of agrivoltaic projects. Ombrea, a France-based leader in agrivoltaics, was identified as a key asset to complement TotalEnergies' strategic objectives in renewable energy development.

Major companies operating in the agrivoltaics market report are TotalEnergies SE, Huawei Technologies Co., BayWa AG, Trina Solar, Enel Green Power Spa, JA Solar Holdings Co. Ltd., Ombrea SAS, SunPower Corporation, Suntech Power Holdings, Boralex, Soltec Power Holdings SA, Voltalia SA, Solarwatt, Namaste Solar, Sunseap Group, REM Tec, Sunrise Power Solutions, Agrivoltaic Solution LLC, DualSun, Ecovoltaics, Insolight SA, Mackin Energy, Mirai Solar, Next2Sun Technology GmbH, Sun'Agri SAS, SunSeed APV Private Limited.

North America was the largest region in the agrivoltaics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agrivoltaics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the agrivoltaics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Agrivoltaics refer to the practice of co-locating solar panels or photovoltaic (PV) systems with agricultural activities on the same land. This innovative approach involves integrating solar energy production with traditional farming practices, enabling a dual-use of the land for both energy generation and agricultural purposes.

The main designs of agrivoltaics include fixed solar panels over crops and dynamic agrivoltaics. Fixed solar panel agrivoltaics involves the installation of solar panels in a stationary position on agricultural land. This setup generates solar energy while allowing agricultural activities to take place simultaneously, either underneath or around the panels. Various crops, such as leafy greens and root crops, are grown in the presence of solar panels. These panels can be made of different materials, including monocrystalline and polycrystalline cell types, and they may be arranged in standalone configurations, shading nets, or incorporated into greenhouse structures.

The agrivoltaics market research report is one of a series of new reports that provides agrivoltaics market statistics, including agrivoltaics industry global market size, regional shares, competitors with an agrivoltaics market share, detailed agrivoltaics market segments, market trends and opportunities, and any further data you may need to thrive in the agrivoltaics industry. This agrivoltaics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The agrivoltaics market includes revenues earned by entities by providing services such as system design and planning, installation and construction, monitoring and maintenance, crop management strategies, and custom solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The agrivoltaics market also includes sales of solar panels or photovoltaic (PV) systems, mounting structures, sensors, energy storage systems, and inverters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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