Agrivoltaics Market by Component, Crop Type, Farm Type, Application Area

List of Tables

[189 Pages Report] The Agrivoltaics Market size was estimated at USD 4.72 billion in 2023 and expected to reach USD 5.09 billion in 2024, at a CAGR 8.11% to reach USD 8.15 billion by 2030.

Agrivoltaics, or agro photovoltaics (APV), refers to the innovative practice of integrating photovoltaic (solar power) systems with agricultural land use. This symbiotic arrangement involves installing solar panels above crops or livestock, effectively creating a dual-use scenario where agricultural activities and solar energy production coexist. Agrivoltaics primarily aims to maximize land productivity by generating renewable energy while cultivating crops or grazing animals underneath solar panels. Meanwhile, the global shift towards sustainability has significantly heightened the demand for renewable energy, positioning agrivoltaics as a dual-purpose solution allowing simultaneous agricultural activity and solar energy production on the same land. This approach optimizes land use and meets the growing energy demands sustainably. In addition, governments worldwide are introducing policies and providing subsidies to promote the use of solar energy, which extends to agrivoltaics. These policies often include incentives such as tax reductions, funding grants, and higher purchase tariffs for green energy, making investments in agrivoltaics more attractive to farmers and energy companies alike. Nevertheless, the upfront costs associated with installing solar panels can be prohibitive for small to medium-sized farmers. The cost associated with the installation and maintenance can be particularly restrictive for smaller or resource-limited farms, which might find it challenging to justify the initial output without immediate economic return. Moreover, recent advancements in photovoltaic technology have led to efficient solar panels that can capture sunlight and convert it into electricity. This improvement boosts the overall feasibility of implementing agrivoltaic systems. It increases the potential energy output per acre, making these systems more appealing and economically viable for large-scale farming operations.

KEY MARKET STATISTICS
Base Year [2023]	USD 4.72 billion
Estimated Year [2024]	USD 5.09 billion
Forecast Year [2030]	USD 8.15 billion
CAGR (%)	8.11%

Regional Insights

In the United States, the deployment of agrivoltaic systems is encouraged through state-level grants and federal tax incentives, acknowledging the dual benefits of land efficiency and energy production. American farmers and energy producers are increasingly adopting agrivoltaic systems to ensure efficient land use and to benefit from government incentives for renewable energy. While newer to the scene, Canada sees potential in resolving land use conflicts via agrivoltaics, backed by governmental efforts to boost renewable energy shares by 2030. Europe, particularly the EU, is at the forefront, with countries including Germany, France, and Italy enhancing agrivoltaic technology through stringent environmental policies and subsidies. The EU's Common Agricultural Policy provides a framework supporting research and development in this sector, facilitating various regional pilot projects. At the same time, the Middle East and Africa are adopting agrivoltaics to address unique regional challenges. The Middle East, dealing with an arid climate and abundant solar irradiance, sees countries such as Israel and the UAE innovating to promote sustainability in desert regions. With its vast agricultural lands and limited electricity access, Africa focuses on enhancing agricultural productivity and community power supply, particularly in Kenya and Morocco. Moreover, Asia Pacific, China, Japan, and India are each taking strides within their unique contexts. China, a leader in solar and agricultural outputs, is advancing agrivoltaic research to meet its renewable energy and food security goals. Japan has prioritized agrivoltaics to overcome land scarcity and enhance rural economies. India's growth in agrivoltaics is fueled by government initiatives such as the National Solar Mission, which aims to bolster rural sustainable development.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Agrivoltaics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing emphasis on sustainable practices and renewable energy sources in agriculture
- Favorable government subsidies and policies for renewable energy

Market Restraints
- High cost associated with the installation and maintenance of agrivoltaics solar panels

Market Opportunities
- Advancements in photovoltaic technology for agrivoltaics
- Increasing number of partnerships between agricultural firms, solar technology companies, and research institutions

Market Challenges
- Complexity associated with the implementation of agrivoltaic systems on existing agricultural land

Market Segmentation Analysis
- Component: Utilization of inverters in agrivoltaics setups to effectively bridge the gap between solar arrays and farm infrastructure
- Application Area: Increasing usage of agrivoltaic systems in electric power generation to enhance energy sustainability and cost-efficiency

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Agrivoltaics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Agrivoltaics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Innovative 100MW Agrivoltaic Project Utilizes Trina Solar's Vertex N 720W Series Modules for Enhanced Efficiency

The recent launch of a 100MW agrivoltaic farming project marks a significant advancement in the integration of agriculture and photovoltaic technology. This project, distinguished by its use of Trina Solar's Vertex N 720W series modules, has successfully connected to the grid, showcasing a progressive step in sustainable farming practices. The Vertex N 720W modules are known for their high efficiency and durability, making them an ideal choice for such large-scale applications. The project optimizes land use and contributes to the renewable energy sector's growth by combining solar energy production with agricultural operations. [Published On: 2024-04-05]

Turkey Initiates Agrivoltaic Research to Boost Sustainable Agriculture and Solar Energy Production

Turkey has embarked on an innovative agrivoltaics research project aimed at harmonizing solar energy production with agricultural practices. The project, spearheaded by the Scientific and Technological Research Council, focuses on the dual use of land for both photovoltaic power generation and farming. This initiative seeks to study the effects of solar panels on microclimates, agricultural productivity, and water use efficiency in crop production. The goal is to develop models that optimize land use and enhance sustainable agricultural methods while simultaneously increasing renewable energy output. This first-of-its-kind project in Turkey reflects a growing interest in agrivoltaics as a potential solution to food security and energy challenges. [Published On: 2023-12-27]

TotalEnergies Expands into Agrivoltaics with Acquisition of Ombrea and Establishment of a Dedicated Expertise Center

TotalEnergies has announced the acquisition of Ombrea, a company specializing in agrivoltaic solutions. This acquisition enables TotalEnergies to leverage Ombrea's innovative technology, which integrates solar energy panels with agricultural land use, optimizing land productivity and generating renewable energy. In tandem with this acquisition, TotalEnergies is set to establish a new Center of Expertise in France dedicated to advancing agrivoltaic technology. This center aims to promote research and development in the field, supporting the dual use of land for agricultural production and solar energy generation, reflecting TotalEnergies' strategy towards sustainability and innovative energy solutions. [Published On: 2023-09-28]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Agrivoltaics Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Agrivoltaics Market, highlighting leading vendors and their innovative profiles. These include Agrivoltaic Solutions LLC, BayWa AG, Boralex Inc., EDF Renewables, Enel SpA, Lightsource BP, Mackin Energy Japan Co., Ltd., N-Sci Technologies Inc., Next2Sun, REM TEC s.r.l., Repsol S.A., Sandbox Solar LLC, Savion, LLC, Statkraft AS, Strata Clean Energy, Sunrise Power Solutions, Sun'Agri, TotalEnergies SE, TRC Companies, Inc., and Trina Solar.

Market Segmentation & Coverage

This research report categorizes the Agrivoltaics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Inverters
- Mounting Systems
- Solar Panels

Crop Type
- Perennial Crops
- Shade-Tolerant Crops
- Sun-Loving Crops

Farm Type
- Large Farms
- Small Farms

Application Area
- Crop Production
- Electricity Generation
- Water Efficiency

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-FE70EC183B6B

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing emphasis on sustainable practices and renewable energy sources in agriculture
  - 5.1.1.2. Favorable government subsidies and policies for renewable energy
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with the installation and maintenance of agrivoltaics solar panels
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in photovoltaic technology for agrivoltaics
  - 5.1.3.2. Increasing number of partnerships between agricultural firms, solar technology companies, and research institutions
- 5.1.4. Challenges
  - 5.1.4.1. Complexity associated with the implementation of agrivoltaic systems on existing agricultural land
5.2. Market Segmentation Analysis
- 5.2.1. Component: Utilization of inverters in agrivoltaics setups to effectively bridge the gap between solar arrays and farm infrastructure
- 5.2.2. Application Area: Increasing usage of agrivoltaic systems in electric power generation to enhance energy sustainability and cost-efficiency
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Agrivoltaics Market, by Component

6.1. Introduction
6.2. Inverters
6.3. Mounting Systems
6.4. Solar Panels

7. Agrivoltaics Market, by Crop Type

7.1. Introduction
7.2. Perennial Crops
7.3. Shade-Tolerant Crops
7.4. Sun-Loving Crops

8. Agrivoltaics Market, by Farm Type

8.1. Introduction
8.2. Large Farms
8.3. Small Farms

9. Agrivoltaics Market, by Application Area

9.1. Introduction
9.2. Crop Production
9.3. Electricity Generation
9.4. Water Efficiency

10. Americas Agrivoltaics Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Agrivoltaics Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Agrivoltaics Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Innovative 100MW Agrivoltaic Project Utilizes Trina Solar's Vertex N 720W Series Modules for Enhanced Efficiency
- 13.3.2. Turkey Initiates Agrivoltaic Research to Boost Sustainable Agriculture and Solar Energy Production
- 13.3.3. TotalEnergies Expands into Agrivoltaics with Acquisition of Ombrea and Establishment of a Dedicated Expertise Center
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio