Agrivoltaic Market Size - By System Design (Fixed, Dynamic), By Harvest Type (Root Crops, Vegetables, Fruits), By Placement (Ground Mounted, Shading Nets, Greenhouses), & Forecast, 2024 – 2032

Agrivoltaic Market Size

Agrivoltaic Market was valued at USD 5.5 billion in 2023 and is anticipated to grow at a CAGR of over 5.9% from 2024 to 2032. Agrivoltaic, also known as agro-photovoltaics, refers to the combined use of agriculture and solar photovoltaic (PV) systems on the same area of land. In an agrivoltaic system, solar panels are installed above or alongside agricultural crops, creating a dual use of the land for both solar energy generation and crop cultivation.
 

These systems optimizing land utilization in line with growing awareness and acceptance of agrivoltaics as a sustainable land-use solution will drive the business growth. Moreover, agrarian economies hold high potential for the utilization of these systems.
 

COVID- 19 Impact

The COVID- 19 outbreak has posed challenges to various industries globally owing to disruption in supply chain and project timelines. Integration of agriculture and solar energy production has been complex and multifaceted. However, growing emphasis on resilient food systems coupled with increasing interest in decentralized energy solutions will complement the business landscape.
 

Agrivoltaic Market Trends

The integrated approach aiming to maximize land efficiency and provide additional economic benefits to farmers along with its significant contribution to the growth of renewable energy capacity will enhance the business scenario. For instance, according to, National Investment Promotion & Facilitation Agency, India intends to generate about 50% of its overall electric power needs from non-fossil fuel sources, with 50% of that energy coming from renewable sources by 2030.
 

Agrivoltaic Market Analysis

The fixed agrivoltaic industry will grow at a CAGR of over 5% through 2032. Fixed agrivoltaic systems offering practical solution for maximizing land use efficiency by integrating solar panels without compromising agricultural activities will sway the industry dynamics. Additionally, rising need for stable and predictable solar energy generation. combined with cost considerations and the desire for simplified installation processes will proliferate product adoption.
 

The vegetables market valuation cross USD 2 billion by 2032, on the account of growing emphasis on sustainable and eco-friendly agricultural practices combined with farmers seeking additional revenue streams and income diversification. In addition, solar panels’ ability to prevent water evaporation allowing for water conservation coupled with research and development focused on identifying vegetable crops suitable for agrivoltaic systems will further accelerate the product demand.
 

The greenhouses agrivoltaic market is predicted to showcase gains at nearly 4.5% up to 2032. Increasing concerns about climate change along with increasing for resilient farming systems will enhance the business scenario. Technologically advanced greenhouses enhancing the efficiency and functionality coupled with enhanced monitoring and management practices to improve crop yield will augment to industry trends.
 

Europe agrivoltaic market is projected to expand at more than 6.5% CAGR from 2024 to 2032, owing to increasing demand for solar energy and limited land availability combined with ability to offer shade to crops and potentially mitigating extreme weather conditions. Rise in local manufacturing of solar panels coupled with supportive government policies and financial investments will further influence the industry demand.
 

Agrivoltaic Market Share

Strategic partnerships foster knowledge exchange, drive technological advancements, and promote the widespread adoption of agrivoltaic systems. Larger corporations entering into mergers or acquiring agrivoltaic startups can provide significant financial resources for scaling up projects. This contributes to market expansion by allowing for increased investments in research, development, and the deployment of agrivoltaic installations.
 

Agrivoltaic Market Companies

Eminent players operating in the agrivoltaic industry are:

• Agrivoltaic Solution LLC
• Cero Generation Limited
• Sun'Agr
• iSun, Inc.
• REM TEC
• Enel Spa
• Trina Solar
• Jink Solar
• VALOREM
• SunPower Corporation
• Next2Sun
• Solaria
• Waaree Energies Ltd.
• Insolight
• Vattenfall AB
• Chint New Energy Technology Co., Ltd.
   

Agrivoltaic Industry News

• In September 2023, TotalEnergies acquired Ombrea, agrivoltaics leader in France. The company aims to integrate Ombrea’s expertise and teams in its renewable activities and will offer combination of solar power and agricultural production to its farming community solutions comprising of protection against weather events, improving energy yields while adaption to climate change. Therefore, the company will enhance its development in agrivoltaic and maintain its position across the European regions.
   
• In November 2023, Cero Generation Limited started the operation of its 70 MW agrivoltaic solar project ‘Pontinia’ in Lazio, Italy. The project has 10 year virtual PPAs (Power Purchase Agreements) in collaboration with HEINEKEN and Philips and will produce clean energy to power over 47 thousand homes. The company will be significantly contributing to the goal of Italy’s carbon emission reduction, thereby, solidifying its presence in the market.
   

This market research report on agrivoltaic includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2024 to 2032 for the following segments:

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Market, By System Design

• Fixed
• Dynamic

Market, By Harvest Type

• Root Crops
• Vegetables
• Fruits

Market, By Placement

• Ground Mounted
• Shading Nets
• Greenhouses
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Rest of World