Global Agrivoltaics Industry Analysis Report 2024: Market to Grow by Over $13.75 Billion During 2023-2033, Driven by Potential for Rural Electric Vehicle Charging and Increased Government Initiatives

Dublin, April 29, 2024 (GLOBE NEWSWIRE) -- The "Agrivoltaics Market - A Global and Regional Analysis: Focus on Product, Application, and Competitive Landscape, 2023-2033" report has been added to's offering.

The market is valued at $1,768.8 million in 2022. The market is expected to expand rapidly, reaching an estimated $15,871.6 million by the end of 2033.

The global agrivoltaics market, which integrates solar energy production with agricultural practices, is poised for significant growth in the coming years. This growth is driven by several factors, including increasing recognition of the benefits of agrivoltaics in enhancing crop yields, reducing water usage, and maximizing land efficiency. Agrivoltaics offers a sustainable and efficient solution for both energy production and agricultural land use, aligning with the global shift toward more environment-friendly practices.

Companies involved in agrivoltaics can capitalize on this trend by investing in innovative technologies, developing partnerships with farmers and solar energy providers, and leveraging government incentives and policies supporting renewable energy. Strategic investments in research and development, along with the establishment of resilient production infrastructure, will be key for companies looking to capitalize on the expanding agrivoltaics market. By embracing these strategies, companies can position themselves as leaders in sustainable energy solutions for agriculture, shaping the future of the global agrivoltaics market and meeting the evolving needs of farmers and energy consumers worldwide.

North America, especially the U.S., plays a pivotal role in shaping the global agrivoltaics market, being a major contributor due to its increasing energy demands and the rising prominence of agrivoltaics as a sustainable energy source. The growth of the agrivoltaics market in the U.S. is expected to accelerate in the coming years, driven by factors such as government support, rising demand for renewable energy, and the benefits it offers to farmers.

Industry Impacts

The utility-scale solar farms, typically ranging from 1 MW to 2,000 MW, are known to sell their electricity to generate profits for their owners. The installation cost of solar farms usually falls between $0.89 to $1.01 per watt. On average, a 1 MW solar farm can earn around $43,500 annually by selling its electricity to utilities. Landowners who lease their land for solar farms can expect to earn between $250 to $3,000 per acre per year. These findings underscore the economic viability and potential profitability of solar farm investments.

While comparing agrivoltaics to ground-mounted PV plants, researchers have found that agrivoltaics projects tend to be more expensive. This is primarily due to higher costs incurred during the approval process and design limitations, as well as the need for specialized components such as modules, mounting systems, and trackers. For instance, the inclusion of vertical plants or elevated modules to accommodate agricultural machinery underneath can significantly raise costs. The additional expenses for these components are estimated to range from $268.68 to $303.00 per kW for modules and from $90.7 to $240.6 per kW for racks.

Fixed Array to Dominate the Global Agrivoltaics Market (by Array Configuration)

The fixed array stands out as the leading segment among the various types of array configurations in the global agrivoltaics market, driven by its practicality, cost-effectiveness, and compatibility with agricultural operations. This segment represents a significant portion of agrivoltaics installations worldwide, offering a balance between solar energy generation and agricultural productivity.

One key advantage of fixed arrays is their simplicity and ease of installation, making them a preferred choice for many farmers and solar developers. Unlike tracking systems, fixed arrays do not require complex mechanisms for adjusting the angle of solar panels, reducing maintenance costs and potential points of failure. Furthermore, fixed arrays are well-suited for a variety of agricultural settings, including grassland farming, horticulture, and arable farming, providing flexibility in deployment. Their stationary nature ensures minimal disruption to farming activities, allowing crops to thrive without compromising solar energy generation.

Monofacial Solar Panels Segment to Dominate the Global Agrivoltaics Market (by Photovoltaic Technology)

Monofacial solar panels have emerged as the leadingly adopted photovoltaic technology in the global agrivoltaics market. This trend is driven by several factors, including cost-effectiveness, efficiency, and compatibility with agricultural activities. Monofacial panels are traditional solar panels that absorb sunlight from one side, making them ideal for installations where space is not a constraint.

One recent example highlighting the dominance of monofacial solar panels in agrivoltaics installations is the AgriPV project in the Netherlands, initiated in April 2021. This project involves the installation of monofacial solar panels on a greenhouse to generate solar power while allowing for crop cultivation underneath. The project showcases the efficiency and compatibility of monofacial panels with agricultural settings, as well as their ability to enhance land use efficiency.

Pollinator Habitant Segment to Dominate the Global Agrivoltaics Market (by Site of Installation)

Pollinator habitat emerges as the leading application segment in the global agrivoltaics market, showcasing a pivotal shift toward sustainable agricultural practices and renewable energy generation. This segment not only promotes biodiversity but also enhances the ecosystem services provided by agrivoltaics systems.

How can this report add value to an organization?

Product/Innovation Strategy: The market is poised for significant expansion with ongoing technological advancements, increased investments, and growing awareness of the use of agrivoltaics. Therefore, agrivoltaics are a high-investment and high-revenue generating model.

Growth/Marketing Strategy: The global agrivoltaics market is growing at a rapid pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include partnerships and collaborations.

Competitive Strategy: The key players in the global agrivoltaics market analyzed and profiled in the study include agrivoltaics projects. Additionally, a comprehensive competitive landscape such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.

Key Attributes:

Report AttributeDetails
No. of Pages134
Forecast Period2023 - 2033
Estimated Market Value (USD) in 2023$2.01 Billion
Forecasted Market Value (USD) by 2033$15.87 Billion
Compound Annual Growth Rate22.9%

Market Dynamics Overview

Trends: Current and Future Impact Assessment

  • Potential for Rural Electric Vehicle Charging
  • Increasing Demand for Renewable Energy

Market Drivers

  • Dual-Revenue Streams for Farmers
  • Agrivoltaics as a Sustainable Solution for Agriculture

Market Restraints

  • High Installation Costs
  • Limited Compatibility to Certain Crops

Market Opportunities

  • Reduced Emissions through Improved Farm Electrification
  • Increased Government Initiatives to Boost R&D in Agrivoltaics

Case Studies

  • Sustainable Energy Integration through Agrivoltaics - Los Naranjos and Las Corchas Photovoltaic Plants
  • Optimizing Crop Growth and Solar Energy Generation through Agrivoltaics at ARDEC South, Fort CollinsSupply Chain Overview

Value Chain Analysis

  • Research and Development Review
  • Patent Filing Trend (by Company)
  • Patent Filing Trend (by Country)
  • Regulatory Landscape

Leading Companies in the Agrivoltaics Market

  • Jinko Solar
  • Invenergy
  • First Solar
  • Nextracker Inc.
  • Iqony Solar Energy Solutions
  • BayWa AG
  • Sun'Agri
  • Lightsource
  • Yingli Solar
  • Enel Green Power S.p.A.
  • Trinsolar
  • Next2Sun AG
  • SB Energy Corp
  • Boralex Inc.
  • Berkshire Hathaway Energy

Products Segmentation

Global Agrivoltaics Market (by Product)

  • By Array Configuration
  • Fixed
  • Single-Axis Tracking

By Photovoltaic Technology

  • Monofacial Solar Panels
  • Bifacial Solar Panels
  • Translucent Photovoltaic Technology
  • Others

By Site of Installation

  • Grassland Farming
  • Horticulture and Arable Farming
  • Indoor Farming
  • Pollinator Habitat

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