The global agrivoltaics market was valued at USD 5.4 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% over the course of the forecast period. Combining photovoltaics and agriculture is known as agrivoltaics. Power is produced by using solar PVs and farms together. The area should be utilized for farming, grazing, and installing solar panels because of the way the agrivoltaics system is constructed.

Demand in the market is being driven largely by rising demands for improved agricultural output, soil moisture, and soil's ability to retain water. Improvements in farming methods are largely responsible for the market's expansion. Strong environmental regulations and incentives are quickly increasing market demand.

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Growth Drivers

Demand in the market is being driven by the push for renewable energy and rising energy demand, as well as by encouraging government policies and incentives. Adoption is being fueled by policies in Europe, the US, Japan, and India. Goals related to sustainability and land use are propelling the market in the right direction. Technological developments in solar energy are driving industry expansion.

Semi-transparent solar panel innovations maximize crop light. An increase in private investment To cut carbon emissions, governments everywhere are establishing aggressive goals for renewable energy. Dual-use solutions are becoming more and more necessary due to the lack of arable land. Solar panels shield crops from harsh weather conditions, provide shade, and lower water evaporation. Technological developments in transparent and bifacial solar panels enhance energy capture without obstructing sunlight. Benefits to farmers and new sources of income are driving market expansion.

Segmentation

Agrivoltaics Market by Technology

·         Fixed Solar Panels

·         Tracking Solar Panels

·         Concentrated Solar Power

Agrivoltaics Market Crop Type

·         Vegetables

·         Fruits

·         Grains

·         Flowers

Agrivoltaics Market Installation Type

·         Ground Mounted

·         Rooftop

·         Facades

Agrivoltaics Market System Type

·         Grid Tied

·         Off Grid

·         Hybrid Systems

By Region

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         Canadian Solar

·         Daqo New Energy

·         TotalEnergies

·         Azure Power

·         BayWa r.e.

·         JinkoSolar

·         Trina Solar

·         Enel

·         First Solar

·         LONGi Green Energy

·         Siemens Gamesa

·         Infinera

·         Fronius

·         Sungrow Power Supply

·         Other Players

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