5 Key Takeaways From The Solar Farm Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Solar Farm Global Market Report 2023, the solar farm market is expected to show significant growth in the forecast period.
Key insights from the solar farm market forecast include:
- Market Size
The global solar farm market is expected to grow from $79.24 billion in 2022 to $96.75 billion in 2023 at a compound annual growth rate (CAGR) of 22.1%. The size of solar farm market is expected to reach $200.29 billion in 2027 at a CAGR of 20.0%.
- Major Driver
A surge in demand for electricity from renewable sources is significantly contributing to the solar farm market going forward. For instance, according to data provided by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the electricity produced from solar PV increased from 823.8 Terra Watt hour (TWh) in 2020 to 1002.9 TWh in 2021. Therefore, the surge in demand for electricity from renewable sources will drive the solar farm market.
View More On The Solar Farm Market Report 2023 – https://www.thebusinessresearchcompany.com/report/solar-farm-global-market-report
- Key Trend
Product innovation is the key trend gaining popularity in the solar farm market. Major companies operating in the solar farm market are focusing on increasing the applications of solar farms and integrating solar farms with other large-scale projects. For instance, in September 2022, Starlight, an Italy-based solar farm project developing company launched the Agri-eco Voltaics project Land of the Sun. Agri-eco Voltaics is a method of combining solar photovoltaics, contemporary, sustainable agriculture, and territory restoration. It has the potential to alleviate some of the world’s most serious future economic and social concerns while also optimizing land use efficiency. The innovative project constructs and operates the agrivoltaics plant that generates electricity from the sun while allowing crops to be grown and harvested effectively. By developing a concept for dual land use that can be simply reproduced around the world.
- Major Players
Major players in the solar farm market are Elevation Solar LLC., NextEra Energy Inc., Sharp Corporation, LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Trina Solar Co. Ltd., Avangrid Inc., JA Solar Technology Co Ltd, Canadian Solar Inc., First Solar Inc., SunPower Corporation, Sunrun Inc., Cypress Creek Renewables LLC., Momentum Solar LLC., Blue Raven Solar, Sunnova Energy International Inc., Shenzhen Topray Solar Co. Ltd., BrightSource Energy Inc., RenewSys India Pvt. Ltd., Freedom Solar LLC., Ecoplexus Inc., Southern Current LLC., Tata Power Solar System Inc., The Solaria Corporation, ADT Solar, Hanwha Qcells GmbH, Recurrent Energy LLC., Kuraray Europe Gmbh, Vikram Solar Ltd., and Solar Systems Ltd.
- Top Market Segments
The global solar farm market is segmented –
1) By Type: Surface Suction, Utility-scale, Distributed Generation, Microgrids, Other Types
2) By Technology: Solar Photovoltaic, Mono-Si, Thin Film, Multi-Si, Other Technologies
3) By End Use Industry: Residential, Commercial, Industrial
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The Solar Farm Global Market Report 2023 provides an in-depth analysis on the solar farm market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the solar farm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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