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What key factors are powering the surge in the agrivoltaics market right now?

The market size for agrivoltaics has seen a swift expansion in the past few years. It is projected to rise from $4.59 billion in 2024 to $5.18 billion in 2025, maintaining a compound annual growth rate (CAGR) of 12.8%. The growth during the historic period is largely due to the rising demand for renewable energy, improvements in energy efficiency, government incentives, efforts towards environmental conservation, and the integration of energy storage.

How fast Is the agrivoltaics market expected to grow, and what’s its future value?

The market of agrivoltaics is poised for swift expansion in the coming years. The size of the market is projected to reach $7.82 billion by 2029, with a compound annual growth rate (CAGR) of 10.9%. The surge during the forecasted period could be due to heightened worries about food safety, enhancing crop yields, public cognizance and understanding, business sustainability objectives, and the rise in rural development. Featured trends for the predicted period encompass the amalgamation of agriculture and solar panels, microgrids in agrivoltaics, carbon sequestration, worldwide expansion, and the progression in agricultural approaches.

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What are the leading drivers of growth in the agrivoltaics market?

The agrivoltaics market’s advancement is projected to be driven by an increasing need for agricultural land. Agricultural land is defined as land that is either cultivable, perpetually cropped, or perpetually pastured. Agrivoltaics provides a sustainable and effective approach to utilizing agricultural land, fusing the advantages of renewable energy generation with farming activity and potentially bolstering farming systems’ resilience against climate change. The Ministry of Agriculture & Farmers Welfare, a nodal government agency in India, indicated that the total area sown with Rabi crops in the 2021–2022 season reached 664.20 lakh hectares, a rise from 652.55 lakh hectares in the 2020–21 season. Moreover, this corresponds to a 15% surge in the area sown with Rabi crops compared to the preceding year. Hence, the escalating demand for agricultural land fuels the agrivoltaics market’s expansion.

What are the key segments defining the agrivoltaics market?

The agrivoltaics market covered in this report is segmented –

1) By System Design: Fixed Solar Panels Over Crops, Dynamic Agrivoltaics

2) By Crop Type: Leafy Greens, Root Crops

3) By Material Type: Panels, Paints

4) By Cell Type: Monocrystalline, Polycrystalline

5) By Placement: Standalone, Shading Nets, Greenhouse

Subsegments:

1) By Fixed Solar Panels Over Crops: Ground-mounted Fixed Systems, Roof-mounted Fixed Systems

2) By Dynamic Agrivoltaics: Tracking Solar Panel Systems, Adjustable Height Systems, Smart Shading Systems

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Who are the key players steering the development of the agrivoltaics market?

Major companies operating in the agrivoltaics market report are TotalEnergies SE, Huawei Technologies Co., BayWa AG, Trina Solar, Enel Green Power Spa, JA Solar Holdings Co. Ltd., Ombrea SAS, SunPower Corporation, Suntech Power Holdings, Boralex, Soltec Power Holdings SA, Voltalia SA, Solarwatt, Namaste Solar, Sunseap Group, REM Tec, Sunrise Power Solutions, Agrivoltaic Solution LLC, DualSun, Ecovoltaics, Insolight SA, Mackin Energy, Mirai Solar, Next2Sun Technology GmbH, Sun’Agri SAS, SunSeed APV Private Limited

What emerging trends are influencing the growth of the agrivoltaics market?

Leading players in the agrivoltaics market are creating unique products like Bisol Lumina to align with global standards, prioritizing quality and safety. Bisol Lumina is a dual-sided monocrystalline PV module featuring a clear backsheet intended to offer increased transparency rate and effective energy conversion. For instance, in July 2023, Slovenia’s solar energy enterprise, Bisol, introduced Bisol Lumina for agrivoltaics. These panels possess bifacial solar cells to enhance the power output of the PV module, and the clear backsheet provides impressive resistance to outside forces, ensuring reliable performance over its operational life. These panels are designed to combat varying weather conditions, including high winds and heavy snowfall, and are accredited to adhere to global standards, focusing on quality and safety.

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Which regions are most influential in expanding the agrivoltaics market?

North America was the largest region in the agrivoltaics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agrivoltaics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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