How the Solar Farm Market Will Grow: Key Trends, Market Size, and Opportunities Beyond 2025
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Primary Drivers Are Supporting the Continued Market Growth of theSolar Farm Market?
The solar farm market is experiencing substantial growth due to the escalating demand for electricity generated by renewable resources. These sources of energy can regenerate quicker than they are depleted. Solar farms tap into solar power for the generation of thermal and electric energy, capable of meeting the globes energy demands 100 times more than any other renewable sources. This positions solar farms as an effective solution to the mounting global demand for renewable energy. For example, as reported by the France-based intergovernmental organization, the International Energy Agency (IEA), in July 2024, there is an expected rise in the global electricity supply share from 30% in 2023 to 35% by 2025. Consequently, the escalating demand for electricity from renewable resources will propel the solar farm market.
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#What Long-Term Growth Rate is Expected for theSolar Farm Market Between 2025 and 2034?
The scale of the solar farm market has seen a tremendous expansion of late. It is set to increase from $117.57 billion in 2024 to $141.98 billion in 2025, experiencing a compound annual growth rate (CAGR) of 20.8%. This significant rise during the historical period is due to factors such as government incentives and subsidies, reduction in the pricing of solar panels, energy policies, and regulations, initiatives geared towards corporate sustainability, and an increase in public awareness about environmental issues.
Expect a swift expansion in the solar farm market in the upcoming years, with its size projected to reach $292.81 billion by 2029, experiencing a compound annual growth rate (CAGR) of 19.8%. This substantial growth during the forecast period is believed to stem from the advent of energy storage solutions, advancements in solar farm blueprints, governmental dedication to renewable energy objectives, and the rising popularity of community solar projects. The forecast period is also expected to witness significant trends such as market participant diversification, emphasis on ecological and societal impacts, digitalization in operations and service management, innovations in pricing and financing, as well as the adoption of bifacial solar panels.
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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theSolar Farm Market?
The primary trend that’s gaining traction in the solar farm market is product innovation. Major players in this domain are focusing on broadening the usage of solar farms and incorporating them into larger projects. For example, Starlight, a solar farm project development firm based in Italy, introduced the Agri-eco Voltaics project, Land of the Sun, in September 2022. Agri-eco Voltaics is an innovative approach that fuses solar photovoltaics with modern, sustainable farming and land rejuvenation. It brings with it the capacity to address some of the most pressing future economic and societal issues, while also making optimal use of land. This trailblazing project operates an agrivoltaics plant that not only harnesses solar energy to generate electricity, but also cultivates and harvests crops efficiently. This double-utilization concept for land has potential for global replication.
Who Are the Key Market Players Influencing the Growth of the Corn and Solar Farm Industry?
Major companies operating in the solar farm market include 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., Vikram Solar Ltd., Solar Systems Ltd.
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Which Key Market Segments Comprise the Solar Farm Market and Drive Its Revenue Growth?
The solar farm market covered in this report 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
Subsegments:
1) By Surface Suction: Floating Solar Farms, Ground-Mounted Solar Farms
2) By Utility-Scale: Large-Scale Solar Power Plants, Concentrated Solar Power (CSP) Facilities
3) By Distributed Generation: Rooftop Solar Systems, Community Solar Projects
4) By Microgrids: Off-Grid Solar Systems, Hybrid Solar Systems With Battery Storage
5) By Other Types: Agrivoltaics (Combining Agriculture With Solar Farms), Solar Thermal Farms
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Which Regions Are Emerging as Leaders in the Solar Farm Market?
Asia-Pacific was the largest region in the solar farm market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the solar farm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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