Solar Farm Market Size is projected to reach USD 458 Million by 2030, growing at a CAGR of 20.1%: Straits Research
The global solar farm market size was valued at USD 88.12 million in 2021. It is expected to reach USD 458.10 million by 2030, growing at a CAGR of 20.1% during the forecast period (2022–2030). Asia-Pacific is the most dominant contributor to the global solar farm market, growing at a CAGR of 19.8% during the forecast period.
New York, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The rapid growth of the solar farm market in recent years can be attributed to the low cost of photovoltaic panels and the large number of companies producing solar water farms. With the implementation of government regulations that aim to reduce dependence on fossil fuels and minimize pollution, consumer awareness of solar water farming is increasing. SEIA claims that the federal government has enacted policies and legislation such as community solar and net metering to encourage the use of photovoltaic technology to generate electric power.
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Government Regulations and Solar Energy Investments Drive the Global Market
There are several countries where consumers can use photovoltaic energy to meet their energy needs and then sold back to the grid for a profit. The solar photovoltaic industry in China has grown at an unprecedented rate compared to any other country over the past few decades. Photovoltaic
energy generated in China increased by 36% year on year, according to China Photovoltaic Industry Association. These rules encourage the adoption of photovoltaic technology. As a result, solar farms are expected to benefit from these new regulations. The demand for solar farms is expected to rise significantly as photovoltaic technology becomes more widely used in the future.
Several businesses are installing renewable energy plants due to environmental regulations. Solar is a competitive renewable energy source. Thus, many countries have begun investing in solar energy. This remarkable annual solar capacity installation helps the global market growth.
Growing Demand for Renewable Energy Creates Tremendous Opportunities
The IEA reports rising demand for renewable energy. The increased demand for P.V. Technology is due to the need for sustainable energy, a reduction in reliance on conventional fuels, and a reduction in carbon emissions. Increased energy demand from developing countries in Asia-Pacific, such as India, China, and Thailand, has led to significant growth in solar photovoltaic (P.V.), a form of wind and hydro energy. This is why solar P.V. has grown in recent years. Industrialization and urbanization are accelerating. In addition, strict government regulations to reduce carbon emissions from conventional fuels have increased the use of photovoltaic technology to generate electricity. As demand for renewable energy rises, so will demand for solar farms.
Report Scope
Report Metric | Details |
Market Size | USD 458.10 Million by 2030 |
CAGR | 20.1% (2022-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, End-user Industry, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Trina Solar, Sharp Corporation, TATA Power Solar Systems Ltd., First Solar Inc., BrightSource Energy Inc., Shenzhen Topray Solar Co. Ltd, JA Solar Holdings Co. Ltd. |
Key Market Opportunities | Growing Demand for Renewable Energy |
Key Market Drivers | Favourable Government Regulations to the Utilization of Photovoltaic Technology |
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Regional Analysis
Asia-Pacific is the most dominant contributor to the global solar farm market, growing at a CAGR of 19.8% during the forecast period. An increase in government initiatives, such as Akshay Urja, which includes the electrification of rural areas, is the primary factor driving growth in the solar farm market in the Asia-Pacific region. As a result of these initiatives, governments will likely distribute solar lighting systems in more rural areas, which is expected to increase the demand for PV energy. These kinds of initiatives are anticipated to boost consumer demand for solar farms, contributing to the market's expansion.
North America is the second-largest contributor to the market and is estimated to reach around USD 70,880.6 million at a CAGR of 20.2% during the forecast period. The increasing prevalence of photovoltaic (PV) technology drives increased demand for North American solar farms. Solar photovoltaic (PV) systems are seeing a surge in adoption to generate electricity for use in residential and commercial settings. Additionally, governments are making efforts to promote solar photovoltaic technology. It is anticipated that these kinds of initiatives will contribute to market growth. To encourage photovoltaic (PV) technology, the United States federal government has initiated solar community projects and implemented policies such as net metering.
Key Highlights
The global solar farm market size was valued at USD 12 million in 2021. It is expected to reach USD 458.10 million by 2030, growing at a CAGR of 20.1% during the forecast period (2022–2030).
Based on type, the global solar farm market has been categorized into utility-scale, distributed generation, and microgrids. The utility-scale segment is the highest contributor to the market, growing at a CAGR of 19.5% during the forecast period.
Based on the end-user industry, the global solar farm market has been categorized into residential, commercial, and industrial sectors. The commercial segment is the highest contributor, growing at a CAGR of 20.6% during the forecast period.
Asia-Pacific is the most dominant contributor to the global solar farm market, growing at a CAGR of 19.8% during the forecast period.
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The key players in the global solar farm market are
Trina Solar
Sharp Corporation
TATA Power Solar Systems Ltd.
First Solar Inc.
BrightSource Energy Inc.
Shenzhen Topray Solar Co. Ltd
JA Solar Holdings Co. Ltd.
Global Solar Farm Market: Segmentation
By Type
Utility-scale
Distributed Generation
Microgrids
By End-user industry
Commercial
Industrial
By Region
North America
Europe
Asia-Pacific
LAMEA
TABLE OF CONTENT
Introduction
Market Definition
Market Scope
Research Methodology
Primary Research
Research Methodology
Assumptions & Exclusions
Secondary Data Sources
Market Overview
Report Segmentation & Scope
Value Chain Analysis: Solar Farm Market
Key Market Trends
Drivers
Restraints
Opportunities
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitution
Threat of New Entrants
Competitive Rivalry
Market Share Analysis
Type Overview
Introduction
Market Size & Forecast
Utility-scale
Market Size & Forecast
Distributed Generation
Market Size & Forecast
End User Industry Overview
Introduction
Market Size & Forecast
Residential
Market Size & Forecast
Commercial
Market Size & Forecast
Regional Overview
Introduction
Market Size & Forecast
America
North America
U.S.
By Type
By End User Industry
Canada
By Type
By End User Industry
Mexico
By Type
By End User Industry
Latin America
By Type
By End User Industry
Europe
Market Size & Forecast
Germany
By Type
By End User Industry
France
By Type
By End User Industry
U.K.
By Type
By End User Industry
Italy
By Type
By End User Industry
Spain
By Type
By End User Industry
Rest of Europe
By Type
By End User Industry
Asia Pacific
Market Size & Forecast
Japan
By Type
By End User Industry
China
By Type
By End User Industry
Australia
By Type
By End User Industry
India
By Type
By End User Industry
South Korea
By Type
By End User Industry
Rest of Asia-Pacific
By Type
By End User Industry
Middle East & Africa
Market Size & Forecast
Saudi Arabia
By Type
By End User Industry
South Africa
By Type
By End User Industry
Kuwait
By Type
By End User Industry
Rest of Middle East & Africa
By Type
By End User Industry
Company Profile
Trina Solar
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Sharp Corporation
Company Overview
Financial Performance
Recent Developments
Product Portfolio
First Solar Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/solar-farm-market/toc
Market News
Jan 2022, Trina Tracker launches Vanguard 1P, increasing average energy yield by 15% in desert land applications.
April 2022, Field tests demonstrated Trina Solar 210mm Vertex modules' higher energy yield.
January 2022, Black & Veatch Study Confirms Trina Solar Vertex 660W PV Modules Offer Lowest BOS and LCOE.
News Media
Global Energy Management Systems (EMS) Market to Expand at a Healthy CAGR During Forecast Period
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