The Global Agrivoltaics Market is expected to witness around 38% CAGR during 2022-27, says MarkNtel Advisors in their research report. The strategic placement of solar panels above the crop-growing area has the potential to offer win-win outcomes. It helps regulate the sunlight required by each plant so that they get sufficient sunlight for their maximum growth using minimum water.
The implementation of solar panels in the crop growing land also helps reduce the exposure levels of direct sunlight under the photovoltaic panels, thereby keeping the temperature beneath the panel cooler during the day and warmer at night, which, in turn, helps plants retain more moisture. Hence, Agrivoltaics is highly beneficial for water savings and increasing food & renewable energy production worldwide.
Nearly 48 hectares of the land area is required to suffice the power requirements of about 100,000 households. Since the cost of solar panels is decreasing worldwide, the overall expense of installing Agrivoltaic is also likely to decrease gradually, which will further boost the overall market in the coming years.
Further, the growing demand for clean energy sources and food contributes to the market growth. The adoption of Agrivoltaics is a lucrative opportunity for farmers to generate extra income by selling solar power produced on their land to the power grids. It will help them face economic challenges and get saved from bankruptcy, further states the research report, “Global Agrivoltaics Market Analysis, 2022.”
Mounting Demand for the Highly Efficient & Durable Monocrystalline PV Cells to Boost the Market
Based on the Cell Type, the market bifurcates into Monocrystalline & Polycrystalline. The monocrystalline solar panels are comparatively high owing to their high efficiency, durability, larger lifespan, and compact design. The monocrystalline cell comprises a single crystal. This provides larger space for the movement of the electricity generating electron. Thus, it helps in increasing the efficiency of monocrystalline solar cells.
On the other hand, Polycrystalline PV cell modules comprise multiple silicon crystals melted & combined to form one module. It reduces their production costs and, consequently, the efficiency of solar panels. Hence, the propelling demand for Polycrystalline cells since 2017 is primarily due to their low production costs.
Asia-Pacific Grabs the Largest Market Share, Europe Continues to Experience the Fastest Market Growth
The rapid shift toward using renewable energy sources across various countries of Asia-Pacific is contributing to the regional market growth. China, the prime manufacturer & supplier of photovoltaic modules in the region, installed 4 gigawatts of Agrivoltaic capacity during 2015-18. As of now, it holds more than 60% share of the Global Agrivoltaics Market. Hence, based on these facts, the market growth across China is expected to be astronomic in the coming years.
On the other front, Japan has implemented 654 projects during 2013-18 with a peak generating capacity of about 150MW. Also, there are numerous Agrivoltaic projects in India like Amrol Distributed Solar Power. These growing number of projects across the region are likely to encourage the overall growth of the Agrivoltaics Market in the coming years.
Further, Europe is witnessing substantial market growth since 2017, mainly due to the extensive presence of the large agricultural land suitable for Agrivoltaics, coupled with the governments' push toward adopting renewable energy in the electricity mix across different countries in the region.
According to MarkNtel Advisors, the leading industry players in the Global Agrivoltaics Market are Enel Green Power, JS Power, Sun' Agri, Akuo Energy, Solar Window, BayWa r.e., Insolight, REM Tec, Zimmermen, Next2Sun.
Key Questions Answered in the Research Report: