According to MarkNtel Advisors, the Global Solar Farm Market is expected to grow at a CAGR of 18.50% during 2022-27. The market is driven principally by the mounting need to reduce the dependency on fossil fuels for power generation and have a pollution-free power generation infrastructure that doesn't produce greenhouse gas emissions.
In addition, the falling prices of solar panels and numerous government policies favoring the use of renewable power generation & distribution projects are other crucial aspects anticipated to drive the market, further states the research report, “Global Solar Farm Market Analysis, 2022.”
Utility-Scale Solar (PV) Panel Systems to Lead the Global Solar Farm Market during 2022-27
Utility-Scale Solar PV installations are projected to dominate the market with the largest share during 2022-27. It owes to the ability of Utility-Scale systems to utilize several solar energy technologies and offer fixed-priced electricity during peak demand times when electricity generation through fossil fuels is most expensive.
Moreover, many utility-scale solar plants provide power in the absence of sunlight and enhance grid reliability & durability since they have energy storage capacity. It is another crucial aspect that would drive Utility-Scale solar PV panel installations in the coming years.
Asia-Pacific to Continue its Dominance in the Global Solar Farm Market Through 2027
Solar Energy is one of the most abundantly available renewable energies across Asia-Pacific. The increasing focus on sustainable development & reducing carbon & Green House Gas (GHG) emissions is the prime aspect driving the demand for solar farms across the region. Besides, the falling prices of PV equipment in Asian countries and tax benefits & incentives provided by the government for solar panel installations are other crucial aspects boosting the Asia-Pacific Market.
Of all countries in the region, China has the largest share in the Solar Farm Market, and the same trend is likely to be followed during 2022-27. It owes to the strong government support through various policies for subsidies & tax benefits. On the other hand, India, with a target of installing 175GW of renewable capacity, including 100 GW from solar energy, by 2022, is likely to attain the fastest growth rate in the coming years.
Moreover, since 2019, Vietnam has witnessed rapid installations of solar PV panels, mainly due to the significant inclination of domestic & global companies across the country toward electricity generation from solar PV panels on account of the attractive Feed-in Tariff (FiT) offered by the Vietnamese government.
Hence, significant additions associated with Solar Power in the countries cited above are likely to contribute to the overall market growth across Asia-Pacific in the coming years, reveals MarkNtel Advisors in their research report, "Global Solar Farm Market Analysis, 2022."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Solar Farm Market are Brightsource Energy, Inc, First Solar, Inc., Gruppostg, Himin Solar Energy Group, Ja Solar Holdings Co. Ltd., Sharp Corporation, Shenzhen Topray Solar Co., Ltd., Tata Power Solar Systems Ltd., Trina Solar, and Wuxi Suntech Power Co., Ltd.
Key Questions Answered in the Study