Global Agrivoltaics

Global Agrivoltaics Market Research Report: Forecast (2022-2027)

By Placement (Standalone, Shading Nets, Greenhouse, Others (Solar Fence, Solar Windows, etc.)), By Material Type (Panels, Paints), By Cell Type (Monocrystalline, Polycrystalline), By Crop Collaboratio Read more

  • Energy
  • Jun 2022
  • 245
  • ET55020

Market Definition

Rapid changes in the global climate are enlightening the vulnerabilities of food, energy, & water system. With the burgeoning population & its food requirements, access to food has to be drastically improved. In this context, Agrivoltaics is one of the ideas gaining immense interest. It means combining food & energy production, i.e., putting solar farms in the field where crops are also grown. It shall help increase the environmental compatibility and benefits of developing solar plants with agriculture & native landscapes.

Market Overview

The Global Agrivoltaics Market is anticipated to grow at a CAGR of around 38% during the forecast period, i.e., 2022-27. The rapid climate changes like increasing temperature levels & reduced precipitation, coupled with rising water scarcity concerns, are creating significant challenges for both the energy & agriculture sectors worldwide.

These challenges are shifting focus toward adopting Agrivoltaics, which enables the effective use of sunlight for crop growth. It is also beneficial for farmers to earn extra money by selling the power generated using solar panels. Hence, Agrivoltaics offers dual benefits, viz., agricultural output and earnings from power generation, and it has positively influenced the overall growth of the global market.

Report Coverage Details
Study Period Historical Data: 2017-20
Base Year: 2021
Forecast Period: 2022-27
CAGR (2022-2027) 38%
Regions Covered North America: The US, Canada
Europe: Germany, France, Italy, The Netherlands, Belgium, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific
South America: Brazil, Rest of South America
Middle East & Africa
Key Companies Profiled Enel Green Power, JS Power, Sun' Agri, Solar Window, BayWa r.e., Insolight, REM Tec, Zimmermen, Next2Sun
Unit Denominations USD Million/Billion

 

If the current agriculture methods continue, there won't be enough water to meet the increasing food requirements. The current world population is 7.8 billion and is expected to reach 9.8 billion by 2050, which, in turn, would surge the demand for food production astronomically by then.

Technologies like solar photovoltaics can meet sustainability & address resilience concerns regarding the global energy system. The cost of solar panels is decreasing continuously, and it has resulted in the reduced installation costs of Agrivoltaics, thereby accelerating the market growth.

Impact of Covid-19 on the Global Agrivoltaics Market

  • The Covid-19 pandemic in 2020 led to the imposition of unprecedented constraints on social & economic activities worldwide, and the Global Agrivoltaics Market got severely hit.
  • With the enforcement of lockdown, manufacturing activities & cross-border trades got significantly affected.
  • Since the renewable sector of most countries is dependent on imports from other countries, especially China, the manufacturing & supply chain of cfv
  • modules got adversely affected due to the imposition of lockdown & trade restrictions by the Chinese government.
  • Besides, in 2019, China’s share of global photovoltaic additions declined to less than 30% from 55% in 2017.
  • Further, most solar equipment suppliers were unable to deliver orders on time, which resulted in backlogs.
  • Additionally, the delay in projects also negatively impacted the overall market growth.

Global Agrivoltaics Market Research Report: Forecast (2022-2027)

Market Segmentation

By Cell Type:

  • Monocrystalline
  • Polycrystalline

Of both, Monocrystalline PV cells experience more demand owing to their higher efficiency. They are manufactured with the help of a single crystal growth method and can provide commercial efficiencies ranging from 20% to 24%. In addition to this, this technology is the most efficient & dependable mode of electricity generation. The primary aspects that attribute to their burgeoning demand are their longevity & embedded energy per panel and higher efficiency & sleeker aesthetics.

In 2020, BayWa r.e. and GroenLeven has manufactured monocrystalline solar panels, that can be used in multiple projects across Netherlands. These modules were designed by the companies to protect fruits, such as raspberries, blueberries, etc. from extreme weather conditions.

On the other hand, polycrystalline cells are cost-effective & eco-friendly and can be used for both small-scale & large-scale installations since they come in a wide range of power wattages. Polycrystalline panels have a higher temperature coefficient, and thus, they lose their productivity when they heat up. However, polycrystalline solar panels can be used easily in cooler temperatures. Moreover, with rapid technological advancements, some advanced polycrystalline solar panels with a lower temperature coefficient are being produced significantly.

By Type of Material

  • Panels
  • Paints

So far, the use of conventional photovoltaic solar panels is most common since it’s a well-proven technology that helps save a lot of money on power generation. In order to generate 1 watt of electric energy, approximately 9 solar panels are needed. Currently, the total global installed capacity of Agrivoltaics has reached nearly 2,900 MW. In this total installation, solar panels have acquired a major share. However, the initial expense & difficulty with the installation of a rooftop panel often discourage people from opting the solar energy.

On the other hand, solar paints are a relatively new technology and are expected to gain popularity in the coming years since they are easy to apply and cheaper than solar panels. However, it will take time to implement this technology on a large scale. An American company, Solar Window has generated nearly 1.8 million kWh annual energy through Agrivoltaics using photovoltaic paints. The solar paint technology holds the potential to revolutionize the renewable energy sector in the following ways:

  • Painting the roof & walls can help create an additional energy source.
  • It can add solar-generating capacity to vehicles.
  • With cheaper production costs, solar paints could be used as a primary power generation source for businesses & homes in the coming years.

Recent Developments in the Global Agrivoltaics Market

  • A 2021 amendment to the German Renewable Energy Act has scheduled a 50 MW tender with the more cost-competitive rooftop & floating photovoltaic on parking lots till April 2022.
  • Vattenfall, leading a Dutch consortium in a research project, is investigating whether Agrivoltaics is compatible with strip cropping.
  • Axial Structural, a Spanish company, is launching a new type of tracker for Agrivoltaics installations. The product can be modified & used in different ground conditions & gradients, with programmable to modulate shade & light for different crops in different climates.
  • Siberia is expected to launch one of the largest Agrivoltaics projects “Agrosolar Kula”, worth €340M, which, in the same area, will allow simultaneous production of crops & energy from solar energy simultaneously.

Regional Landscape:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Of them all, Asia-Pacific dominates the Global Agrivoltaics Market due to the rising adoption of solar modules in China, Japan, & India. In the region, China is the largest producer of photovoltaic modules. It installed 4GW of Agrivoltaics capacity in just three years, i.e., during 2015-18.

The Agrivoltaics Market is rapidly expanding across the country owing to favorable policies and mounting need to broaden the domestic energy demand to solve the problems associated with the overcapacity of China's Photovoltaic industry. Hence, the implementation of Agrivoltaics in China is expected to resolve these overcapacity issues and promote the using modern agriculture methods within the country.

On the other hand, the Agrivoltaics market in Europe is expected to register the fastest growth owing to the increasing installation of solar power panels on agricultural lands in the region. The national governments in the European Union are taking various initiatives to enhance the share of renewable energy in the electricity mix in Europe. The EU is sincerely trying to follow climate agreements, which, in turn, will further fuel the consumption of clean energy for electricity and contribute to the regional market growth.

Market Dynamics:

Key Drivers

Rising Water Scarcity Concerns and Rapid Climate Change to Drive the Market

With the rapidly growing population worldwide, global food production is expected to increase astronomically in the future. Moreover, with swift climate changes, if people continue to use water in the same way for agriculture purposes, there will not be enough water to meet the increasing food requirements in the future. Therefore, rising water scarcity is one of the crucial challenges that could hinder the growing demand for food production. As a result, there is an extreme need for an effective solution like Agrivoltaics that could help meet the desired food demand by overcoming the challenge of water scarcity.

Mounting Carbon Emissions from Power Generation Industry to Generate Significant Growth Opportunities for the Agrivoltaics Market

With the mounting demand for power in different applications, the risk of high-level carbon emissions from the power generation industry is increasing dramatically. Many nations worldwide, especially in the Asia Pacific, have introduced plans to curb carbon emissions and promote using clean electricity. Such rising initiatives and support from the government toward limiting the carbon emissions from the power generation sector are projected to boost the Agrivoltaics market in the coming years.

Growth Challenge: Lack of Skilled Workforce Required for Installing Solar Panels

The installation of solar panels requires highly skilled workers who need to undergo specialized training & certification for being eligible to perform the job. Moreover, installing solar panels on agricultural land needs appropriate knowledge since they should be placed at a little higher level above the ground due to the crops. Hence, a shortage of skilled labor for installing solar panels precisely on the agricultural land without damaging the crop might hinder the global Agrivoltaics market growth over the coming years.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Agrivoltaics Market?
  2. What is the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Agrivoltaics Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Agrivoltaics Market based on a competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Agrivoltaics Market study?

Frequently Asked Questions

A. The Global Agrivoltaics Market is projected to grow at around 38% CAGR during 2022-27.

A. Monocrystalline acquires the largest share of the Global Agrivoltaics Market and is projected to emerge as an area of remunerative growth opportunities for the leading market players through 2027.

A. The mounting demand for clean energy sources and increasing water scarcity for agricultural activities are the key factors expected to drive the Global Agrivoltaics Market during 2022-27.

A. Post-Covid-19 Pandemic, the Global Agrivoltaics Market is expected to witness steady growth, owing to the relaxation in lockdown leading to the start of imports & exports and resumption is the manufacturing of photovoltaic cells.

  1. Introduction
    1. Research Process
    2. Assumption
    3. Market Segmentation
    4. Market Definition
  2. Executive Summary
  3. Global Solar Industry Outlook, 2022-2027
  4. Global Agrivoltaics Market Trends & Insights
  5. Global Agrivoltaics Market Key Strategic Developments 2017-2021
    1. Partnerships, Alliances & Collaborations
    2. Mergers & Acquisitions
    3. Consortiums & Industry Associations
  6. Global Agrivoltaics Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  7. Global Agrivoltaics Market Policies, Regulations, Material Type Standards, By Country
    1. Financing, Grants & Funding
    2. Standards
    3. Rules and Regulations
  8. Global Ongoing Agrivoltaics Projects, By Country 
    1. China
    2. India
    3. Belgium
    4. France
    5. The US
    6. Others
  9. Global Agrivoltaics Market Hotspot and Opportunities
  10. Global Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
        1. Standalone
        2. Shading Nets
        3. Greenhouse
        4. Others (Solar Fence, Solar Windows, etc.)
      2. By Material Type
        1. Panels
        2. Paints
      3. By Cell Type
        1. Monocrystalline
        2. Polycrystalline
      4. By Crop Collaboration
        1. Vegetables
        2. Fruits
        3. Crops
        4. Others (Herbs, etc.)
      5. By Type of Agrivoltaics Plant
        1. Overhead Tilted
        2. Interspace
        3. Hybrid
      6. By Type of Solar Panel
        1. Opaque
        2. Semi Transparent
        3. Transparent
      7. By Power Output
        1. Upto 10 KWh
        2. 10.1 to 50 KWh
        3. More than 50 KWh
      8. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      9. By Company
        1. Revenue Shares
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
  11. North America Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
      2. By Material Type
      3. By Cell Type
      4. By Crop Collaboration
      5. By Type of Agrivoltaics Plant
      6. By Type of Solar Panel
      7. By Power Output
      8. By Country
        1. The US
        2. Canada
    3. The US Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    4. Canada Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
  12. South America Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
      2. By Material Type
      3. By Cell Type
      4. By Crop Collaboration
      5. By Type of Agrivoltaics Plant
      6. By Type of Solar Panel
      7. By Power Output
      8. By Country
        1. Brazil
        2. Rest of South America
    3. Brazil Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
  13. Europe Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
      2. By Material Type
      3. By Cell Type
      4. By Crop Collaboration
      5. By Type of Agrivoltaics Plant
      6. By Type of Solar Panel
      7. By Power Output
      8. By Country
        1. Germany
        2. France
        3. Italy
        4. The Netherlands
        5. Belgium
        6. Rest of Europe
    3. Germany Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    4. France Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    5. Italy Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    6. The Netherlands Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    7. The Belgium Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
  14. Middle East & Africa Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
      2. By Material Type
      3. By Cell Type
      4. By Crop Collaboration
      5. By Type of Agrivoltaics Plant
      6. By Type of Solar Panel
      7. By Power Output
  15. Asia-Pacific Agrivoltaics Market Outlook, 2017- 2027F
    1. Market Size and Analysis
      1. By Revenues in USD Million
      2. By Installed Capacity in MW
    2. Market Share and Analysis
      1. By Placement
      2. By Material Type
      3. By Cell Type
      4. By Crop Collaboration
      5. By Type of Agrivoltaics Plant
      6. By Type of Solar Panel
      7. By Power Output
      8. By Country
        1. China
        2. Japan
        3. India
        4. South Korea
        5. Australia
        6. Rest of Asia Pacific
    3. China Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    4. Japan Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    5. India Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    6. South Korea Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
    7. Australia Asia Agrivoltaics Market Outlook, 2017- 2027F
      1. Market Size and Analysis
        1. By Revenues in USD Million
        2. By Installed Capacity in MW
  16. Global Agrivoltaics Market Key Strategic Imperatives for Success and Growth
  17. Competitive Outlook
    1. Competition Matrix
      1. Material Type Portfolio
      2. Brand Specialization
      3. Target Markets
      4. Target Material Types
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Material Type Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Enel Green Power
      2. JS Power
      3. Sun' Agri
      4. Solar Window
      5. Akuo Energy
      6. BayWa r.e.
      7. Insolight
      8. REM Tec
      9. Zimmermen
      10. Next2Sun
      11. Others
  18. Disclaimer