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Agrivoltaics Market Forecasts to 2028 - Global Analysis By Material Type (Paints and Panels), System Design (Dynamic Agrivoltaic and Fixed Solar Panels Over Crops), Placement (Greenhouse, Standalone, Shading Nets and Other Placements), Cell Type (Polycrystalline and Monocrystalline), Crop Type (Root Crops, Leafy Greens and Other Crop Types), Crop Collaboration (Fruits, Vegetables, Crops and Other Crop Collaborations), Type of Agrivoltaic Plant (Hybrid, Interspace and Overhead Tilted), Type of Solar Panel (Transparent, Opaque and Semi-Transparent), Power Output and Geography
Estimated Year Value (2022)
US $3.61 BN
Projected Year Value (2028)
US $8.00 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Agrivoltaics Market is accounted for $3.61 billion in 2022 and is expected to reach $8.00 billion by 2028 growing at a CAGR of 14.15% during the forecast period. Agrivoltaics, also known as agrophotovoltaics, agrisolar, or dual-use solar, is the simultaneous use of land for both solar photovoltaic power generation and agriculture. Because the coexistence of solar panels and crops entails a sharing of light between these two types of production, the design of agrivoltaic facilities may necessitate balancing objectives such as agricultural productivity, crop quality, and energy production. This new farming method combines solar electricity generation with traditional farming on a common agricultural land i.e. a renewable energy-based system like solar photovoltaic system and a cropland can be together developed on the same agricultural land.
According to a study conducted by ENEA and Università Cattolica del Sacro Cuore, the economic and environmental performances of agrivoltaic systems are similar to those of ground photovoltaic plants. ENEA's objective is to increase installed power by 30GW. For ENEA, 0.32% of Italian agricultural fields are to be covered by photovoltaic systems in order to reach 50% of the objectives of the national energy plan.
Rising water scarcity concerns and rapid climate change
With the world's population continuously increasing, global food production is predicted to skyrocket in the next years. Furthermore, with rapid climate change, if people continue to utilize water for agriculture in the same way, there will not be enough water to meet rising food demands in the future. As a result, rising water scarcity is one of the critical issues that could stymie the growing demand for food production. As a result, there is a critical need for an efficient solution, such as Agrivoltaics, to help meet the intended food demand while overcoming the challenge of water scarcity.
Lack of skilled workforce required for installing solar panels
Solar panel installation necessitates highly experienced professionals who must undergo specific training and certification in order to accomplish the job. Furthermore, putting solar panels on agricultural property necessitates specific understanding because they must be installed at a somewhat higher level above the ground due to crops. As a result, a scarcity of experienced workers to accurately install solar panels on agricultural land without hurting the crop could stymie global Agrivoltaics market growth in the approaching years.
Increasing investment by major market players
Extensive research and development initiatives done by major market players to aid in the introduction of new and sophisticated agricultural materials into the market in order to enhance demand among potential consumers have offered profitable chances for the growth of the agrivoltaics market throughout the forecast period. Increased investments by leading companies stimulate the development and use of innovative agricultural techniques and equipment, which contributes significantly to the growth of the agrivoltaics market.
High installation cost and lack of awareness
The difficulty in obtaining the funding and initiatives required for the installation of costly agrivoltaics systems is a major barrier impeding the spread of agrivoltaics, particularly in low-disposable countries. The modern agricultural equipment brought into the market by key market participants is more expensive than the standard machineries accessible in the market. This makes it difficult for farmers to integrate such modern technologies, limiting market growth during the predicted period.
The Covid-19 epidemic in 2020 imposed significant constraints on social and economic activity around the world, significantly affecting the Global Agrivoltaics Market. Manufacturing and cross-border trade were severely harmed as a result of the lockdown. Because most countries rely on imports from other countries, particularly China, the manufacture and supply chain of modules has been harmed as a result of the Chinese government's implementation of lockdown and trade restrictions. Furthermore, most solar equipment vendors were unable to deliver orders on schedule, resulting in backlogs. Furthermore, project delays harmed overall industry growth.
The fixed solar panels over crops segment is expected to be the largest during the forecast period
The fixed solar panels over crops segment is estimated to have a lucrative growth. Factors such as the installation of firm solar panels as standard systems on agricultural greenhouse fields present under or above field crops are contributing to the segment's growth. Additionally, fixed panels aid in the optimization of the installation process by altering the density of the solar panels or the degree of tilt of the solar panels. Fixed solar panels installed on agricultural greenhouses, above open fields crops, or between open fields crops are the most predictable systems. It also helps to enhance the installation by adjusting the density of solar panels or the slant of the panels.
The monocrystalline segment is expected to have the highest CAGR during the forecast period
The monocrystalline segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their higher efficiency. They are produced using a single crystal growth process and can achieve commercial efficiencies ranging from 20% to 24%. Furthermore, this technique is the most efficient and dependable source of electricity generation. Their endurance and embedded energy per panel, as well as improved efficiency and sleeker aesthetics, are the major factors contributing to their rising demand.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to to the rising adoption of solar modules in China, Japan, & India. China is the major producer of solar modules in the region. The Agrivoltaics Market is rapidly expanding across the country as a result of favourable laws and the growing need to broaden domestic energy demand in order to alleviate the challenges connected with China's Photovoltaic industry's overcapacity. As a result, the installation of Agrivoltaics in China is intended to address these overcapacity issues while also encouraging the use of advanced agricultural practises throughout the country.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the increasing installation of solar power panels on agricultural lands in the region. Due to a lack of agricultural area, growing and agrivoltaic technology in European places are assisting to improve food production and crop proficiency. National governments in the European Union are undertaking a variety of efforts to increase the proportion of renewable energy in Europe's electrical mix. The EU is really attempting to adhere to climate agreements, which will in turn increase consumption of clean energy for electricity and contribute to regional market growth.
Key players in the market
Some of the key players profiled in the Agrivoltaics Market include Mackin Energy, Suntech Power Holdings, Agrivoltaic Solution LLC, Sun Agri, REM TEC, Enel Green Power, Boralex, Solar Power Europe, Next2Sun, Zimmermen, Solar Window, JS Power, BayWa r.e., Insolight, Axial Structural and Vattenfall
In October 2021, 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.
In September 2021, Vattenfall, leading a Dutch consortium in a research project, is investigating whether Agrivoltaics is compatible with strip cropping.
Material Types Covered:
System Designs Covered:
• Dynamic Agrivoltaic
• Fixed Solar Panels Over Crops
• Shading Nets
• Other Placements
Crop Types Covered:
• Root Crops
• Leafy Greens
• Other Crop Types
Crop Collaborations Covered:
• Other Crop Collaborations
Type of Agrivoltaic Plants Covered:
• Overhead Tilted
Type of Solar Panels Covered:
Power Outputs Covered:
• Up to 10 MWp
• 10.1 to 50 MWp
• More than 50 MWp
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Agrivoltaics Market, By Material Type
6 Global Agrivoltaics Market, By System Design
6.2 Dynamic Agrivoltaic
6.3 Fixed Solar Panels Over Crops
7 Global Agrivoltaics Market, By Placement
7.4 Shading Nets
7.5 Other Placements
7.5.1 Solar Windows
7.5.2 Solar Fence
8 Global Agrivoltaics Market, By Cell Type
9 Global Agrivoltaics Market, By Crop Type
9.2 Root Crops
9.2.5 Other Root Crops
9.3 Leafy Greens
9.3.3 Other Leafy Crops
9.4 Other Crop Types
10 Global Agrivoltaics Market, By Crop Collaboration
10.5 Other Crop Collaborations
11 Global Agrivoltaics Market, By Type of Agrivoltaic Plant
11.4 Overhead Tilted
12 Global Agrivoltaics Market, By Type of Solar Panel
13 Global Agrivoltaics Market, By Power Output
13.2 Up to 10 MWp
13.3 10.1 to 50 MWp
13.4 More than 50 MWp
14 Global Agrivoltaics Market, By Geography
14.2 North America
14.3.6 Rest of Europe
14.4 Asia Pacific
14.4.5 New Zealand
14.4.6 South Korea
14.4.7 Rest of Asia Pacific
14.5 South America
14.5.4 Rest of South America
14.6 Middle East & Africa
14.6.1 Saudi Arabia
14.6.4 South Africa
14.6.5 Rest of Middle East & Africa
15 Key Developments
15.1 Agreements, Partnerships, Collaborations and Joint Ventures
15.2 Acquisitions & Mergers
15.3 New Product Launch
15.5 Other Key Strategies
16 Company Profiling
16.1 Mackin Energy
16.2 Suntech Power Holdings
16.3 Agrivoltaic Solution LLC
16.4 Sun Agri
16.5 REM TEC
16.6 Enel Green Power
16.8 Solar Power Europe
16.11 Solar Window
16.12 JS Power
16.13 BayWa r.e.
16.15 Axial Structural
List of Tables
1 Global Agrivoltaics Market Outlook, By Region (2020-2028) ($MN)
2 Global Agrivoltaics Market Outlook, By Material Type (2020-2028) ($MN)
3 Global Agrivoltaics Market Outlook, By Paints (2020-2028) ($MN)
4 Global Agrivoltaics Market Outlook, By Panels (2020-2028) ($MN)
5 Global Agrivoltaics Market Outlook, By System Design (2020-2028) ($MN)
6 Global Agrivoltaics Market Outlook, By Dynamic Agrivoltaic (2020-2028) ($MN)
7 Global Agrivoltaics Market Outlook, By Fixed Solar Panels Over Crops (2020-2028) ($MN)
8 Global Agrivoltaics Market Outlook, By Placement (2020-2028) ($MN)
9 Global Agrivoltaics Market Outlook, By Greenhouse (2020-2028) ($MN)
10 Global Agrivoltaics Market Outlook, By Standalone (2020-2028) ($MN)
11 Global Agrivoltaics Market Outlook, By Shading Nets (2020-2028) ($MN)
12 Global Agrivoltaics Market Outlook, By Other Placements (2020-2028) ($MN)
13 Global Agrivoltaics Market Outlook, By Solar Windows (2020-2028) ($MN)
14 Global Agrivoltaics Market Outlook, By Solar Fence (2020-2028) ($MN)
15 Global Agrivoltaics Market Outlook, By Cell Type (2020-2028) ($MN)
16 Global Agrivoltaics Market Outlook, By Polycrystalline (2020-2028) ($MN)
17 Global Agrivoltaics Market Outlook, By Monocrystalline (2020-2028) ($MN)
18 Global Agrivoltaics Market Outlook, By Crop Type (2020-2028) ($MN)
19 Global Agrivoltaics Market Outlook, By Root Crops (2020-2028) ($MN)
20 Global Agrivoltaics Market Outlook, By Beets (2020-2028) ($MN)
21 Global Agrivoltaics Market Outlook, By Carrots (2020-2028) ($MN)
22 Global Agrivoltaics Market Outlook, By Radishes (2020-2028) ($MN)
23 Global Agrivoltaics Market Outlook, By Potatoes (2020-2028) ($MN)
24 Global Agrivoltaics Market Outlook, By Other Root Crops (2020-2028) ($MN)
25 Global Agrivoltaics Market Outlook, By Leafy Greens (2020-2028) ($MN)
26 Global Agrivoltaics Market Outlook, By Spinach (2020-2028) ($MN)
27 Global Agrivoltaics Market Outlook, By Lettuce (2020-2028) ($MN)
28 Global Agrivoltaics Market Outlook, By Other Leafy Crops (2020-2028) ($MN)
29 Global Agrivoltaics Market Outlook, By Other Crop Types (2020-2028) ($MN)
30 Global Agrivoltaics Market Outlook, By Crop Collaboration (2020-2028) ($MN)
31 Global Agrivoltaics Market Outlook, By Fruits (2020-2028) ($MN)
32 Global Agrivoltaics Market Outlook, By Vegetables (2020-2028) ($MN)
33 Global Agrivoltaics Market Outlook, By Crops (2020-2028) ($MN)
34 Global Agrivoltaics Market Outlook, By Other Crop Collaborations (2020-2028) ($MN)
35 Global Agrivoltaics Market Outlook, By Type of Agrivoltaic Plant (2020-2028) ($MN)
36 Global Agrivoltaics Market Outlook, By Hybrid (2020-2028) ($MN)
37 Global Agrivoltaics Market Outlook, By Interspace (2020-2028) ($MN)
38 Global Agrivoltaics Market Outlook, By Overhead Tilted (2020-2028) ($MN)
39 Global Agrivoltaics Market Outlook, By Type of Solar Panel (2020-2028) ($MN)
40 Global Agrivoltaics Market Outlook, By Transparent (2020-2028) ($MN)
41 Global Agrivoltaics Market Outlook, By Opaque (2020-2028) ($MN)
42 Global Agrivoltaics Market Outlook, By Semi-Transparent (2020-2028) ($MN)
43 Global Agrivoltaics Market Outlook, By Power Output (2020-2028) ($MN)
44 Global Agrivoltaics Market Outlook, By Up to 10 MWp (2020-2028) ($MN)
45 Global Agrivoltaics Market Outlook, By 10.1 to 50 MWp (2020-2028) ($MN)
46 Global Agrivoltaics Market Outlook, By More than 50 MWp (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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