Solar Farm Market Forecasts to 2028 – Global Analysis By Type (Distributed Generation, Microgrids, Surface Suction, Utility-Scale), End User (Commercial, Industrial, Residential) and By Geography
According to Stratistics MRC, the Global Solar Farm Market is accounted for $73.55 billion in 2020 and is expected to reach $356.28 billion by 2028 growing at a CAGR of 21.8% during the forecast period. Supportive government regulations for use of photovoltaic technology and the adoption of renewable electricity generation methods along with the focus on carbon emission reduction are driving the market growth. However, the high cost associated with the installation may hamper the growth of the market.
Solar is the large-scale application of solar photovoltaic (PV) installations and it is used to generate electricity. Solar farms typically run into tens of MWs incapacity. They often cover large areas of land and are usually developed in rural locations.
Based on the type, the utility-scale segment is going to have lucrative growth during the forecast period due to a surge in investments in grid expansion and integration technologies such as storage and UV connectivity.
By geography, Asia Pacific is going to have high growth during the forecast period due to an increase in government initiatives that raise the demand for PV (photovoltaic) energy and distribution of solar lighting systems in rural areas.
Some of the key players profiled in the Solar Farm include BrightSource Energy, Inc, First Solar, Inc, GruppoSTG, Himin Solar Energy, 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.
Estimated Market Size in 2020:
USD 73.55 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 356.28 billion
Tables, Graphs & Figures
Type, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Distributed Generation
• Surface Suction
End Users Covered:
• 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 2019, 2020, 2021, 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
Key Questions Answered In The Report
The Global Solar Farm Market is majorly driven by increasing awareness among consumers, and favorable government regulations for utilization of photovoltaic technology.
The utility-scale segment is growing at a highest CAGR owing to surge in investments in grid expansion and integration technologies.
Asia Pacific dominated with a significant market share due to the factors such as increasing demand for PV energy and distribution of solar lighting systems in rural areas.
Europe market is growing at a highest CAGR owing to rise in production of solar energy, increase in construction activities that led to installation of BIPV systems to generate electricity and implementation of stringent environmental regulations to reduce carbon emission.
Key players in Solar Farm Market include BrightSource Energy, Inc, First Solar, Inc, GruppoSTG, Himin Solar Energy, 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.
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