Solar Farm Market Size is projected to reach USD 458 Million by 2030, growing at a CAGR of 20.1%: Straits Research

New York, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) — The rapid growth of the solar farm market in recent years can be attributed to the low cost of photovoltaic panels and the large number of companies producing solar water farms. With the implementation of government regulations that aim to reduce dependence on fossil fuels and minimize pollution, consumer awareness of solar water farming is increasing. SEIA claims that the federal government has enacted policies and legislation such as community solar and net metering to encourage the use of photovoltaic technology to generate electric power.

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Government Regulations and Solar Energy Investments Drive the Global Market

There are several countries where consumers can use photovoltaic energy to meet their energy needs and then sold back to the grid for a profit. The solar photovoltaic industry in China has grown at an unprecedented rate compared to any other country over the past few decades. Photovoltaic

energy generated in China increased by 36% year on year, according to China Photovoltaic Industry Association. These rules encourage the adoption of photovoltaic technology. As a result, solar farms are expected to benefit from these new regulations. The demand for solar farms is expected to rise significantly as photovoltaic technology becomes more widely used in the future.

Several businesses are installing renewable energy plants due to environmental regulations. Solar is a competitive renewable energy source. Thus, many countries have begun investing in solar energy. This remarkable annual solar capacity installation helps the global market growth.

Growing Demand for Renewable Energy Creates Tremendous Opportunities

The IEA reports rising demand for renewable energy. The increased demand for P.V. Technology is due to the need for sustainable energy, a reduction in reliance on conventional fuels, and a reduction in carbon emissions. Increased energy demand from developing countries in Asia-Pacific, such as India, China, and Thailand, has led to significant growth in solar photovoltaic (P.V.), a form of wind and hydro energy. This is why solar P.V. has grown in recent years. Industrialization and urbanization are accelerating. In addition, strict government regulations to reduce carbon emissions from conventional fuels have increased the use of photovoltaic technology to generate electricity. As demand for renewable energy rises, so will demand for solar farms.

 

Report Scope

Report Metric Details
Market Size USD 458.10 Million by 2030
CAGR 20.1% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-user Industry, and Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Trina Solar, Sharp Corporation, TATA Power Solar Systems Ltd., First Solar Inc., BrightSource Energy Inc., Shenzhen Topray Solar Co. Ltd, JA Solar Holdings Co. Ltd.
Key Market Opportunities Growing Demand for Renewable Energy
Key Market Drivers Favourable Government Regulations to the Utilization of Photovoltaic Technology
Increasing Investments in the Solar Energy Industry

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Regional Analysis

Asia-Pacific is the most dominant contributor to the global solar farm market, growing at a CAGR of 19.8% during the forecast period. An increase in government initiatives, such as Akshay Urja, which includes the electrification of rural areas, is the primary factor driving growth in the solar farm market in the Asia-Pacific region. As a result of these initiatives, governments will likely distribute solar lighting systems in more rural areas, which is expected to increase the demand for PV energy. These kinds of initiatives are anticipated to boost consumer demand for solar farms, contributing to the market’s expansion.

North America is the second-largest contributor to the market and is estimated to reach around USD 70,880.6 million at a CAGR of 20.2% during the forecast period. The increasing prevalence of photovoltaic (PV) technology drives increased demand for North American solar farms. Solar photovoltaic (PV) systems are seeing a surge in adoption to generate electricity for use in residential and commercial settings. Additionally, governments are making efforts to promote solar photovoltaic technology. It is anticipated that these kinds of initiatives will contribute to market growth. To encourage photovoltaic (PV) technology, the United States federal government has initiated solar community projects and implemented policies such as net metering.

Key Highlights

  • The global solar farm market size was valued at USD 12 million in 2021. It is expected to reach USD 458.10 million by 2030, growing at a CAGR of 20.1% during the forecast period (2022–2030).
  • Based on type, the global solar farm market has been categorized into utility-scale, distributed generation, and microgrids. The utility-scale segment is the highest contributor to the market, growing at a CAGR of 19.5% during the forecast period.
  • Based on the end-user industry, the global solar farm market has been categorized into residential, commercial, and industrial sectors. The commercial segment is the highest contributor, growing at a CAGR of 20.6% during the forecast period.
  • Asia-Pacific is the most dominant contributor to the global solar farm market, growing at a CAGR of 19.8% during the forecast period.

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The key players in the global solar farm market are

  • Trina Solar
  • Sharp Corporation
  • TATA Power Solar Systems Ltd.
  • First Solar Inc.
  • BrightSource Energy Inc.
  • Shenzhen Topray Solar Co. Ltd
  • JA Solar Holdings Co. Ltd.

Global Solar Farm Market: Segmentation

By Type

  • Utility-scale
  • Distributed Generation
  • Microgrids

By End-user industry

  • Commercial
  • Industrial

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Solar Farm Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Utility-scale
      1. Market Size & Forecast
    3. Distributed Generation
      1. Market Size & Forecast
  5. End User Industry Overview
    1. Introduction
      1. Market Size & Forecast
    2. Residential
      1. Market Size & Forecast
    3. Commercial
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By End User Industry
      3. Canada
        1. By Type
        2. By End User Industry
      4. Mexico
        1. By Type
        2. By End User Industry
      5. Latin America
        1. By Type
        2. By End User Industry
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By End User Industry
      3. France
        1. By Type
        2. By End User Industry
      4. U.K.
        1. By Type
        2. By End User Industry
      5. Italy
        1. By Type
        2. By End User Industry
      6. Spain
        1. By Type
        2. By End User Industry
      7. Rest of Europe
        1. By Type
        2. By End User Industry
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By End User Industry
      3. China
        1. By Type
        2. By End User Industry
      4. Australia
        1. By Type
        2. By End User Industry
      5. India
        1. By Type
        2. By End User Industry
      6. South Korea
        1. By Type
        2. By End User Industry
      7. Rest of Asia-Pacific
        1. By Type
        2. By End User Industry
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By End User Industry
      3. South Africa
        1. By Type
        2. By End User Industry
      4. Kuwait
        1. By Type
        2. By End User Industry
      5. Rest of Middle East & Africa
        1. By Type
        2. By End User Industry
  7. Company Profile
    1. Trina Solar
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Sharp Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. First Solar Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/solar-farm-market/toc 

Market News

  • Jan 2022, Trina Tracker launches Vanguard 1P, increasing average energy yield by 15% in desert land applications.
  • April 2022, Field tests demonstrated Trina Solar 210mm Vertex modules’ higher energy yield.
  • January 2022, Black & Veatch Study Confirms Trina Solar Vertex 660W PV Modules Offer Lowest BOS and LCOE.

News Media

Global Energy Management Systems (EMS) Market to Expand at a Healthy CAGR During Forecast Period 

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