Agrivoltaic Market: Current Analysis and Forecast (2021-2027)

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Emphasis on System Design (Fixed Solar Panel Over Crops and Dynamic Agrivoltaic); Crop Type (Leafy Greens, Root Crops, and Fruits); and Region and Country

Published:

Jan-2022

Pages:

212

Table:

41

Figure:

124

Report ID:

UMEP21639

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Agrivoltaic Market
Agrivoltaic Market

Global Agrivoltaic Market is expected to reach the market valuation of 36,317.4 megawatts by 2027 expanding at a reasonable CAGR of 45% during the forecast period (2021-2027). Factors such as commercial-scale solar panel systems require a large amount of land, and since countries have limited land thus installing a solar system will affect the interest of the agricultural industry. Thus, using agrivoltaic technology, both energy generation and farming take place.

Surging population across the globe, limited availability of land for cultivation coupled with rising energy demand are proliferating the market size of agrivoltaic. In addition, the growing population resulted in the need to nearly double the current food production to meet that future demand. Therefore, the agrivoltaic system promises to improve food production and reduce water use, while also creating energy and additional revenue. Hence, market demand for agrivoltaic is expected to increase at a proliferating rate in the forecasted period as it helps to meet the future demand by growing more food, and using less water, while also creating sustainable energy at the same time.

In addition, the agrivoltaic system has a positive impact on crop yield, water consumption, and product quality while providing additional energy production capacity. Also, in the context of scarcity, this system meets the main challenges of sustainable development and brings true value to farmers

Agrivoltaic solutions LLC, Sun Agri, REM TEC, Enel Green Power, Boralex, BayWa, TotalEnergies SE, Mackin Energy, Sunrise Power, Suntech. Several M&As along with partnerships have been undertaken by these players to facilitate customers with agrivoltaic.

Insights Presented in the Report

“Amongst System Design, fixed solar panel over crops segment holds the major share”

Based on system design, the agrivoltaic market is segmented into fixed solar panels and dynamic agrivoltaic. The fixed solar panel over crops caters segment catered to significant demand in the agrivoltaic market. The fixed solar panel over crops caters segment catered to significant demand in the agrivoltaic market. It is the most conventional system that installs fixed solar panels on agricultural greenhouses, above open fields crops, or between open fields crops. It also helps in optimizing the installation by modifying the density of solar panels or the inclination of the panels

“Amongst Crop Type, leafy greens segment holds the major share”

Based on crop types, the agrivoltaic market is classified into leafy greens, root crops, fruits & other crops. The leafy green segment is expected to showcase a substantial growth rate over the forecast period. As agrivoltaic is suitable for those crops which require limited sunlight and crops such as lettuces, tomatoes, peppers, chard, kale, broccoli, and Brussels sprouts grow successfully under agrivoltaic technology.

“China represents one of the largest markets of Global Agrivoltaic Market”

For a better understanding of the market dynamics of the global agrivoltaic market, a detailed analysis was conducted for different countries including China, India, Japan, South Korea, France, Italy, Germany, the US, and the Rest of the World. China is expected to hold a significant market share in agrivoltaic predominantly as it is one of the world’s top solar panel producers and is home to the biggest agrivoltaic system.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive country level analysis of the industry.


Customization Options:

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1.1.Market Definitions
1.2.Limitation
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the Agrivoltaic Market
2.2.Research Methodology of the Agrivoltaic Market
2.3.Forecasting Method 
2.4.Respondent Profile 
2.5.Main Objective of the Agrivoltaic Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5AGRIVOLTAIC MARKET COVID-19 IMPACT
6GLOBAL AGRIVOLTAIC MARKET CUMULATIVE CAPACITY (MW), 2019-2027F
7.1.Fixed Solar Panels 
7.2.Dynamic Agrivoltaic
8.1.Leafy Greens
 8.1.1.Lettuce
 8.1.2.Spinach 
 8.1.3.Others
8.2.Root Crops
 8.2.1.Potatoes
 8.2.2.Radishes
 8.2.3.Beets
 8.2.4.Carrots
 8.2.5.Others
8.3.Fruits & Other Crops
9.1.China 
9.2.Japan 
9.3.India 
9.4.South Korea
9.5.France 
9.6.Italy 
9.7.Germany 
9.8.US 
9.9.Rest of the World
10.1.Market Drivers
10.2.Market Challenges
10.3.Impact Analysis
11AGRIVOLTAIC MARKET OPPORTUNITIES
12AGRIVOLTAIC MARKET TRENDS
13.1.Demand Side Analysis
13.2.Supply Side Analysis
14.   VALUE CHAIN ANALYSIS
15.1.Porter Five Force Analysis
15.1.1.Bargaining Power of Supplier
15.1.2.Bargaining Power of Buyer
15.1.3.Intensity of Rivalry
15.1.4.Availability of Substitute
15.1.5.Threats of New Entrants
16.1.Agrivoltaic Solution LLC
16.2.Sun Agri 
16.3.REM TEC 
16.4.Enel Green Power
16.5.Boralex 
16.6.BayWa AG
16.7.TotalEnergies SE 
16.8.Mackin Energy
16.9.Sunrise Power Solutions
16.10.Suntech Power Holdings
17.   DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global agrivoltaic market were the three major steps undertaken to create and analyze the adoption of agrivoltaic in major countries globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global agrivoltaic market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Agrivoltaic market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the agrivoltaic market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major countries. Major segments included in the report as system design and crop type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that country.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the agrivoltaic market. Further, we conducted factor analysis using dependent and independent variables such as the rising need to improve food production. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the agrivoltaic market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global agrivoltaic market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of volume (MW) and the adoption rate of agrivoltaic market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global agrivoltaic market in terms of product/service offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Countries

Agrivoltaic Market
Agrivoltaic Market

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global agrivoltaic market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of system design and crop type in the global agrivoltaic market.

The main objective of the Global Agrivoltaic Market Study

The current & future market trends of global agrivoltaic market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of agrivoltaic market in terms of volume (MW). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of system design and crop type.
  • Define and analysis of the regulatory framework for the agrivoltaic market industry.
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the agrivoltaic market for the major country.
  • Major countries studied in the report include China, India, Japan, South Korea, France, Italy, Germany, the US, and the Rest of the World.
  • Company profiles of the agrivoltaic market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive country level analysis of the industry

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