How Agrivoltaics is Undergoing Robust Growth in Global Market?

The rapid climate changes like increasing temperature levels & reduced precipitation, and rising water scarcity concerns propels the demand for Agrivoltaics. Agrivoltaics enables the effective use of sunlight for crop growth and is also beneficial for farmers to earn extra money by selling the power generated using solar panels. Additionally, the reduced costs of solar panels led to the reduction in installation costs of Agrivoltaics, therefore bolstering the industry's growth.

Better Understanding of Agrivoltaics

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.

Unveiling Origin, Evolution of Agrivoltaics

Over the years, Agrivoltaics has evolved into a promising solution that addresses various global challenges while offering significant benefits to agriculture, such as increased land use efficiency and water savings. According to Adolf Goetzberger’s Vision, the rising concerns about land scarcity, food security, and increasing energy demand in the early 1980s resulted in the origin of Agrivoltaics, to gain prominence. At the time, solar energy emerged as a viable alternative to conventional fossil fuels. With the changing times, as the demand for renewable energy and sustainable land use practices increases, the correlation between the expansion of photovoltaics and Agrivoltaics becomes more evident. Agrivoltaics offers a potential solution to this challenge, combining solar energy generation and agriculture in the same land. While comprehensive global data on Agrivoltaics installations is limited, numerous pilot projects and research studies worldwide have demonstrated such systems’ potential benefits and synergies. These findings, coupled with the growing interest from governments and stakeholders, indicate a positive correlation between the expansion of photovoltaics and the adoption of Agrivoltaics practices.

Essential Uses of Agrivoltaics

• Agrivoltaics can increase crop yields and reduce water use
• Facilitate generating renewable energy and reduce reliance on centralized power grids
• Aids reducing the carbon footprint of agriculture and energy production
• Agrivoltaics can create employment opportunities in rural areas
• Agrivoltaics can optimize land usage by sharing the ground between solar panels and agriculture
• Provide farmers with an additional income stream
• Agrivoltaics can help improve energy independence and reliability

Analytical Overview of Global Agrivoltaics Industry During 2024-30

The report titled, “Global Agrivoltaics Market Research Report: By Placement (Standalone, Shading Nets, Greenhouse, Others), By Material Type (Panels, Paints), By Cell Type (Monocrystalline, Polycrystalline), By Crop Collaboration (Vegetables, Fruits, Crops, Others), By Type of Agrivoltaic Plant (Overhead Tilted, Interspace, Hybrid), By Type of Solar Panel (Opaque, Semi-Transparent, Transparent), By Power Output (Up to 10 MWp, 10.1 to 50 MWp, More than 50 MWp) and others Forecast (2024-2030)”, according to the report, Global Agrivoltaics Market size was valued at USD 3.64 billion in 2022 and further expected to grow at a CAGR of 38% during the forecast period 2024-2030.

Key Players Operating in Agrivoltaics Market

Enel Green Power, JS Power, Sun' Agri, Solar Window, BayWa r.e., Insolight, REM Tec, Zimmermen, Next2Sun, and others are the leading players essentially operating in the Agrivoltaics market.

Recent Achievements of Industry Players: Strengthening Global Market

Here are the highlights of the latest initiatives:

• 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.

What’s New in Growing Industry

The growing requirements for power in different applications resulted in a rising risk of high-level carbon emissions from the power generation industry. This is the major reason worldwide nations such as Asia-Pacific are introducing plans to curb carbon emissions and encourage the consumption of clean electricity. Such rising initiatives and support from the government toward limiting the carbon emissions from the power generation sector are expected to augment the expansion of the Agrivoltaics market in upcoming years.

Summary

The article comprises Global players in the Agrivoltaics industry, along with industry product information. This article details the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as Enel Green Power, JS Power, Sun' Agri, Solar Window, BayWa r.e., and Other leading companies, facilitate revolutionizing the market and promoting a secure future for the Agrivoltaics industry.

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