Agrivoltaics Market Detailed Insights on Upcoming Trends 2022-2031 | Key Players SunAgri, Mirai Solar

Agrivoltaics Market Growth size

WILMINGTON, DE , UNITED STATES, May 6, 2024 / -- Agrivoltaics, also called agrophotovoltaics or APV, is a sustainable approach to land use where photovoltaic panels are installed above crops or other vegetation. This approach can increase land productivity by generating renewable energy while growing crops, thereby reducing water consumption and creating new income streams for farmers. The adoption of agrivoltaics is currently most prevalent in Europe, where the government has provided significant support for the development of this technology. However, the market is expected to grow rapidly in other regions, including North America and Asia-Pacific, as the benefits of the technology become more widely recognized.

The market for agrovoltaics is growing rapidly as the world is increasingly focused on reducing greenhouse gas emissions and transitioning to renewable energy sources. In addition, agrivoltaics offers many benefits such as increased crop production, increased soil moisture, increased water retention capacity of the soil, and rainwater harvesting. Furthermore, advancements in farming techniques, the growing adoption of sustainable agriculture practices, and investment from government and private players boosting research and development boost the growth of the agrivoltaics market. The global agrivoltaics market was valued at $3.6 billion in 2021 and is projected to reach $9.3 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.

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Market Trends

Integration of advanced technology - Agrivoltaic systems are becoming more sophisticated with the integration of advanced technologies such as sensors, drones, and artificial intelligence to optimize crop yields and energy production. This technology enables farmers to better manage their land, crops, and energy production while minimizing resource waste and improving sustainability.

Research and Development - Research and development efforts are ongoing to optimize the design and management of agrivoltaics systems. Scientists are studying the effects of shading, temperature, and humidity of crop growth, as well as the best ways to balance energy production and agricultural output in these systems.

Industry Partnerships - Collaborations between solar panel manufacturers and agriculture companies are growing, which is leading to the development of more efficient and cost-effective agrivoltaic systems. These partnerships aim to create mutually beneficial solutions that reduce the environmental impact of both industries.

Government Support - Governments are increasingly recognizing the advantages of agrivoltaics and providing incentives and funding for the development and implementation of these systems. For instance, in the US, several states have implemented policies and programs to support the adoption of agrivoltaic systems.

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Scaling Up - As agrivoltaic systems become more proven and cost effective, they are being scaled up to larger commercial operations. This trend is especially prevalent in Europe, where there are several large scale agrivoltaic projects in development.

Developments in Agrivoltaics

Key players in the agrivoltaics market focus on adopting strategies such as partnerships, launches and more to gain a competitive edge in the global market and unlock revenue opportunities. For instance, in March 2023, TeraLight, a telecommunications solutions provider based in Israel inked a partnership deal with SunAgri, a company that focuses on the development of solutions that address Franceโ€™s agricultural challenges. The partnership aims at studying the relationship between solar panels and crops and the way in which they can enhance each otherโ€™s performance. The deal intends to expand joint agrivoltaics projects with farmers and agricultural communities. Through the collaboration, TeraLightโ€™s expertise in solar-energy construction and project development will be integrated into Sunโ€™Agriโ€™s dynamic software for managing solar fields. Dynamic shading and microclimate control are provided by the software by adjusting the angle of the panels. The software operates in real-time to spot the balance between electricity production and plant requirements.

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๐“๐ก๐ž ๐ค๐ž๐ฒ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ

Mirai Solar
Namaste Solar
BayWa AG
Insolight SA
Enel Green Power Spa
Next2Sun Technology GmbH
SunSeed APV Private Limited
JA Solar Holdings Co. Ltd.

David Correa
Allied Market Research
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