The Solar Farm Global Market Report 2024 by The Business
Research Company provides market overview across 60+ geographies in the seven
regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, the Middle East, and Africa, encompassing 27 major global industries.
The report presents a comprehensive analysis over a ten-year historic period
(2010-2021) and extends its insights into a ten-year forecast period
(2023-2033).
Learn More On The Solar Farm Market:
https://www.thebusinessresearchcompany.com/report/solar-farm-global-market-report
According to The Business Research Company’s Solar Farm Global Market Report
2024, The solar farm market size has grown exponentially in recent years. It
will grow from $96.75 billion in 2023 to $117.8 billion in 2024 at a compound
annual growth rate (CAGR) of 21.8%.
The growth in the historic period
can be attributed to government subsidies and incentives, declining solar panel
costs, energy policy and regulations, corporate sustainability initiatives,
public awareness and environmental concerns..
The solar farm market size is expected to see rapid growth in the next few
years. It will grow to $239.72 billion in 2028 at a compound annual growth rate
(CAGR) of 19.4%. The growth in the
forecast period can be attributed to emergence of energy storage solutions,
innovation in solar farm designs, government commitment to renewable energy
targets, growth of community solar initiatives.. Major trends in the forecast
period include diversification of market players, focus on environmental and
social impact, digitalization in operations and maintenance, pricing and
financing innovations, adoption of bifacial solar panels..
A surge in demand for electricity from renewable sources is significantly
contributing to the solar farm market going forward. Renewable energy refers to
the energy that comes from renewable resources that replenish themselves more
quickly than they are used up. Solar farms utilize solar energy for producing
electricity and thermal energy which can fulfil world energy demand 100 times
over other renewable sources, which makes solar farms suitable for addressing
increasing renewable energy demand across the world. For instance, according to
data provided by the International Energy Agency (IEA), a France-based
intergovernmental organization that provides policy recommendations, analysis,
and data on the entire global energy sector, the electricity produced from
solar PV increased from 823.8 Terra Watt hour (TWh) in 2020 to 1002.9 TWh in
2021. Therefore, the surge in demand for electricity from renewable sources
will drive the solar farm market.
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The solar farm market covered in this report is segmented –
1) By Type: Surface Suction, Utility-scale, Distributed Generation, Microgrids,
Other Types
2) By Technology: Solar Photovoltaic, Mono-Si, Thin Film, Multi-Si, Other
Technologies
3) By End Use Industry: Residential, Commercial, Industrial
Product innovation is the key trend gaining popularity in the solar farm
market. Major companies operating in the solar farm market are focusing on
increasing the applications of solar farms and integrating solar farms with
other large-scale projects. For instance, in September 2022, Starlight, an
Italy-based solar farm project developing company launched the Agri-eco
Voltaics project Land of the Sun. Agri-eco Voltaics is a method of combining
solar photovoltaics, contemporary, sustainable agriculture, and territory restoration.
It has the potential to alleviate some of the world's most serious future
economic and social concerns while also optimizing land use efficiency. The
innovative project constructs and operates the agrivoltaics plant that
generates electricity from the sun while allowing crops to be grown and
harvested effectively. By developing a concept for dual land use that can be
simply reproduced around the world.
The solar farm market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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