Agrivoltaics Market is Expected to Reach $15.87 Billion by 2033: BIS Research

The global agrivoltaics market, merging solar energy production with agriculture, anticipates significant growth. This surge is fueled by its benefits in boosting crop yields, conserving water, and optimizing land efficiency. Agrivoltaics presents a sustainable solution aligning with the global shift towards eco-friendly practices. 

Companies can capitalize on this trend by investing in innovative technologies, forming partnerships with farmers and solar providers, and leveraging government incentives. Strategic R&D investments and resilient production infrastructure are crucial for companies to lead in sustainable energy solutions for agriculture, shaping the future of the agrivoltaics market. 

Recently, BIS Research released the Agrivoltaics Market Report, which spans from 2022 to 2033, forecasting robust growth. In 2023, the market size reached $2,013.8 million, with a projected value of $15,871.6 million by 2033, indicating an impressive CAGR of 22.93%. The report, comprising 134 pages, includes 67 tables and 32 figures, providing comprehensive insights into market dynamics and trends. 

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USP and Key Highlights of the Report  

• A dedicated section focusing on the trends adopted by the key players operating in the agrivoltaics market  
• Company profile of the companies operating in the ecosystem offering a holistic view of the agrivoltaics market landscape.  
• Qualitative and quantitative analysis of the agrivoltaics market  
• Supply chain and value chain analysis  

Strategic Growth Initiatives: Offering insights into successful growth strategies such as mergers, acquisitions, and partnerships, the report can guide your organization in crafting compelling marketing and expansion strategies to solidify its market position.  

Competitive Landscape Analysis: By profiling key players and examining their strategies, the report gives a clear view of the competitive environment, enabling your organization to benchmark its practices and uncover strategic alliances or innovation opportunities.  

Identification of Untapped Markets: By exploring partnerships, agreements, and collaborations among key market players, the report illuminates untapped revenue pockets and emerging market opportunities, guiding your organization toward profitable ventures.    

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Agrivoltaics Market Analysis: Drivers, Challenges, and Opportunities 

Drivers 

• Dual-revenue streams for farmers 
• Agrivoltaics as a sustainable solution for agriculture 

Challenges 

• High installation costs 
• Limited compatibility with certain crops 

Opportunities 

• Reduction of emissions through improved farm electrification 
• Increased government initiatives to boost R&D in agrivoltaics 

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Agrivoltaics Market Segments 

Segmentation 1: by Array Configuration 

•   Fixed 

•   Single-Axis Tracking 

Segmentation 2: by Photovoltaic Technology 

•   Monofacial Solar Panels 

•   Bifacial Solar Panels 

•   Translucent Photovoltaic Technology 

•   Others 

Segmentation 3: by Site of Installation 

•   Grassland Farming 

•   Horticulture and Arable Farming 

•   Indoor Farming 

•   Pollinator Habitat  

Segmentation 4: by Region 

•  North America: U.S. and Canada 

•  Europe: France, Germany, Italy, Spain, U.K., and Rest-of-Europe 

•  Asia-Pacific: China, Japan, India, South Korea, and Rest-of-Asia-Pacific  

•  Rest-of-the-World: Brazil, South Africa, and Other 

Overview: Fixed arrays dominate the agrivoltaics market due to their simplicity, cost-effectiveness, and compatibility with agriculture, which balances energy generation and agricultural productivity. Monofacial solar panels lead in photovoltaic technology, driven by their efficiency and compatibility with farming. Pollinator habitat emerges as a key installation segment, promoting biodiversity and sustainability. North America, particularly the U.S., plays a crucial role in market growth, supported by government initiatives like the Agrivoltaics Partnership and FARMS funding. These developments underscore a shift towards sustainable energy solutions and environmental conservation in agrivoltaics. 

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Key Players in the Agrivoltaics Market      

•   Jinko Solar 

•   Invenergy 

•   First Solar 

•   Nextracker Inc. 

•   Iqony Solar Energy Solutions 

•   BayWa AG 

•   Sun’Agri 

•   Lightsource 

•   Yingli Solar 

•   Enel Green Power S.p.A. 

•   Trinsolar 

•   Next2Sun AG 

•   S.B. Energy Corp 

•   Boralex Inc. 

•   Berkshire Hathaway Energy         

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About BIS Research 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.   

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.    

BIS Research offers syndicate and custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.   

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