The Agrivoltaics Market’s Massive Growth to $15,871.6 Million by 2033 – BIS Research

The global agrivoltaics market is rapidly gaining momentum as a sustainable solution that combines solar energy production with agricultural practices. This innovative approach allows farmers to generate electricity while simultaneously growing crops, creating dual-revenue streams and maximizing land use efficiency. Agrivoltaics enhances crop yields, conserves water, and supports the global shift toward environment-friendly practices. As governments promote renewable energy through incentives and policies, companies in this space have the opportunity to invest in cutting-edge technologies, form strategic partnerships, and lead the way in sustainable agriculture. The integration of vertical and elevated solar panels allows farming equipment to operate underneath, further optimizing land use. 

Despite higher installation costs compared to traditional solar farms, agrivoltaics presents long-term benefits for both energy and agriculture sectors. By embracing research and development, companies can overcome initial cost barriers and position themselves as leaders in the expanding market. The economic viability of solar farms, with annual earnings potential of up to $43,500 per MW, combined with leasing opportunities for landowners, reinforces the profitability of agrivoltaics investments. 

According to BIS Research, the agrivoltaics market was valued at $2,013.8 million in 2023 and is projected to reach $15,871.6 million by 2033, growing at a robust CAGR of 22.93%. 

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Agrivoltaics Market Analysis: Drivers, Challenges, and Opportunities 

Following are the drivers for the Agrivoltaics Market: 

• Dual revenue from electricity and crops. 
• Shade from panels increases crop yields. 
• Suitable for crops like berries and cabbage. 

Following are the Challenges of Agrivoltaics Market: 

• High installation costs. 
• Specialized skills increase expenses. 
• Agrivoltaics are costlier than traditional systems. 

Following are the Opportunities of Agrivoltaics Market: 

• Carbon sequestration via vegetation. 
• Solar panels reduce farm emissions. 
• Supports sustainable farming practices. 

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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 

In conclusion, the agrivoltaics market is positioned for significant growth, driven by its dual-benefit model of generating electricity and increasing agricultural productivity. While high installation costs and complexity present challenges, the long-term economic and environmental advantages make agrivoltaics an appealing solution for sustainable energy and agriculture. Companies that invest in innovative technologies and research, and build strategic partnerships, are set to thrive in this expanding market. With a forecasted CAGR of 22.93%, the market is projected to grow from $2,013.8 million in 2023 to $15,871.6 million by 2033, highlighting its strong potential for global impact. 

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Key Players in 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 

•    SB Energy Corp 

•    Boralex Inc. 

•    Berkshire Hathaway Energy 

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EU Green Deal - Impact Analysis on Europe/Other Countries Smart Agriculture Market 

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Guidance and Steering System for Precision Agriculture Market 

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