The world is witnessing flooding levels of food, water, & energy insecurity due to rapid climate change as well as growing socioeconomic issues, and to address these concerns, Agrivoltaics has emerged as a prominent solution. These systems combine food production & solar power generation in the same area with the effective use of sunlight to boost productivity and reduce the burden on natural resources. Elevated PV panels, solar greenhouses, & ground-mounted PV panels are various types of agrivoltaic systems that combine with different crop varieties. The climatic conditions & land-use patterns of an area decide which agrivoltaic approach would be the best. Besides, these systems also offer an opportunity to intentionally provide ecosystem services like habitat creation, support for beneficial insects such as bees, natural vegetation restoration, and carbon sequestration, among others.
Installing solar panels in the crop growing area aids in reducing the direct sunlight exposure under PV panels, owing to which the temperature beneath the panel remains cool during the day & warm at night, and consequently, plants retain more moisture. Thus, agrivoltaics is of immense benefit to achieve enhanced water savings, food production, & renewable energy generation. In view of their mounting demand, a recent research study published by MarkNtel Advisors cites around 38% CAGR for the Global Agrivoltaics Market during 2022-27. The dramatically rising carbon emissions from the power generation sector, the growing concerns over food & water scarcity, and the increasing number of promising agrivoltaic projects worldwide would drive the industry’s expansion in the forecast years.
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Key Aspects associated with the Agrivoltaics Industry
–Agrivoltaic systems comprise solar panels that either have monocrystalline or polycrystalline cells. Of both, the former witnesses higher demand owing to better efficiency, durability, longer life, and compact design. The single crystal in a monocrystalline cell offers larger space for electricity-generating electrons to move around and, consequently, helps increase the panel’s efficiency.
–Polycrystalline cell-based solar panels have multiple silicon crystals melted & combined to create a single module, which reduces their production costs. However, due to too many crystals in these cells, the electricity generation efficiency is relatively lower, which is why the demand for monocrystalline cells is higher.
–On the other hand, conventional photovoltaic solar panels & solar paints are the two materials used in agrivoltaic systems, where solar panels are the preferred choice since it’s a proven technology to attain cost savings on power generation. However, the initial high expenses & challenges with rooftop panel installation are the key reasons most people refrain from opting for these panels.
–Solar paints, on the other hand, are new in the market and shall become increasingly popular in the future owing to their easy application and significantly lower costs than solar panels. This technology holds immense potential to transform the renewable energy space by providing solar-generating capacity to vehicles, creating an additional energy source through roof & wall painting, and being used as a primary power generation source across businesses & homes.
Asia-Pacific is the Largest Agrivoltaics Market Globally
Several countries across Asia-Pacific are increasingly adopting renewable energy sources owing to their increasing affordability, burgeoning population, and growing water & food insecurities. China is the largest producer & supplier of photovoltaic modules. During 2015-18, the country installed 4 GW of agrivoltaic capacity, and currently, it holds over 60% market share globally. In addition, Japan implemented 654 such projects between 2013 & 2018, with 150 MW as the peak generating capacity.
Furthermore, the mounting prevalence of EVs (Electric Vehicles) across the region is another promising opportunity for the agrivoltaics industry, as the need for enhancing EV charging infrastructure is rapidly rising. These aspects are creating new avenues for the Asia-Pacific Agrivoltaics Market to expand significantly over the coming years.
The major companies in the Global Agrivoltaics Market include Enel Green Power, JS Power, Sun’ Agri, Akuo Energy, Solar Window, BayWa r.e., Insolight, REM Tec, Zimmermen, and Next2Sun.
Key Questions Answered in the Research Report:
-What are the current & future trends in the Global Agrivoltaics Market?
-How has the industry been evolving in terms of geography & service adoption?
–How has the competition been shaping across the globe, followed by their comparative factorial indexing?
What are the key growth drivers & challenges for the Global Agrivoltaics Market?
-What are the customer orientation, purchase behavior, and expectations from the key companies operating in the Global Agrivoltaics Market?
Explore the full report with the table of contents-
Key questions addressed in the report: –
-What are the primary factors anticipated to spur market expansion?
-What factors are anticipated to restrain market growth?
-Which product/service categories and segment are anticipated to be the most lucrative over the forecast period?
-Which region is most likely to dominate and control the most share of the global Agrivoltaics market over the ensuing five years?
-What are the anticipated market values and growth rate?
-Who are the major players operating globally?
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