Agrivoltaics is the concept of combining land development for agricultural and solar photovoltaics. It essentially enables two major sectors to coexist. Agrivoltaics leverages agricultural and renewable energy synergies to produce an economical, effective, and innovative approach to land constraints. Furthermore, agrivoltaics encourage sustainable rural development and biodiversity protection. The agrivoltaics market was valued at $3.6 billion in 2021 and is estimated to reach $9.3 billion by 2031, growing at a CAGR of 10.1% from 2022 to 2031.
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Many experts believe agrivoltaics can minimize barriers to
food security and the transition to clean energy. While the agrivoltaics
market is still in its growth stage, it is expected to grow as the solar sector
continues to boom owing to surged demand for clean energy. Agrivoltaics
technology has seen a lot of progress and global dissemination in recent years,
with the global installed output of agrivoltaics rising from 5 MW in 2012 to
around 2.9 gigawatts (GW) in 2020.
To promote a healthy growth environment for agrivoltaics,
subsidies from governing authorities will be required. Moreover, joint
ventures, lease agreements, reduced loan rates, and reduced risk exposures.
In-addition, since there is a significant reduction in crop yield, strict
regulations regarding solar installations need to be enforced for minimizing
land exploitation.
Given climate change and increasing droughts and extreme
weather events, agrivoltaics offers several advantages such as zero-emission
solar power coupled with food production and the protection of crops from
drought and damage caused by extreme weather such as hail or heavy rain. The
world’s largest agrivoltaics installation has been built on the edge of the
Gobi Desert in China, where berries are being cultivated underneath solar
modules with an output of 700 MW. The most important drivers for agrivoltaics
are land scarcity and increasing drought in many regions as well as
technological optimizations and further developments. The prerequisite is to
interfere with agricultural use as little as possible and to cooperate closely
with farmers for a broader application of agrivoltaics.
Challenges include international standardization, the
removal of regulatory hurdles, effective incentive systems, even more,
comprehensive monitoring, the even greater involvement of farmers, and further
improvements in economic efficiency. While all crops need sunlight for growth,
too much can cause some to get stressed, especially cool-season plants such as
brassicas. Plants growing under the diffused shade of photovoltaic panels are
buffered from the day’s most intense rays. Shade reduces air temperature and
the amount of water evaporating from soils; a win-win for both plants and farm
workers on hot summer days. The plants in turn give off water vapor that helps
to naturally cool the photovoltaic panels from below, which can increase panel
efficiency.
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The agrivoltaics market is segmented into system
design, cell type, crop, and region. By system design, the agrivoltaics market
is bifurcated into fixed solar panels and dynamic. The fixed solar panel
segment dominated the market share in 2021 and is projected to continue its
dominance through the projection period owing to ease of handling and
high-power generation. Moreover, in dynamic systems, the panels are moved or
adjusted as and when required which may be a hassle if needed to be done
routinely whereas, in fixed panel systems, no such hassle is to be dealt with.
Depending on cell type, the agrivoltaics market is divided
into microcrystalline and polycrystalline. The microcrystalline cell type
dominated the market growth for 2021 and is expected to grow at a higher CAGR
during the projection period owing to the higher efficiency of the cells in
commercial models. By crop, the market is segmented into vegetables, fruits,
crops, and others. The crop segment dominated the agrivoltaics market growth
for 2021 owing to a rise in increasingly extreme weather and solar panels
shield crops from too much sun and dehydration. The same is expected to
continue its dominance during the projection period followed by the vegetable
segment.
Region-wise, the agrivoltaics market analysis is done across
North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East,
and Africa). North America dominated the market share for 2021 and is expected
to grow at a higher CAGR during the forecast period. This is due to a decrease
in arable land availability and an increase in clean energy demand to support
energy transition. The key players operating in the agrivoltaics industry are
Next2Sun, Sun’Agri, Ombrea, Namaste Solar, Mirai Solar, SunSeed APV, Enel Green
Power S.p.A., JA SOLAR Technology Co., Ltd., BayWa AG, and Insolight SA.
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Key findings of the study
- Fixed
solar panels are projected to grow at the highest CAGR of approximately
10.5%, in terms of during the agrivoltaics market forecast period
- The
monocrystalline segment dominated the agrivoltaics market share by over
51.7% in 2021
- By
region, North America dominated the agrivoltaics market and is expected to
grow at a CAGR of 10.7% during the forecast period
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