Climate Change and Rising Water Scarcity: A Big Boost to the Agrivoltaics Industry
MarkNtel Advisors - Market Research Company
MarkNtel Advisors| Market Research Company | Syndicate & Custom Research | Consulting Services
Agrivoltaics is the use of land for both agricultural purposes & generating solar photovoltaic power. It holds immense potential to bring out benefits like more food & energy, reduced water requirements, lower carbon emissions, and much more prosperous rural communities. With rapid climate changes and a burgeoning population, there are increasing vulnerabilities of food, energy, & water globally. Hence, to enhance environmental sustainability & compatibility, Agrivoltaics is gaining ground worldwide.
A recent research study by MarkNtel Advisors cites that the Global Agrivoltaics Market is set to grow at a whopping 38% CAGR during 2022-27. The growth predictions are backed by the increasing temperature levels & reduced precipitation, coupled with rising water scarcity concerns that are creating significant challenges for both the energy & agricultural sectors worldwide.
Hence, the shifting focus toward adopting Agrivoltaics to enable the effective use of sunlight for crop growth while benefitting farmers to earn extra money by selling the power generated using solar panels is boosting the Global Agrivoltaics Industry globally.
Solar photovoltaics can help meet sustainability goals while addressing concerns regarding energy system resilience. As a result, various initiatives by governments of different countries toward curbing carbon emissions from industries and promoting the use of clean electricity generated from renewable energy sources are also creating new avenues for the Global Agrivoltaics Market to expand significantly in the coming years.
Increasing Popularity of Solar Paints to Create Remunerative Prospects for the Agrivoltaics Market
Solar paints are new in the market and gaining ground worldwide as they are easy to apply and cheaper than panels. They hold immense potential to transform the renewable energy space owing to their low-cost production and ability to add solar-generating capacity to vehicles & create an additional energy source when applied to roofs & walls. Although their broad commercialization is not happening soon, several companies are actively working toward their full-scale implementation, which would create numerous opportunities for the overall growth of the Global Agrivoltaics Market in the years ahead.
While Asia-Pacific is the largest Agrivoltaics Industry, Europe to Record the Fastest Market Growth
Countries like China, Japan, & India are witnessing the skyrocketing implementation of solar modules. China, the largest producer of these modules, has already installed 4GW of Agrivoltaics capacity in just three years, i.e., during 2015-18. With the dire need to broaden the domestic energy requirements to address concerns associated with the country's photovoltaic overcapacity, the demand for implementing agrivoltaics is rapidly surging in China and, in turn, driving the Asia-Pacific Agrivoltaics Market.
On the other hand, Europe shall continue its rapid growth pace in the agrivoltaics market. It owes to the increasing installation of solar power panels on arable lands across the region, coupled with various initiatives of the European Union toward escalating the share of renewable energy in the electricity mix while promoting clean energy consumption.
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Competitive Landscape:
The key 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:
Market Segmentation:
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