July 17, 2024

Solar Farm Market to Reach Sales of $267.8 Bn by 2030

The global solar farm market size accounted for US$ 62.7 billion in 2021 and is projected to reach around USD 267.8 billion by 2030, growing at a CAGR of 17.51% from 2022 to 2030.

Solar Farm Market Key Takeaways:

  • The utility-scale segment is growing at a registered CAGR of 15.7% from 2022 to 2030.
  • The commercial segment is expected to grow at a CAGR of 16.5% from 2022 to 2030.
  • The industrial segment is expected to hit at a CAGR of 16.3% over the forecast period.
  • Asia-Pacific is growing at a CAGR of 17.7% over the forecast period.

Solar Farm Market Size 2022 To 2030

The rapid growth of the solar farm market in recent years can be attributed to the low cost of photovoltaic panels and the large number of companies producing solar water farms. With the implementation of government regulations that aim to reduce dependence on fossil fuels and minimize pollution, consumer awareness of solar water farming is increasing. SEIA claims that the federal government has enacted policies and legislation such as community solar and net metering to encourage the use of photovoltaic technology to generate electric power.

Report Summary

The global solar farm market report provides a Point-by-Point and In-Depth analysis of global market size, regional and country-level market size, market share, segmentation market growth, competitive landscape, sales analysis, opportunities analysis, strategic market growth analysis, the impact of domestic and global market key players, value chain optimization, trade regulations, recent developments, product launches, area marketplace expanding, and technological innovations. The global solar farm market study covered in the report spans a forecast period from 2022 to 2030.

The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the solar farm market across the globe.

A comprehensive estimate on the solar farm market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of solar farm during the forecast period. Price point comparison by region with global average price is also considered in the study

Solar Farm Market Scope

Report CoverageDetails
Market Size in 2022USD 73.68 Billion
Market Size by 2030USD 267.8 Billion
Growth Rate from 2022 to 2030CAGR of 17.51%
Base Year2021
Forecast Period2022 to 2030
Segments CoveredTechnology, Type, End User and Geography

Key Highlights:

Reports Coverage: It incorporates key market sections, key makers secured, the extent of items offered in the years considered, worldwide containerized solar farm market and study goals. Moreover, it contacts the division study gave in the report based on the sort of item and applications.

Market Outline: This area stresses the key investigations, market development rate, serious scene, market drivers, patterns, and issues notwithstanding the naturally visible pointers.

Market Production by Region: The report conveys information identified with import and fare, income, creation, and key players of every single local market contemplated are canvassed right now.

Also Read: Recycled Lead Market to Hit Sales of $20.4 Bn By 2028

Government regulations and solar energy investments drive the market

There are several countries where consumers can use photovoltaic energy to meet their energy needs and then sold back to the grid for a profit. The solar photovoltaic industry in China has grown at an unprecedented rate compared to any other country over the past few decades. Photovoltaic

energy generated in China increased by more than 35% year on year, according to China Photovoltaic Industry Association. These rules encourage the adoption of photovoltaic technology. As a result, solar farms are expected to benefit from these new regulations. The demand for solar farms is expected to rise significantly as photovoltaic technology becomes more widely used in the future.

Several businesses are installing renewable energy plants due to environmental regulations. Solar is a competitive renewable energy source. Thus, many countries have begun investing in solar energy. This remarkable annual solar capacity installation helps the global market grow.

Growing Demand for Renewable Energy Creates Tremendous Opportunities

The IEA reports rising demand for renewable energy. The increased demand for P.V. Technology is due to the need for sustainable energy, a reduction in reliance on conventional fuels, and a reduction in carbon emissions. Increased energy demand from developing countries in Asia-Pacific, such as India, China, and Thailand, has led to significant growth in solar photovoltaic (P.V.), a form of wind and hydro energy.

This is why solar P.V. has grown in recent years. Industrialization and urbanization are accelerating. In addition, strict government regulations to reduce carbon emissions from conventional fuels have increased the use of photovoltaic technology to generate electricity. As demand for renewable energy rises, so will demand for solar farms.

Solar Farm Market Players

The report includes the profiles of key solar farm market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information, key development in past five years.

Major companies operating in this area are:

  • Ciel & Terre International
  • Hanwha Group
  • JA SOLAR Technology Co. Ltd.
  • KYOCERA Corp.
  • LONGi Solar
  • Trina Solar
  • Vikram Solar Ltd.
  • Wuxi Suntech Power Co., Ltd.
  • Yellow Tropus Pvt. Ltd.
  • Yingli Solar

Market Segmentation

By Technology

  • Solar Photovoltaic
  • Mono-Si
  • Thin Film
  • Multi-Si
  • Others

By Type

  • Utility-Scale
  • Distributed Generation
  • Micro-Grids
  • Others

By End User

  • Residential
  • Commercial
  • Industrial

Regional Segmentation

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Research Methodology

Secondary Research

It involves company databases such as Hoover’s: This assists us to recognize financial information, the structure of the market participants and industry’s competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to-face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire-based research etc.
  • In order to validate our research findings and analysis, we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Why should you invest in this report?

If you are aiming to enter the global solar farm market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for solar farm are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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