According to the Market Statsville Group (MSG), the global solar farm market size is expected to grow from USD 88.4 billion in 2021 to USD 449.3 billion by 2030, at a CAGR of 19.8% from 2022 to 2030. The solar water farm market has been developing at a considerable pace attributable to low cost of PV panels and strong presence of solar water farm producers. Furthermore, awareness toward solar water farming is increasing among consumers, due to implementation of government regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and to minimize the emission of pollutants.
Consumers can utilize photovoltaic energy for their own electricity need and sell the remaining solar power they do not use in countries such as the U.S., Spain, and France. The Chinese solar photovoltaic industry has witnessed significant growth compared to other countries over the years. According to the China Photovoltaic Industry Association, China’s capacity for photovoltaic energy grew by 34% year-on-year in 2018. Total installed PV capacity surpassed 170 gigawatts at the end of 2018 compared to 136 gigawatts in 2017. These regulations promote the use of photovoltaic technology. Hence, it is expected that these regulations will positively impact the solar pumps market. In addition, with the increased use of photovoltaic technology, the demand for a solar farms is expected to rise significantly.
Global Solar Farm Market Definition
Solar farms are farms powered using photovoltaic cells to generate energy over a larger scale. The market growth of the solar farm is driven by the adoption of renewable electricity generation methods and a focus on carbon emission reduction.
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Global Solar Farm Market Dynamics
Drivers: Supportive government regulations for the use of photovoltaic technology
As per the U.S. Solar Energy Industries Association, the government has implemented laws such as net metering and commMWy solar to promote photovoltaic technology to generate electricity. Consumers can utilize photovoltaic energy for their own electricity need and sell the remaining solar power they do not use in countries such as the U.S., Spain, and France. The Chinese solar photovoltaic industry has witnessed significant growth compared to any other country. According to the China Photovoltaic Industry Association, China’s capacity for photovoltaic energy grew by 34% year-on-year in 2018. Total installed PV capacity surpassed 170 gigawatts at the end of 2018 compared to 136 gigawatts in 2017.
These regulations promote the use of photovoltaic technology. Hence, these regulations are expected to positively impact the solar farms market. In addition, the demand for solar farms is expected to rise significantly with the increased use of photovoltaic technology.
Restraints: High cost associated with installation
Despite the fact that PV technology is cost-effective and an excellent choice for a variety of end-use applications, the market’s growth is hampered by the high capital costs associated with PV installations when compared to other emerging renewable technologies. The cost of deploying farms adds to the overall PV cost. As a result, the overall deployment of PV systems is expected to be limited during the forecast period. Furthermore, solar energy can only be used for a limited time and must be stored in batteries for later use. The batteries that are used to store the solar energy are extremely expensive, large in size, and require regular replacement, which is expected to limit the global solar farms market’s growth.
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Scope of the Global Solar Farm Market
The study categorizes the solar farm market based on type and end-users at the regional and global levels.
By Type Outlook (Sales, USD Billion, 2017–2030)
- Distributed Generation
By End-Users Outlook (Sales, USD Billion, 2017–2030)
By Region Outlook (Sales, USD Billion, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The utility-scale segment is projected to account for the largest market share, by type
Based on type, the global solar farm market is divided into utility-scale, distributed generation, microgrids, and others. In 2021, the utility-scale segment accounted for the largest market share of 45.2% in the global solar farm market. Utility-scale photovoltaic farms are photovoltaic installations that scale up to 1 GW whilst spanning over a couple of acres of land. According to the Solar Industries Association (SEIA), more than 37,000 MW of utility-scale photo voltaic plants are operating, alongside other 12,000 MW beneath development.
These large-scale photovoltaic farms are different from general photovoltaic alternatives due to the genuine dimension of the mission and its strength. Utility consumers buy the power generated by power purchase agreement (PPA) or the utility can own the farm. The surge in investments in grid expansion and integration technologies such as storage and UV connectivity is expected to drive the market’s growth.
Europe accounts for the highest CAGR during the forecast period
Based on the regions, the global solar farm market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Europe is estimated to be the fastest-growing region with a CAGR of 21.4% from 2022 to 2030. The Europe solar farm market is studied across Germany, France, Italy, Spain, the UK, and the rest of Europe. The solar farm market is driven by developments and innovations in the solar industry. In the region, PV energy is widely used in building-integrated PV systems and the automotive industry.
Moreover, the development of the construction industry has led to an increase in the adoption of BIPV systems in newly constructed buildings. In addition, a surge in demand for solar vehicles such as cars and buses across Europe is anticipated to increase the demand for PV energy across the European region. This, in turn, is expected to drive the demand for solar farm market.
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Further, the rise in construction activities has led to an increase in the installation of BIPV systems to generate electricity to meet emergency power needs. In addition, the implementation of stringent environmental regulations to reduce carbon emissions is expected to increase the demand for solar farms across Europe.
Key Market Players in the Global Solar Farm Market
Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global solar farm market are:
- Trina Solar
- First Solar, Inc.
- TATA Power
- Sharp Corporation
- BrightSource Energy, Inc.
- Solar Systems Ltd.
- Shenzhen Topray Solar Co., Ltd.
- JA Solar Holdings Co. Ltd.
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