The global solar farm market size was USD 88.4 billion in 2021 and is estimated to reach USD 449.3 billion by 2030, growing at a CAGR of 19.8% during the forecast period (2022-2030). The adoption of renewable electricity generation methods and a focus on carbon emission reduction are driving the global solar farm market forward. Furthermore, as governments around the world become more concerned about rising global warming issues, demand for solar farms is expected to rise. New rebates and incentive schemes are being offered by governments around the world to encourage the installation of solar farms. Commercial and industrial end-users are expected to install solar farms as a result of such tax incentive programs, contributing to the global market's growth.Global Solar Farm Market Segmentation
The overall solar farm market has been segmented into the type, end-users, and region
· By Type (Distributed Generation, Utility-scale, Microgrids, and Others)
· By End-Users (Commercial and Industrial)
· By Region (North America, Europe, Asia Pacific, South America, and MEA)
Commercial, by end-users, is estimated to hold the largest market share during the forecast period
Based on end-users, the global solar farm market is categorized into commercial and industrial. The commercial segment generated the highest revenue of 60.5% in the total global solar farm market in 2021. Solar farms are majorly used for generating electricity in commercial. Government. Authorities have been encouraging farmers to choose solar energy by initiating different schemes. For instance, India's registration system for the important government’s ambition Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM-KUSUM) has already begun in many states focuses on providing agricultural solar farms with 90% subsidy. This factor is likely to significantly contribute to the global market's growth. Solar photovoltaics is used to produce electricity, which brings down the cost and reduces the emission of greenhouse gases. The main user of solar photovoltaics in the commercial segment are office buildings.
The rise of economies around the world, as well as increased urbanization, has resulted in a shortage of electricity. Commercial buildings, such as malls, airports, offices, and others, that use solar energy reduce the load on traditional fossil fuel power plants, lowering carbon emissions even more. Due to a surge in the use of solar photovoltaics, the use of the solar farm to generate electricity in an efficient manner is increasing.
Asia Pacific accounts for the largest market share
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. In 2021, Asia Pacific had the largest market share of 65.5% in the global solar farm market. The Asia-Pacific solar farm market is studied across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. In Asia-Pacific, PV energy is widely used for the generation of electricity for standalone systems and rural electrification. Photovoltaic panels are used in satellites to generate electricity for smooth functioning of satellites in space. Thus, increase in government investments in R&D of satellite technology for civil and military uses is likely to propel the demand for PV energy.
Furthermore, photovoltaic panels generate electricity to power batteries for telecommunication towers to transmit signals to longer ranges. The demand for a solar farm is anticipated to increase with solar farm use growth in PV technology. Such factors will fuel the market's growth in Asia-Pacific region.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the solar farm market. It also consists of the profiles of leading companies such as Trina Solar, TATA Power, Sharp Corporation, First Solar, Inc., Solar Systems Ltd., Shenzhen Topray Solar Co., Ltd., BrightSource Energy, Inc., and JA Solar Holdings Co. Ltd.
