Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Solar Farm market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Solar Farm Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global solar farm market size was US$ 86.4 billion in 2021. The global solar farm market is forecast to grow to US$ 441.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 19.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Solar farms are large-scale energy production facilities powered by solar cells. The growing inclination towards the use of solar energy is forecast to fuel the growth of the solar farm market during the forecast period.
Supportive government regulations to scale up the use of photovoltaic technology will contribute to the market growth. For instance, according to information by U.S. Solar Energy Industries Association, the government has introduced stringent laws like net metering. These laws are aimed at promoting photovoltaic technology to generate electricity. Thus, it will benefit the solar farm market during the study period.
The Chinese solar photovoltaic industry is also growing at a substantial pace. According to data by China Photovoltaic Industry Association, China’s photovoltaic energy capacity increased by 34% in 2018. Therefore, it will significantly contribute to the growth of the global solar farm market.
Apart from that, growing investments in the agriculture sector will accelerate the growth of the solar farm market during the study period.
On the flip side, the high cost associated with the installation of solar systems may limit the growth of the market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, investments in the solar energy sector decreased. As a result, it has hampered the growth of the solar farm market. The market has recorded a substantial decline due to supply chain disruptions and a halt in manufacturing activities. However, the market is expected to have outstanding potential in the coming years as investments in the sector have started to increase. China, which imports a large amount of solar panel material, was drastically affected by the pandemic. Thus, it negatively affected the global solar farm market.
Regional Analysis
Europe is estimated to dominate the global solar farm market, owing to the rising developments and innovations in the solar industry. Furthermore, the PV energy sector is forecast to record potential growth due to the rising installation of PV systems across various verticals. In Asia-Pacific, the solar energy sector is recording notable growth. Moreover, increasing government initiatives for electrification of rural areas, like Akshay Urja, will contribute to the industry growth. Apart from that, China is home to nearly 80% of solar panel materials. Thus, such estimations depict the potential of this regional market in the coming years.
Competitors in the Market
• 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.
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Solar Farm industry experienced notable growth in its workforce. Starting in January, employment within the Solar Farm sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Solar Farm output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Solar Farm output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Solar Farm market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Solar Farm market.
Market Segmentation
The global solar farm market segmentation focuses on Type, End-Users, and Region.
By Type Outlook
• Utility-scale
• Distributed Generation
• Microgrids
• Others
By End-Users Outlook
• Commercial
• Industrial
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Solar Farm Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Solar Farm Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Solar Farm Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Solar Farm Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Solar Farm market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Solar Farm market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Solar Farm business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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